Business, 14.04.2020 22:02 tyrareed702
Presented below is information related to Blowfish radios for the Sunland Company for the month of July.
Date Transaction Units In Unit Cost Total Units Sold Selling Price Total
July 1 Balance 130 $3.90 $ 507
6 Purchase 1,040 $4.00 $4,160
7 Sale 390 6.70 2,613
10 Sale 390 7.00 2,730
12 Purchase 520 4.30 2,236
15 Sale 260 7.10 1,846
18 Purchase 390 4.40 1,716
22 Sale 520 7.10 3,692
25 Purchase 650 4.38 2,847
30 Sale 260 7.20 1,872
Totals 2,730 $11,466 1,820 $12,753
Instructions:
(a) Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions:
1. FIFO.
2. LIFO.
3. Weighted-average.
(b) Answer the following questions:
1. Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why.
2. Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why.
Answers: 1
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Presented below is information related to Blowfish radios for the Sunland Company for the month of J...
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