Question :
Question
Given the following information, calculate the amount by which net : 1164434
Question
Given the following information, calculate the amount by which net income would differ between FIFO and LIFO: Assume the periodic system.
Beginning inventory
2,600units at$98per unit
Purchases
8,100units at$127per unit
Units sold
5,600units at$223per unit
Calculate the cost of goods sold using the FIFO periodic cost flow assumption.
FIFO
Units
x
Cost per Unit
=
Total Cost
Units from beginning inventory
x
=
Units from purchase
x
=
Cost of Goods Sold – FIFO method
Calculate the cost of goods sold using the LIFO periodic cost flow assumption. (Enter 0’s for any layers where there were no units sold.)
LIFO
Units
x
Cost per Unit
=
Total Cost
Units from purchase
x
=
Units from beginning inventory
x
=
Cost of Goods Sold – LIFO method
Net income would differ between FIFO and LIFO by $nothing.
Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO: Assume the periodic system.
Beginning inventory
1,400units at$51per unit
Purchases
3,000units at$62per unit
Units sold
2,200units at$101per unit
Calculate the cost of goods sold using the FIFO periodic cost flow assumption.
FIFO
Units
x
Cost per Unit
=
Total Cost
Units from beginning inventory
x
=
Units from purchase
x
=
Cost of Goods Sold – FIFO method
Calculate the cost of goods sold using the LIFO periodic cost flow assumption. (Enter 0’s for any layers where there were no units sold.)
LIFO
Units
x
Cost per Unit
=
Total Cost
Units from purchase
x
=
Units from beginning inventory
x
=
Cost of Goods Sold – LIFO method
Gross profit would differ between FIFO and LIFO by $nothing.
The following information pertains to item #007SS of inventory of
RileyAquatic Sales, Inc.:
Per unit
Cost
$$178
Replacement cost
179
Selling price
193
The physical inventory indicates1,900 units of item #007SS on hand. What amount will be reported on the
RileyAquatic Sales, Inc.’s balance sheet for this inventory item?
The amount reported o nRileyAquatic Sales, Inc.’s balance sheet for this is $nothing.
Using the following information, calculate inventory turnover ratio, the average days in inventory, and the gross profit ratio for
BonnettBonnett
Company for the year ended December 31, 2012. (Round to two decimal places.)
Sales
$160,000
Cost of goods sold
72,000
Ending inventory, December 31, 2011
15,375
Ending inventory, December 31, 2012
18,550
Net income
26,400
Calculate inventory turnover ratio. (Round to two decimal places.)
/
=
Inventory turnover ratio
/
=
Calculate the average days in inventory. (Round to two decimal places.)
/
=
Average days in Inventory
/
=
Calculate the gross profit ratio. (Round to the nearest percent.)
(
–
) /
=
Gross profit ratio
(
–
) /
=
%
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption.
Sales
103units at $23per unit
Beginning inventory
85units at$9per unit
Purchases
62units at$10per unit
Calculate the cost of goods sold using the LIFO periodic cost flow assumption.
Units
x
Cost per Unit
=
Total Cost
Units from beginning inventory
x
=
Units from purchase
x
=
Cost of Goods Sold – LIFO method
Calculate the cost of the ending inventory using the LIFO periodic cost flow assumption. (Enter 0’s for any layers where there were no units sold.)
Units
x
Cost per Unit
=
Total Cost
Units from beginning inventory
x
=
Units from purchase
x
=
Ending Inventory – LIFO method
Beginning inventory
2,600units at$98per unit
Purchases
8,100units at$127per unit
Units sold
5,600units at$223per unit
