Question

View Policies Current Attempt in Progress Waterway has the following inventory data: Nov. 1 8 Inventory Purchase Purchase Purchase 33 units @ $6.60 each 132 units @ $7.10 each 66 units @ $6.95 each 99 units @ $7.30 each 17 25 A physical count of merchandise inventory on November 30 reveals that there are 110 units on hand. Ending inventory under FIFO is O $799. O $1572. O $1537. 0 $765.

Answer 1

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Waterway
Periodic FIFO	No. of Units	Cost per unit	Total
Units from Nov 25	99.00	7.30	722.70
Units from Nov 17	11.00	6.95	76.45
Ending Inventory	110.00		799.15
So answer is $ 799.
Sheffield
Periodic LIFO	No. of Units	Cost per unit	Total
Units from Nov 25	95.00	7.00	665.00
Units from Nov 17	64.00	6.70	428.80
Units from Nov 8	53.00	6.85	363.05
Cost of Goods sold	212.00		1,456.85
So answer is $ 1,457.
Ayayai
Periodic Weighted Average	No. of Units	Cost per unit	Total
Beginning Inventory	280.00	7.00	1,960.00
During May	560.00	7.00	3,920.00
During May	850.00	8.00	6,800.00
Goods available for sale	1,690.00	7.50	12,680.00
Cost of Goods sold	1,410.00		10,579.17
Ending Inventory	280.00		2,100.83
So answer is $ 2,100.
Kingbird
Periodic LIFO	No. of Units	Cost per unit	Total
Feb 1	123.00	51.00	6,273.00
March 14	212.00	54.00	11,448.00
May 1	150.00	56.00	8,400.00
Total Purchases	362.00		19,848.00
Goods available for sale	485.00		26,121.00
Cost of Goods sold
Units from Beginning Inventory	-	-	-
Units from March 14	199.00	54.00	10,746.00
Units from May 1	150.00	56.00	8,400.00
Total Cost of Goods sold	349.00		19,146.00
Sales value	25,128.00
Less: Cost of Goods sold	19,146.00
Less: Operating expenses	2,052.00
Income before tax	3,930.00
Less: Tax at 30%	1,179.00
Income after tax	2,751.00
So answer is $ 2,751.