Maurice Tutor

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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 12.00

Robin Co

ATC 5-2     Group Assignment        Inventory cost flow

Cash $30,000 Beginning inventory (100 units @ $50, 70 units @ $55) 8,850 Common stock 20,000 Retained earnings 18,850 The accounting records of Robin Co. showed the following balances at January 1,  2012:                                 

 

 

 

Transactions for 2012 were as follows:

 

Purchased 100 units @ $54 per unit. Purchased 250 units @ $58 per unit. Sold 220 units @ $80 per unit. Sold 200 units @ $90 per unit. Paid operating expenses of $3,200. Paid income tax expense. The income tax rate is 30%.

 

Required

a.     Organize the class into three sections, and divide each section into groups of three to five students. Assign each section one of the cost flow methods, FIFO, LIFO, or weighted aver- age. The company uses the perpetual inventory system.

 

 

 

 

 

 

Group Tasks

Determine the amount of ending inventory, cost of goods sold, gross margin, and net income after income tax for the cost flow method assigned to your section. Also prepare an income state- ment using that cost flow assumption.

Class Discussion

b.     Have a representative of each section put its income statement on the board. Discuss the ef- fect that each cost flow method has on assets (ending inventory), net income, and cash flows. Which method is preferred for tax reporting? For financial reporting? What restrictions are placed on the use of LIFO for tax reporting?

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 09:07 PM My Price 12.00

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