Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 9.00

Botch Corp

Botch Corp. sold 5,500 units of its product at $45 per unit in year 2011 and incurred operating expenses of $6 per unit in selling the units. It began the year with 600 units in inventory and made successive purchases of its product as follows.

Jan. 1

Beginning inventory

600 units @ $18 per unit

Feb. 20

Purchase

1,500 units @ $19 per unit

May 16

Purchase

700 units @ $20 per unit

Oct. 3

Purchase

400 units @ $21 per unit

Dec. 11

Purchase

3,300 units @ $22 per unit

 

Total

6,500 units

Required

1. Prepare comparative income statements similar to Exhibit 6.8 for the three inventory costing methods of FIFO, LIFO, and weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.) Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 30%.

2. How would the financial results from using the three alternative inventory costing methods change if Botch had been experiencing declining costs in its purchases of inventory?

3. What advantages and disadvantages are offered by using (a) LIFO and (b) FIFO? Assume the continuing trend of increasing costs.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 07:07 PM My Price 9.00

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