Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Sep 2017 My Price 8.00

Story Company

LO5• 7• 12

 

 

 

LO5•6• 7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO5•6• 7

 

Problem 5-11A Comparison of Inventory Costing Methods—Perpetual System (Appendix)

Repeat Problem 5-10 A using the perpetual system.

 

Problem 5-12A  Inventory Costing Methods—Periodic System

Story Company’s inventory records for the month of November reveal the following:

Inventory, November 1                     300 units @ $27.00 November 4, purchase       375 units @ $26.50

November 7, sale                             450 units @ $63.00 November 13, purchase     330 units @ $26.00 November 18, purchase  225 units @ $25.40 November 22, sale             570 units @ $63.75 November 24, purchase  300 units @ $25.00 November 28, sale             165 units @ $64.50

Selling and administrative expenses for the month were $16,200. Depreciation expense  was

$6,000. Story’s tax rate is 35%.

Required

1.        Calculate the cost of goods sold and ending inventory under each of the following three meth- ods assuming a periodic inventory system: (a) FIFO, (b) LIFO, and (c) weighted average.

2.        Calculate the gross profit and net income under each costing assumption.

3.        Under which costing method will Story pay the least taxes? Explain your answer.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Sep 2017 09:09 PM My Price 8.00

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