Question 1             A company manufactured 1,000 units of product during the year and sold 900 units

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Question 1
A company manufactured 1,000 units of product during the year and sold 900 units.
Costs incurred during the current year are as follows:
Direct materials and direct labor	$9,000
Indirect materials and indirect labor	4,000
Insurance on manufacturing equipment	2,400
Advertising	1,600
Total	17,000
What amount should be reported as inventory in the company’s year-end balance sheet?
A. What is the Cost of Goods Sold for the year?
B. What is the ending inventory at year end?
** Include your calculations
Question 2
Ending balances for Rose Fuel Company selected accounts are presented below:
Sales	$300,000
Beginning inventory	50,000
Ending inventory	60,000
Smith’s gross margin is 20%. What amount represents Smith purchases?
Using the gross profit method calculate Cost of Goods Sold and Purchases for the period.
A. What is the Cost of Goods Sold?
B. What is the Purchases value for the period?
** Include your calculations
Question 3
Fresh Packaging Company had a beginning inventory of 12,000 units and purchased 15,000 units
during the year. Sales for the year totalled 13,000 units at $8 per unit. Based on the information below
calculate cost of goods sold and ending inventory dollar values based on FIFO.
			Available
	Units	Unit Price	for Sale	Ending Inventory
Beginning Inventory - October	3,000	$3.00
Beginning Inventory - November	3,000	$3.10
Beginning Inventory - December	6,000	$3.20
Purchases - April	4,000	$2.80
Purchases - June	11,000	$3.00
Totals	27,000		$ -	$ -	0
Sales	13,000		$ -
Ending Inventory	14,000		$ -
Calculate Cost of Goods Sold and Ending inventory dollar values
A. Cost of Goods Sold
B. Ending Inventory Dollar Value
NOTE: Create a table for calculations
Question 4
Premier Company uses a periodic inventory system.
The following are inventory transactions for the month of March:		Cost
			Units	Per Unit
1-Mar	Beginning inventory	30,000	$ 12.00
21-Mar	Purchase		20,000	$ 14.00
24-Mar	Purchase		40,000	$ 11.00
31-Mar	Sales at $40 per unit	70,000
Premier uses the LIFO method to determine the value of its inventory.
What amount should Premier report as cost of goods sold on its income statement for the month of March?
A. Cost of Goods Sold
B. Dollar value ending inventory
Question 5
In your own words explain moving average inventory costing and average inventory costing methods. (225-300 words)
How are they different? Why might accountants prefer one system over the other?
Explain the benefits of each method and how cost versus benefit might be optimized.
your answer can be presented as a list of bullet points. Write, read, and review your work.
Verify each question or requirement for this question is addressed in your answer.
Your answer should explain how unit costs are calculated for each of the two methods.