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

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more