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 inventory transactions for the corporation — prepare the journal entry using the perpetual inventory system and show what the corporation will report.
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Given COGS, the historical cost, and net realizable — figure out what the company should report for ending inventory and COGS, along with which statement it would show up on.
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Given the sales made, COGS, and inventory at the end of the year — find the gross profit and the rate on inventory turnover.
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