Compute fifo, lifo, average-cost—periodic)
(lo 3) presented below is information related...
Business, 04.11.2019 22:31, svarner2001
Compute fifo, lifo, average-cost—periodic)
(lo 3) presented below is information related to blowfish radios for the hootie company for the month of july.
date
transaction
units in
unit cost
total
units sold
selling price
total
july 1
balance
100
$4.10
$ 410
6
purchase
800
4.20
3,360
7
sale
300
$7.00
$ 2,100
10
sale
300
7.30
2,190
12
purchase
400
4.50
1,800
15
sale
200
7.40
1,480
18
purchase
300
4.60
1,380
22
sale
400
7.40
2,960
25
purchase
500
4.58
2,290
30
sale
200
7.50
1,500
totals
2,100
$9,240
1,400
$10,230
instructions
(a) assuming that the periodic inventory method is used, compute the inventory cost at july 31 under each of the following cost flow assumptions.
1.fifo.
2.lifo.
3.weighted-average.
(b) answer the following questions.
1.which of the methods used above will yield the lowest figure for gross profit for the income statement? explain why.
2.which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? explain why.
Answers: 1
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