6ix9ine Company uses a periodic inventory system. For April, when the company sold 540 units, the...

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6ix9ine Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $25 $5,500 April 15 purchase 380 30 11,400 April 23 purchase 400 33 13,200 1,000 $30,100 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory GA $ Cost of goods sold $ Waka Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $17 $4,760 April 15 purchase 420 20 8,400 April 23 purchase 300 22 6,600 1,000 $19,760 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold $ Venom Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,591,200. At December 31, 2025, Venom's internal reports indicated that the FIFO inventory balance was $3,129,500 and for external reporting purposes the LIFO inventory balance was $1,447,600. (a1) What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 A The Shinning Company had ending inventory at end-of-year prices of $128,000 at December 31, 2024; $153,472 at December 31, 2025; and $172,230 at December 31, 2026. The year-end price indexes were 100 at 12/31/24, 110 at 12/31/25, and 120 at 12/31/26. Compute the ending inventory for The Shinning Company for 2024 through 2026 using the dollar-value LIFO method. Ending inventory $ 2024 $ 2025 $ 2026 Disney World Enterprises reported cost of goods sold for 2025 of $1,397,500 and retained earnings of $5,157,300 at December 31, 2025. Sunland later discovered that its ending inventories at December 31, 2024 and 2025, were overstated by $105,370 and $31,500, respectively. Determine the corrected amounts for 2025 cost of goods sold and December 31, 2025, retained earnings. Corrected cost of goods sold $ Corrected 12/31/25 retained earnings $ Worldstar Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following: (a) Purchased merchandise costing $3,200 with terms 3/10, n/30. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 6ix9ine Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $25 $5,500 April 15 purchase 380 30 11,400 April 23 purchase 400 33 13,200 1,000 $30,100 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory GA $ Cost of goods sold $ Waka Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $17 $4,760 April 15 purchase 420 20 8,400 April 23 purchase 300 22 6,600 1,000 $19,760 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold $ Venom Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,591,200. At December 31, 2025, Venom's internal reports indicated that the FIFO inventory balance was $3,129,500 and for external reporting purposes the LIFO inventory balance was $1,447,600. (a1) What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ LIFO effect for 2025 A The Shinning Company had ending inventory at end-of-year prices of $128,000 at December 31, 2024; $153,472 at December 31, 2025; and $172,230 at December 31, 2026. The year-end price indexes were 100 at 12/31/24, 110 at 12/31/25, and 120 at 12/31/26. Compute the ending inventory for The Shinning Company for 2024 through 2026 using the dollar-value LIFO method. Ending inventory $ 2024 $ 2025 $ 2026 Disney World Enterprises reported cost of goods sold for 2025 of $1,397,500 and retained earnings of $5,157,300 at December 31, 2025. Sunland later discovered that its ending inventories at December 31, 2024 and 2025, were overstated by $105,370 and $31,500, respectively. Determine the corrected amounts for 2025 cost of goods sold and December 31, 2025, retained earnings. Corrected cost of goods sold $ Corrected 12/31/25 retained earnings $ Worldstar Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following: (a) Purchased merchandise costing $3,200 with terms 3/10, n/30. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

1 To calculate the April 30 inventory and the April cost of goods sold using the FIFO method we follow the order in which the units were purchased 1 Calculate the cost of goods sold From April 1 inven... View the full answer