Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. irom the january 5 purchase are on nanu. e8.11 (lo

Irom the January 5 purchase are on nanu. E8.11 (LO 3) (Compute FIFO and Average-Cost-Periodic)...

60.1K

Verified Solution

Question

Accounting

image

Irom the January 5 purchase are on nanu. E8.11 (LO 3) (Compute FIFO and Average-Cost-Periodic) The following information is related to radios for the Couples Company for the month of July. Units Units Units Selling Date Transaction In Cost Total Sold Price Total July Balance 100 $4.10 $ 410 1 800 4.30 3,440 300 $7.00 $ 2,100 7:30 2,190 300 400 4.51 1,804 200 7.40 1,480 6 Purchase 7 Sale 10 Sale 12 Purchase 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale Totals 300 4.60 1,380 400 7.40 2,960 500 4.58 2,290 200 7.50 1,500 $10,230 2,100 $9,324 1,400 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. (Ignore taxes.) 1. FIFO. 2. Weighted average. b. Answer the following questions. 1. Which of the methods used above will yield the highest figure for gross profit for the income statement? Explain why. 2. Which of the methods used above will yield the highest figure for ending inventory for the statement of financial position? Explain why

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

The 1909 Baker shown by Jay Leno is an early example of an electric car...

Advance Math
1.2K views

It is standard in some programming languages for the number zero to represent one of the...

Biology
1.2K views

By looking at the different layers of the Earth we are able to gather information...

Calculus
1.2K views

Consider the equation f x x 2 5 Identify the parent function and describe ALL...

Algebra
1.2K views

4 Listm Select the graph that best matches the given function g 1 4 O...

Accounting
1.2K views

Pasadena Candle Inc. budgeted production of 33,000 candles for the year. Each candle requires molding....

Accounting
1.2K views

Babson Corporation specializes in the construction of commercial and industrial buildings. On April 5, 201,...

Accounting
1.2K views

Violet Company has sales of $469,000, net operating income of $241,000, average invested assets of...

Accounting
1.2K views

Andretti Company has a single product called a Dak. The company normally produces and sells...

Accounting
1.2K views

REQUIRED Refer to the information given below and answer each of the following questions independently:...

Accounting
1.2K views

Exercise 23-11(Static) Pricing using total costs LO P6 Skull Company makes snowboards and...

Accounting
1.2K views

The comparative balance sheets of Teal Inc. at the beginning and the end of the...