6 Extra practice problems Barney Co. provides the following information on its sole product: Date Transactions # of units Cost/unit 1-Jan Beginning bal 5,000 $ 110 5-Jul Purchase 2,000 $ 130 10-Dec Purchase 3,000 $ 150 15-Dec Sale $ 175 6,000 What is the Cost of goods sold using the Average cost method? 7 Harbor Inc. shares the following information for the year for product X, from its Inventory records: Date Trans 1/1/20X0 Purchase cost/ unit $ 35 Selling price/unit $ 45 12/31/20X0 Net Realizable Value (Mkt)/ unit $ 30 $ 32 12/31/20X1 Net Realizable Value (Mkt)/ unit If the inventory purchased above, remains unsold at year end 2020, what is the Valuation per unit using the LCM rule? 8 Calculate the missing information: Units Per unit Sales Revenue 4,000 $ LIFO 25 $100,000 Opening Balance 2,000 $ 12 $ 24,000 Purchases 3,000 $ 15 $ 45,000 Goods available for sale 5,000 Ending inventory 1,000 Cost of goods sold Gross Profit 222 ? ? ?