Question: Chapter 7 1-5. Ava Darling, Inc. uses a periodic inventory system. At the end of the January 31, 2011, the accounting records for the most

Chapter 7 1-5. Ava Darling, Inc. uses a periodic inventory system. At the end of the January 31, 2011, the accounting records for

Chapter 7 1-5. Ava Darling, Inc. uses a periodic inventory system. At the end of the January 31, 2011, the accounting records for the most popular item in inventory showed the following: Units Transactions Beginning Inventory, Jan 1 Purchases January 10 Purchase, January 30 500 300 200 Unit Cost $8 $10 $11 Ava Darling sells the units for $16 each. At the end of the period, Ava Darling has 600 units remaining in inventory. Answer the following questions based on the information above. 1. What is the total $ value of goods available for sale? 2. What is sales revenue? 3. What is the cost of goods sold if Ava uses the FIFO Method? 4. What is gross profit, if Ava uses FIFO? 5. What is gross profit, if Ava uses LIFO? 6. What is the value of the ending inventory, if Ava uses the LIFO method? 7. What is the value of the ending inventory if Ava uses the weighted average method? (Round your unit costs to 2 decimals)

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