The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. 55-Gallon Fish Tanks Inventory Amount January 1 Beginning Inventory 48 units @ $38.00 March 12 Purchase 70 units @ $36.50 July 19 Purchase 135 units @ $39.70 September 2 Purchase 85 units @ $41.75 Fish Tanks Available for Sale: Cost of Tanks Available for Sale: (a) How many fish tanks did the aquarium have available for sale? fish tanks (b) Calculate the total cost (in $) of the tanks available for sale. $ (c) If physical inventory on December 31 showed 88 tanks on hand, calculate their dollar value by using FIFO. $ (d) Calculate the value of the 88 tanks by using LIFO (in $). $ (e) Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $

A particular gym maintains a gross margin of 55% on all its weight training products. In April, the gym had a beginning inventory of $142,000, net purchases of $206,000, and net sales of $436,000. Use the gross profit method to estimate the cost (in $) of ending inventory.

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