answer this page please Part 3 4 and 5 Instructions Using the above information,

Question

answer this page please Part 3 4 and 5

Instructions Using the above information, prepare the closing entries for Liu Company (15 points) Ill. Presented below is information for Oakley Company for the month of March 2016 Cost of goods sold Freight-out Insurance expense Salaries and wages expense75,000 Instructions s 36 000 8,800 ales returns and allowances 11,000 500 5.000 Sales discounts Sales revenue 425,000 (a) Prepare a multiple -step income statement. (15 paints) V. Tipp Topp Company reports the folowing for the month af June Uots Unit Cotal t June 1 Inventory 300 12 Purchase 450 23 Purchase 750 30 Inventory 180 S5 2,700 5.700 7.60 Instructions mP of the edtrhecosf gods dunder(Fir and (2) LIFO (20 points) b) Compute the cost of the ending inventory and the cost of goods sold using the average- V. Laurie Company applied FiFO to its inventory and got the following results far its ending cost method (10 points) inventory DVRs DVD players iPods 140 units at a cost per unit of $60 210 units at a cost per unit of $75 175 units at a cost per unit of $80 The cost of purchasing units at year-end was DVRs $68, DVD players $70, and iPods $76 Instructions Determine the amount of ending inventory at lower-of-cost-or-market. (5 ponts) V. Below are some typical transactions incurred by Piper Company 1. Purchase of merchandise on account. -2 Collection on account from customers 3 Payment of employee's wages.

Explanation / Answer

Answer to Problem III:

Answer to Problem IV:

Number of units available for sale = 300 + 450 + 750
Number of units available for sale = 1,500

Cost of Goods available for sale = $1,500 + $2,700 + $5,700
Cost of Goods available for sale = $9,900

Number of units in ending inventory = 180

FIFO:

Cost of Ending Inventory = 180 * $7.60
Cost of Ending Inventory = $1,368

Cost of Goods sold = Cost of Goods available for sale - Cost of Ending Inventory
Cost of Goods sold = $9,900 - $1,368
Cost of Goods sold = $8,532

LIFO:

Cost of Ending Inventory = 180 * $5
Cost of Ending Inventory = $900

Cost of Goods sold = Cost of Goods available for sale - Cost of Ending Inventory
Cost of Goods sold = $9,900 - $900
Cost of Goods sold = $9,000

Average Cost:

Cost per unit = Cost of Goods available for sale / Number of units available for sale
Cost per unit = $9,900 / 1,500
Cost per unit = $6.6

Cost of Ending Inventory = 180 * $6.6
Cost of Ending Inventory = $1,188

Cost of Goods sold = Cost of Goods available for sale - Cost of Ending Inventory
Cost of Goods sold = $9,900 - $1,188
Cost of Goods sold = $8,712

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