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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?

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\mathrm{.}30$ per unit, what would Tompkins report on the balance sheet for inventory?

Complete this question by entering your answers in the tabs below.

Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using peri

system:

Note: Do not round intermediate calculations.Case D

Tompkins Company reports the following inventory record for November:

INVENTORY

Date Activity # of Units Cost$/$Unit

November $1$ Beginning balance $145$ $ $19$

November $4$ Purchase $33520$

November $7$ Sale $($@ $$54$ per unit$)205$

November $13$ Purchase $54522$

November $22$ Sale $($@ $$54$ per unit$)595$

Selling, administrative, and depreciation expenses for the month were $$15,200.$ 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:

$-$first$-$in$,$first out

$-$last$-$in$,$first$-$out

$-$ weighted average

all of these for ending inventory and cost of goods sold

$2-$a$.$ What is the gross profit percentage under the FIFO method?

$2-$b$.$ What is net income under the LIFO method?

$3.$ 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\mathrm{.}30$ per unit, what would Tompkins report on the balance sheet for inventory?

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