mail-attachment.googleus x FA 32 - Inventory - FIFO M X My Home X deanza.instructure.com/courses/32514/quizzes/237267/take Page 3 c) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the Weighted-Average Inventory System? Merchandise Inventory = CMS = 2) If Hudsucker Inc. had chosen the Periodic System instead, what would the cost on the Balance sheet have been? Jan 1 Beg. Inventory 3,000 units at $20 / unit Jan 12 Purchase 6,000 units at $24 / unit Jan 25 Purchase 3,000 units at $25 / unit Ending Inventory = 6,000 units a) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the FIFO Inventory System? Merchandise Inventory = CMS = b) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the LIFO Inventory System? Merchandise Inventory = CMS = c ) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the Weighted-Average Inventory System? Merchandise Inventory = CMS = Problem #4 - The following selected accounts and their current balances appear in the ledger of Kepple Company, for the fiscal year ended June 30 20X2: Cash $116,100 Gerry Smith, Drawing $69,500 Accounts Receivable 309,500 Sales 4,196,200 Merchandise Invenotry 352,800 Cost of Merchandise Sold 2,459,000 Estimated Returns Inventory 13,950 Sales Salaries Expense 691,500 Office Supp;ies 10,900 Advertising Expense 190,200 Prepaid Insurance 8,500 Depr. Exp. - Store Equipt. 37,000 Office Equipment 255,400 Misc. Selling Expense 16,200