Calculate the number of units in ending inventory

Reference no: EM133500737

Sobey tracks the number of units purchased and sold throughout the year but applies its inventory costing method at the end of the year as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost ($) a. Inventory, beginning $3,000 8 For the year: b. Purchases, March 5 9,500 9 c. Purchases, September 19 5,000 11 d. Sale, April 15 (sold for $29 per unit) 4,000 e. Sale, October 31 (sold for $31 per unit) 8,000 f. Operating expenses (excluding income tax expense), $250,000 You must:

Question 1. Calculate the number and cost of goods available for sale.

Question 2. Calculate the number of units in ending inventory.

Question 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.

Question 4. an income statement that shows the FIFO method in one column, the LIFO method in another column, and the weighted average method in a final column. Include the following line items in the income statement: a) Sales b) Cost of goods sold c) Gross profit d) operating expenses and e)

Reference no: EM133500737

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