ACCT 212 Week 5 Homework – Practice | Highly RATED PAPER | 100% Correct answers

ACCT 212 Week 5 Homework – Practice: 1. Question: a. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Question: b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 3. Question: c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.) 4. Question: Which method will result in higher profitability when inventory costs are declining? 5. Question: Sundance Systems has the following transactions during July. d. Required: Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.) 6. Question: Required: e. Calculate cost of goods sold for each company. 7. Question: f. Calculate the inventory turnover ratio for each company. 8. Question: g. Calculate the average days in inventory for each company. 9. Question: – Which company appears to be managing its inventory more efficiently? 10. Question: Required: h. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase. 11. Question: i. Using FIFO, calculate ending inventory and cost of goods sold at October 31. 12. Question: j. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 13. Question: k. Using weighted-average cost, calculate ending inventory and c