E6-19A – Average Cost, FIFO, & LIFO
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Using average-cost, FIFO, and LIFO – find the cost of goods sold and ending inventory.
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Using average-cost, FIFO, and LIFO – find the cost of goods sold and ending inventory.
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Find gross profit under both FIFO and LIFO.
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Determine how much inventory should be purchased during the upcoming year to reach budget.
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Identify another reason that owners and managers use the gross profit method to estimate inventory.
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Given the beginning and ending inventory, sales, and purchases – make the journal transactions under the perpetual system and find the ending inventory and gross profit.
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Determine how much inventory should be purchased during the upcoming year to reach budget.
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Given the information on inventory, net purchases and sales, and gross profit percent – estimate cost of inventory and find another reason managers use gross profit method to estimate inventory.
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Given the truck cost and notes payable – find the accrued interest, final payment, and interest expense for both years.
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Given the purchased inventory cost and the short-term note payable – prepare the entry for inventory interest, and note plus interest.
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Given the accrued warranty payable, sales revenue, percent of sales, and amount paid to satisfy claims – prepare the entry for warranty expense, the income statement, and balance sheet.
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