# 19 rayon blimp company has the following inventory information available from a rece 4352266

19.Rayon Blimp Company has the following inventory information available from a recent fiscal year:

DateDescriptionUnitsUnit CostTotal Cost

Feb. 1Beginning Inv.20\$50\$1,000

March. 9Purchase50402,000

Sept. 4Purchase100606,000

\$9,000

Ending inventory via year-end physical count totaled 50 units.

Required:

Fill in the following table. Show your work in the space provided. Round answers to nearest whole number.

FIFOLIFOWeighted Average

Ending Inventory

Cost of Goods Sold

20.Gardenias and More Shop had the following acquisitions of inventory during the most recent year:

EventUnitsUnit CostTotal Cost

Beginning Inventory2,000\$ 8\$ 16,000

Purchase #13,0001030,000

Purchase #26,0001272,000

Purchase #38,00014112,000

Goods Available19,000\$230,000

During the year, 14,000 units were sold at an average selling price of \$36.

Required:

a.Determine ending inventory and cost of goods sold assuming the FIFO method is used. Show computations.

b.Determine ending inventory and cost of goods sold assuming the LIFO method is used. Show computations.

c.Determine ending inventory and cost of goods sold assuming the weighted average method is used. Show computations.

21.The 2007 income statement for Lozier Company is shown below:

Net sales\$189,060

Cost of goods sold135,780

53,280

14,360

Interest expense240

14,120

Income tax expense5,648

8,472

Discontinued operations2,804

5,668

Required:

a. What was Lozier&#39;s gross profit?

b. What was Lozier&#39;s income from operations?

c. What was Lozier&#39;s income before income tax?

d. What was Lozier&#39;s income from continuing operations?

e. What was Lozier&#39;s net income?

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