1) Assume Elsa's Tunics Inc. had 1,500 tunics on hand at the beginning of 2023. They...

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1) Assume Elsa's Tunics Inc. had 1,500 tunics on hand at the beginning of 2023. They cost $14 each to produce. During the period, they produced 12,000 additional tunics at a cost of $17 each. They sold 12,500 tunics. The accounting department for Elsa's uses the FIFO method. a. What is the cost of goods sold for the period? b. What is the value of the ending inventory? 2) Suppose Aurora's Sewing Machines Inc. had sales of 75,000 units in May. It anticipates sales will increase by 25% in June. It would like to have 10% of projected sales in ending inventory at the end of June. It has 17,000 units on hand at the beginning of the month. How many units does Aurora's need to produce? 3) Suppose Belle's Delicious Gray Stuff Inc. had sales of 23,000 units last year at a price of $5. Now suppose that its outstanding economic staff predicts that unit sales will increase 20% in the upcoming year and the price per unit falls by 5%. Also assuming that 2 percent of this next year's sales will be returned. Calculate the net sales projection for the upcoming year. 1) Assume Elsa's Tunics Inc. had 1,500 tunics on hand at the beginning of 2023. They cost $14 each to produce. During the period, they produced 12,000 additional tunics at a cost of $17 each. They sold 12,500 tunics. The accounting department for Elsa's uses the FIFO method. a. What is the cost of goods sold for the period? b. What is the value of the ending inventory? 2) Suppose Aurora's Sewing Machines Inc. had sales of 75,000 units in May. It anticipates sales will increase by 25% in June. It would like to have 10% of projected sales in ending inventory at the end of June. It has 17,000 units on hand at the beginning of the month. How many units does Aurora's need to produce? 3) Suppose Belle's Delicious Gray Stuff Inc. had sales of 23,000 units last year at a price of $5. Now suppose that its outstanding economic staff predicts that unit sales will increase 20% in the upcoming year and the price per unit falls by 5%. Also assuming that 2 percent of this next year's sales will be returned. Calculate the net sales projection for the upcoming year.

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Lets go through each of your questions step by step 1Elsas Tunics Inc a To calculate the cost of goods sold COGS using the FIFO FirstInFirstOut method ... View the full answer