Business, 04.11.2019 22:31 svarner2001

Compute fifo, lifo, average-cost—periodic)

(lo 3) presented below is information related to blowfish radios for the hootie company for the month of july.

date

transaction

units in

unit cost

total

units sold

selling price

total

july 1

balance

100

$4.10

$ 410

6

purchase

800

4.20

3,360

7

sale

300

$7.00

$ 2,100

10

sale

300

7.30

2,190

12

purchase

400

4.50

1,800

15

sale

200

7.40

1,480

18

purchase

300

4.60

1,380

22

sale

400

7.40

2,960

25

purchase

500

4.58

2,290

30

sale

200

7.50

1,500

totals

2,100

$9,240

1,400

$10,230

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

Show answers

Another question on Business

Business, 22.06.2019 04:50

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?

Answers: 3

Answer

Business, 22.06.2019 09:50

phillips, inc. had the following financial data for the year ended december 31, 2019. cash $ 41,000 cash equivalents 75,000 long term investments 59,000 total current liabilities 149,000 what is the cash ratio as of december 31, 2019, for phillips, inc.? (round your answer to two decimal places.)

Answers: 3

Answer

Business, 22.06.2019 12:30

M. cotteleer electronics supplies microcomputer circuitry to a company that incorporates microprocessors into refrigerators and other home appliances. one of the components has an annual demand of 235 units, and this is constant throughout the year. carrying cost is estimated to be $1.25 per unit per year, and the ordering (setup) cost is $21 per order. a) to minimize cost, how many units should be ordered each time an order is placed? b) how many orders per year are needed with the optimal policy? c) what is the average inventory if costs are minimized? d) suppose that the ordering cost is not $21, and cotteleer has been ordering 125 units each time an order is placed. for this order policy (of q = 125) to be optimal, determine what the ordering cost would have to be.

Answers: 1

Answer

Business, 22.06.2019 17:50

Which of the following is an element of inventory holding costs? a. material handling costs b. investment costs c. housing costs d. pilferage, scrap, and obsolescence e. all of the above are elements of inventory holding costs.

Answers: 1

Answer

You know the right answer?

Compute fifo, lifo, average-cost—periodic)

(lo 3) presented below is information related...

Questions