Question 4

Use the format in Exhibit 9-1 to compute the ending LIFO inventory and cost of goods sold assuming:

$550,000 in sales

Beginning inventory 1125 units @ $175

Purchases of 890 units @ $150

450 units @ $165

200 units @ $140

Ending inventory 892 units

What is the dollar value of the ending inventory. In your answer, format the number using commas as needed. Do not include a dollar sign. Round to nearest whole dollar (no decimal and no cents).

Question 5

Use the format in Exhibit 9-1 to compute the ending LIFO inventory and cost of goods sold assuming:

$550,000 in sales

Beginning inventory 1125 units @ $175

Purchases of 890 units @ $150

450 units @ $165

200 units @ $140

Ending inventory 892 units

What is the cost of goods sold? In your answer, format the number using commas as needed. Do not include a dollar sign. Round to nearest whole dollar (no decimal and no cents).

Question 6

Use the format in Exhibit 9-1 to compute the ending LIFO inventory and cost of goods sold assuming:

$550,000 in sales

Beginning inventory 1125 units @ $175

Purchases of 890 units @ $150

450 units @ $165

200 units @ $140

Ending inventory 892 units

What is cost of goods sold percentage of sales? [1] Format your number with one digit after the decimal and include the % symbol at the end.

Exhibit9 FIFO Inentory Effecit Assumptions 20 units @$25 FIFO Inventory Effect Sales (Revenue) Cost of Sales: Beginning Inventory $500 S50 10 units @s5- 10 units @s10 $100 & 10 units @S15- $150 Plus: Purchases Subtotal Less: Ending Inventory Cost of Sales 250 $300 (150) 10 units @S15 150 $350 (50) $300 (90) $210 Note: Ending inventory computed as number of units in the beginning inventory plus Gross Profit Operating Expenses Earnings Before Ta>x Income Tax Earnings After Tax number of units purchased less number of units sold-count oldest units sold first