Question

Simple Plan Enterprises uses a periodic inventory system. Its records showed the following Inventory. December 31, using FIFO 58 Units @ $24 = $1.392 Inventory. December 31, using LIFO 58 Units @ $20 = $1.160 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11, (at $48 per unit) Sale, January 27 (at $49 per unit) Units Unit Cost Total Cost 1,750 3,120 70 $25 120 100 26 76 Required 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO FIFO LIFO 248 Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold $ 6,262 2. Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Round your answers to 2 decimal places.)



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *