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Tableau DA 5-2: Exercise, Perpetual: Inventory costing methods LO P1 ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard March Sunday Monday Tuesday Wednesday Thursday Friday Saturday Legend No Purchases or Sales Purchases Sales 1 2 3 4 5 6 7 00 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Purchases Sales 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1. Compute the cost assigned to ending inventory using FIFO, 2. Compute the cost assigned to ending inventory using LIFO. 3. Compute the cost assigned to ending inventory using Weighted Average, Required 1 Required 2 Required 3 Compute the cost assigned to ending Inventory using FIFO. Perpetual FIFO: Goods Purchased of Cost per Date Cost of Goods Sold Cost per Cost of Goods Sold unit #of units sold units March 1 100 e #ol units Inventory Balance Cost per unt Inventory Balance $ 5000 = 5,000.00 5 50.00 March 5 100 e March 9 March 18 March 25 March 29 Totals $ 0.00 $ 0.00 Required 2 > Required Required 2 Required Compute the cost assigned to ending inventory using LIFO Perpetua UFO Date Goods Purchased of Cost per unit 100 5 50.00 of units Cost of Goods Sold Cost per unit Cost of Goods Sold sold of units March 1 Inventory Balance Cost per un Inventory Balance S 50005 5.000.00 100 March 5 March 9 March 18 March 25 March 29 Totals 0.00 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost assigned to ending Inventory using Weighted Average. (Round your average cost per unit to 2 decimal Places Cost of Goods Sold Weighted Average Perpetual Goods Purchased W of Date units Cost per unit March 1 100 $ 50.00 Inventory Balance # of units sold Cost per unit Cost of Goods Sold of units Cost per unit Inventory Balance $ 5000 5000.00 100 March 5 Average March 9 March 18 Average March 25 March 29 Totals 0.00 AA 5-1 Company Analysis LO C2, A3 Use Apple's financial statements in Appendix A to answer the following Required: 1. What amount of inventories did Apple report as a current asset (a) on September 30, 2017 On September 24, 2016? 2. Inventories make up what percent of total assets (a) on September 30, 2017? (b) On September 24, 2016? 3. Assuming Apple has enough inventory to meet demand, does Apple prefer inventory to be a lower or higher percentage of total assets? 4. Compute (a) inventory turnover for fiscal year ended September 30, 2017, and (b) days sales in inventory as of September 30, 2017 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Inventories make up what percent of total assets() on September 30, 2017? (b) on September 24, 20167 (Found your answer to 2 decimal places.) Total Assets (a) September 30, 2017 (b) September 24, 2016 Legend No Purchases or Sales Purchases Sales 1 Purchase 100 units $50 each Friday Saturday 1 2 Sales 420 units $85 each 5 6 ) Keep Only Purchase 400 units $55 each 3 4 5 5 6 12. 13 Keep Only Exclude 18 Purchase 120 units $60 each 24 (2.5 26 27 search o Keep Only Exclude 25 Purchase 200 units $62 each Te to search O Ge 29 Sales 160 units $95 each

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