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ll T-Mobile LTE 6:00 PM * 100% adaptive.wileyplus.com Work Free Trial Apple Yahoo! Google Maps YouTube Wikipedia News Popular Apple Bing Google Yahoo NAFTA Trilateral Home > Texts of the Agreement > North American Free Trade Agr. Learning Personalized- Practice Test WileyPLUS ORION Financial Accounting, 8e GONZALEZ,... Practice 6.2: Apply inventory cost flow methods an... TIME SPENT 00:08:04 QUIT Check my progress Performance in Last 10 Qs Q 6.55: Jacobs Company has the following information related to its inventory and sales volume for the most recent month: Hard Easy Beginning inventory: Purchases Sales for the month 100 units@$15 per unit 150 units @ $17 per unit 180 units @ $30 per unit Question About this Question Question Difficulty Jacobs' gross profit for the month will be _if it uses LIFO instead of FIFO Difficulty 53.8% Students got it correct A $100 lower B $140 lower C $140 higher D $240 higher Study this topic Apply inventory cost flow methods and discuss their financial effects. Confidence SUBMIT Mark for Review

Explanation / Answer

Calculate gross profit :

Jacobs' gross profit for the month will be 140 lower if it uses LIFO instead of FIFO...

so answer is b) $140 lower

FIFO LIFO Beginning inventory 1500 1500 Purchase 2550 2550 cost of goods available for sale 4050 4050 Ending inventory 70*17=1190 70*15=1050 cost of goods sold 2860 3000 Sales 5400 5400 Gross profit 2540 2400

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