Tompkins Company reports the following inventory record for November: Date November 1 November 4 November 7...

 

  

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Tompkins Company reports the following inventory record for November: Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@$53 per unit) Purchase Sale (@$53 per unit) Required 1 Required 2 a. First-in, first-out b. Last-in, first out C. Weighted average Selling, administrative, and depreciation expenses for the month were $14,600. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? # of Units 140 315 215 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.30 per unit, what would Tompkins report on the balance sheet for inventory? 525 565 Complete this question by entering your answers in the tabs below. Required 3 Cost/Unit $19 20 22 Ending Cost of Inventory Goods Sold Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 a. What is the gross profit percentage under the FIFO method? (Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34).) b. What is net income under the LIFO method? Required 3 2-a. Gross profit percentage under FIFO 2-b. Net income under LIFO % Required 1 Required 2 Required 3 Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.30 per unit, what would Tompkins report on the balance sheet for inventory? Cost of ending inventory Tompkins Company reports the following inventory record for November: Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@$53 per unit) Purchase Sale (@$53 per unit) Required 1 Required 2 a. First-in, first-out b. Last-in, first out C. Weighted average Selling, administrative, and depreciation expenses for the month were $14,600. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? # of Units 140 315 215 3. Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.30 per unit, what would Tompkins report on the balance sheet for inventory? 525 565 Complete this question by entering your answers in the tabs below. Required 3 Cost/Unit $19 20 22 Ending Cost of Inventory Goods Sold Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system: (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 a. What is the gross profit percentage under the FIFO method? (Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34).) b. What is net income under the LIFO method? Required 3 2-a. Gross profit percentage under FIFO 2-b. Net income under LIFO % Required 1 Required 2 Required 3 Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $17.30 per unit, what would Tompkins report on the balance sheet for inventory? Cost of ending inventory