iPad c @ * 35%. ). 3:11 PM ezto.mheducation.com Chapter 8 Homework instructions

Question

iPad c @ * 35%. ). 3:11 PM ezto.mheducation.com Chapter 8 Homework instructions I help Question 6 (of 7 | Save & Exit | Submit 5.00 points Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system Beginning inventory, January 1, 2016 650 units $ 75 each January 15 January 21 400 units$ 90 each 1,200 units $95 each Sales: January 5 January 22 January 29 600 units $115 each 1,000 units$125 each 450 units$130 each Ending inventory, January 31, 2016 1,200 units Required 1.1 Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 20167 O FIFO 1.2 Which method will result in the highest ending inventory balance? LIFO FIFO 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory -Periodic FIFO # of units Cost of Goods Available for Cost per Cost per unit # of units Cost per Cost of Ending Inventory # of units Sale unit Goods Sold in ending Beginning Inventory January 15 January 21 Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory-Periodic LIFO Cost of Goods Available for # of units LIFO Cost per # of units Cost per Cost of Cost per unit Ending Inventory # of units unit Goods Sold in ending Sale Beginning Inventory January 15 January 21 Hints References eBook & Resources

Explanation / Answer

1.1 LIFO 1.2 FIFO 2) FIFO Cost of goods Avaiable for sale cost of goods sold ending inventory #of units per unit available #of units per unit available #of units per unit available Beginning inventory 650 75 48750 650 75 48750 purchases: 15-Jan 1,400 90 126000 1,400 90 126000 21-Jan 1,200 95 114000 1,200 95 114000 total 3250 288750 2050 174750 1,200 114000 LIFO Cost of goods Avaiable for sale cost of goods sold ending inventory #of units per unit available #of units per unit available #of units per unit available Beginning inventory 650 75 48750 650 75 48750 purchases: 15-Jan 1,400 90 126000 850 90 76500 550 90 49500 21-Jan 1,200 95 114000 1,200 95 114000 total 3250 288750 2050 190500 1,200 98250

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.