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Category > Accounting Posted 21 Aug 2017 My Price 9.00

Lee Company

Cost of Sales  As an accountant for the Lee Company, your supervisor gave you the following calculations of   the gross profit for the first quarter:

 

Alternative

 

Sales ($50 per unit)

Cost of Goods Sold

 

Gross Profit

A

$500,000

$200,000

$300,000

B

500,000

228,000

272,000

C

500,000

213,333

286,667

The three alternative cost flow assumptions are FIFO, Average, and LIFO (the alternatives are not necessarily presented in this sequence). The company uses the periodic inventory system. The computation of the cost of goods sold under each alterna- tive is based on the following data:

 

Units

Cost/Unit

Inventory, January 1

12,000

$20

Purchase, January 10

4,000

21

Purchase, February 15

6,000

22

Purchase, March 10

8,000

23

Required

 

 

Prepare schedules computing the ending inventory (in units and dollars) and proving the cost of goods sold shown here under each of the three alternatives.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 04:08 PM My Price 9.00

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