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Category > Applied Sciences Posted 24 Sep 2017 My Price 10.00

Mickiewicz Corporation,

(FIFO and LIFO Effects) You are the vice president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2012. These schedules appear below.

 

Sales
($5 per unit)

Cost of
Goods Sold

Gross
Margin

Schedule 1

$150,000

$124,900

$25,100

Schedule 2

150,000

129,600

20,400

The computation of cost of goods sold in each schedule is based on the following data.

 

Units

Cost per Unit

Total Cost

Beginning inventory, January 1

10,000

$4.00

$40,000

Purchase, January 10

8,000

4.20

33,600

Purchase, January 30

6,000

4.25

25,500

Purchase, February 11

9,000

4.30

38,700

Purchase, March 17

12,000

4.40

52,800

Peggy Fleming, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Fleming that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions.

Instructions

Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 10.00

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