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Category > Management Posted 11 Jul 2017 My Price 13.00

Inventory System and Inventory Costing Methods

periodic Inventory System and Inventory Costing Methods

p1. Midori Company merchandises a single product called Gloss. The following data represent beginning inventory and purchases of Gloss during the past year: January 1 inventory, 68,000 units at $11.00; February purchases, 80,000 units at $12.00; March purchases, 160,000 units at $12.40; May purchases, 120,000 units at $12.60; July pur- chases, 200,000 units at $12.80; September purchases, 160,000 units at $12.60; and November purchases, 60,000 units at $13.00. Sales of Gloss totaled 786,000 units at

$20.00 per unit. Selling and administrative expenses totaled $5,102,000 for the year. Midori uses the periodic inventory system.

 

reQUIreD

1.    Prepare a schedule to compute the cost of goods available for sale.

2.    Compute income before income taxes under each of the following inventory cost flow assumptions: (a) the average-cost method, (b) the FIFO method, and (c) the LIFO method. (Round cost to the nearest cent.)

3.    Business AppliCAtion ▶ Compute inventory turnover and days’ inventory on hand under each of the inventory cost flow assumptions listed in requirement 2. (Round to one decimal place.) What conclusion can you draw?

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Maurice Tutor
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Status NEW Posted 11 Jul 2017 04:07 PM My Price 13.00

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