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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Determine how much inventory should be purchased during the upcoming year to reach budget.
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Determine how much inventory should be purchased during the upcoming year to reach budget.
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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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Given inventory, purchased goods, sales, and gross profit — determine the estimated cost of ending inventory.
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Given the amount of jars sold, the current cost for the year, and cost per jar — find the sales revenue, cost of goods sold, and gross profit.
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Given the total purchases, paid freight-in, freight-out cost, and purchase discounts — find the cost of inventory.
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