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Category > Accounting Posted 12 Aug 2017 My Price 8.00

Wild Riders Surfboard Company

. Inventory valuation methods: computations and concepts.

 

Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:

 

Date

Quantity

Unit Cost

Total Cost

1/3

100

$125

$12,500

4/3

200

$135

$27,000

6/3

100

$145

$14,500

7/3

100

$155

$15,500

Total

500

  

$69,500

 

 

Wild Riders sold 400 boards at $250 per board on the dates listed below. The company uses a perpetual inventory system.

 

Date

Quantity Sold

Unit Price

Total Sales

3/17

50

$250

$12,500

5/17

75

$250

$18,750

8/10

275

$250

$68,750

Total

400

  

$100,000

Instructions

a.Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:

A?·First-in, first-out

A?·Last-in, first-out

A?·Weighted average

 

b. Which of the three methods would be chosen if management's goal is to

(1) produce an up-to-date inventory valuation on the balance sheet?

(2) show the lowest net income for tax purposes?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 8.00

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