es During the year, Hooker Incorporated has the following inventory transactions. Date January 1 March 4...

Transcribed Image Text:

es During the year, Hooker Incorporated has the following inventory transactions. Date January 1 March 4 Transaction Beginning inventory Purchase June 9 Purchase November 11 Purchase Number of Unit Total Units Cost Cost 14 $16 $224 19 15 285 24 14 336 24 12 288 81- $1,133 For the entire year, the company sells 62 units of inventory for $24 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. Ending Inventory Cost Ending per unit Inventory FIFO Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Cost of Number Available of units Cost per unit Goods Sold Number of units for Sale Beginning Inventory 14 $ 16 $ 224 $ 16 $ 0 Purchases: March 04 19 $ 15 285 $ 15 0 June 09 24 $ 14 336 $ 14 0 November 11 24 $ 12 288 $ 12 0 Total 81 $ 1,133 Req 1a and b Req 1c and d > es During the year, Hooker Incorporated has the following inventory transactions. Date January 1 March 4 Transaction Beginning inventory Purchase June 9 Purchase November 11 Purchase Number of Unit Total Units Cost Cost 14 $16 $224 19 15 285 24 14 336 24 12 288 81- $1,133 For the entire year, the company sells 62 units of inventory for $24 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. Ending Inventory Cost Ending per unit Inventory FIFO Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Cost of Number Available of units Cost per unit Goods Sold Number of units for Sale Beginning Inventory 14 $ 16 $ 224 $ 16 $ 0 Purchases: March 04 19 $ 15 285 $ 15 0 June 09 24 $ 14 336 $ 14 0 November 11 24 $ 12 288 $ 12 0 Total 81 $ 1,133 Req 1a and b Req 1c and d >