Marigold Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 98 $4 $392
1/20 Purchase 490 $5 2,450
7/25 Purchase 98 $7 686
10/20 Purchase 294 $8 2,352
980 $5,880
A physical count of inventory on December 31 revealed that there were 343 units on hand. Answer the following independent questions.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $the value of the ending inventory in dollars.
2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $the value of the ending inventory in dollars.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $the value of the ending inventory in dollars 4.
A) Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method $enter the amount of difference 4.
B) Would income have been greater or less?
Answers: 1
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Marigold Company uses the periodic inventory method and had the following inventory information avai...
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