Question

January 20: 800 units at $62 = $49,600 Sales: January 12: 1,200 units January 28: 900 units t is the average cost per unit that should be used to determine the cost of the units sold on January 28? (Round your answer to two decimal points.) us Corp. uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year. Jan. 15:34 units at $110 May 30: 61 units at $84 Oct. 20: 160 units at $60 Sales during the year totaled 275 units. What is the cost of ending inventory? 285-275-10 units GOX 10600 5-01 Corporation uses perpetual FIFO throughout the year to maintain internal records but at the end of the year adjusts these amounts to LIFO for financial reporting purposes. The company began the year with a credit balance of $50.000 in its LIFO reserve account. By the end of the year, the difference between LIFO and FIFO inventory balances increased to $80,000. • Prepare the adjusting journal entry as of the end of the year. 6-ST Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected $2,950 $2,300 $ 700 30% $ 990 $1,250 • Compute the cost of Sales What is ST's gross profit ratio if it elects FIFO? (Round your answ whole percentage.) (Round your answer to the nearest

Answer 1

Answer to Question 5.

Units available for sale = Beginning Inventory units + Units purchased

Units purchased = 34 + 61 + 160 = 255 Units

Units available for sale = 30 + 255 = 285 Units

Units sold = 275 Units

Ending Inventory Units = Units available for sale - Units sold

Ending Inventory Units = 285 - 275 = 10 Units

Cost of Ending Inventory = 10 * $60

Cost of Ending Inventory = $600