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Transactions Units Unit Cost Beginning inventory, January 1 200 $ 21 Transactions during the year a. Purchase on account, March 2 350 23 b. Cash sale, April 1 (537 each) (350) c. Purchase on account, June 30 250 27 d. Cash sale, August 1 ($37 each) (90) TIP. Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out b. Weighted average cost c. First-in, first-out d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four fifths from the purchase of March 2. Assume that the sale of August I was selected from the purchase of June 30 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? nos Complete this question by entering your answers in the tabs below. Reg 1 Reg 10 Regic R 10 Reg 2A Reg 25 a. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the LIFO method. (Round "Cost per unit anwers to 2 decimal places.) Units Total Cost per Unit 2001 $21.00 5 4200 23 00 27 00 UFO (Periodic Beginning inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory 35075 250 $ 600 800 14,800 19 000 Transactions Units Unit Cost Beginning inventory, January 1 280 $ 21 Transactions during the year: 8. Purchase on account, March 2 350 23 b. Cash sale, April 1 (537 each) (358) c. Purchase on account, June 30 250 27 d. Cash sale, August 1 (537 each) (90) TIP Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following Inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out b. Weighted average cost c. First-in, first out d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August I was selected from the purchase of June 30 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Req1A Reg 10 Reg 1C Reg 10 Reg 2A Red 28 b. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Weighted average method. (Round "Cost per Unit" anwers to 2 decimal places) Units Cost per Unit Total 3 0 Welated Average Cosuperiodic Beginning inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Ending inventory 0 5 Transactions Units Unit Cost Beginning inventory, January 1 200 $ 21 Transactions during the year: a. Purchase on account, March 2 350 23 b. Cash sale, April 1 (537 each) (350) c. Purchase on account, June 30 250 27 d. Cash sale, August 1 (537 each) (90) TIP Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out b. Weighted average cost c. First-in, first-out d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2 Assume that the sale of August 1 was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Req ID Red 2A Req 2B c. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the FIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) FIFO (Periodic Units Cost per Unit Total Beginning Inventory $ 0 Purchases March 2 June 30 Total Purchases 0 Goods Available for Sale Cost of Goods Sold Units from Beginning inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold 0 Ending Inventory 0 23 Transactions Units Unit Cost Beginning inventory, January 1 200 $ 21 Transactions during the year: a. Purchase on account, March 2 350 b. Cash sale, April 1 (537 each) (358) c. Purchase on account, June 30 250 27 d. Cash sale, August 1 (537 each) (98) TIP: Although the purchases and sales are listed in chronological order. Scrappers determines the cost of goods sold afterall of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first out b. Weighted average cost c. First-in, first-out d. Specific identification assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Reg 1A Regie Regic Reg 1D Red 2A Reg 20 d. Compute the cost of goods available for sale, cost of ending inventory and cost of goods sold at December 31 using the Specific identification method. Assume that the April 1 sale was selected one-fifth from the beginning inventory and four.fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. (Round "Cost per Show more Units Cost per Unit Total $ 0 Specific identification Periodist Beginning inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory 0

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