what is the structure that tapeworm use to attach to their hos what is the struc
ID: 2568804 • Letter: W
Question
what is the structure that tapeworm use to attach to their hos what is the structure that tapeworm use to attach to their hos what is the structure that tapeworm use to attach to their hos Course: Assignment: Chapter 6 Inventory Assignment Due Date: November 15, 2017 Principles of Accounting I sted Ualimited Inc. is a local distributor of running shoes and other related items. sted below is information concerning one of their products, running shoes: Date September1 Beg. Inventory September 8 Purchase September 10 Sale September 20 Purchase September 29 Sale TransactionQuantity Price Cost 200 100 150 300 250 S70.00 5 80.00 S 100.00 5 90.00 5 125.00 Additional Information: Running Unlimited Inc. has decided to use the periodic inventory system. Required: I. Create a worksheet to complete the following schedule for Running Unlimited Incorporated Inventory Method a. FIFO b. Average Cost cLIFO Ending Inventory Cest of Goods Sold Gross Profit II. Answer the following questions Which inventory method would require Running Unlimited Inc. to pay the lowest amount of income taxes? 1. h inventory method would provide the highest gross profit for Running Unlimited Incorporated? Which inventory method would provide the lowest ending inve Running Unlimited Incorporated? ntory for Page I of 2Explanation / Answer
Sales
Date
No. of Units
Unit cost
Total Cost
Sep. 10
150
$100.00
$15,000
Sep.29
250
$125.00
$31,250
Total
400
$46,250
FIFO - Ending Inventory
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
$70.00
$0
Sep.8
$80.00
$0
Sep.20
200
$90.00
$18,000
Total
200
$18,000
FIFO - Cost of goods sold
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
200
$70.00
$14,000
Sep.8
100
$80.00
$8,000
Sep.20
100
$90.00
$9,000
Total
400
$31,000
LIFO - Ending Inventory
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
200
$70.00
$14,000
Sep.8
$80.00
$0
Sep.20
$90.00
$0
Total
200
$14,000
LIFO - Cost of goods sold
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
$70.00
$0
Sep.8
100
$80.00
$8,000
Sep.20
300
$90.00
$27,000
Total
400
$35,000
Weighted Average cost method
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
200
$70.00
$14,000
Sep.8
100
$80.00
$8,000
Sep.20
300
$90.00
$27,000
Total
600
$49,000
Average cost
$81.67
Ending Inventory
200
$16,333
Cost of goods sold
400
$32,667
Inventory Method
Ending Inventory
Cost of Goods sold
Gross profit
FIFO
$18,000
$31,000
$15,250
Average cost
$16,333
$32,667
$13,583
LIFO
$14,000
$35,000
$11,250
1. Which inventory method would require Running Unlimited to pay lowest income tax.
LIFO Method has highest cost of goods sold, hence it gives lowest gross profit. This method will pay lowest income tax.
2. Which inventory method would provide highest gross profit for Running Unlimited.
FIFO Method has Lowest cost of goods sold, hence it gives highest gross profit.
3. Which inventory method would provide lowest ending inventory for Running Unlimited.
LIFO Method has highest cost of goods sold, hence it gives lowest ending inventory.
Sales
Date
No. of Units
Unit cost
Total Cost
Sep. 10
150
$100.00
$15,000
Sep.29
250
$125.00
$31,250
Total
400
$46,250
FIFO - Ending Inventory
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
$70.00
$0
Sep.8
$80.00
$0
Sep.20
200
$90.00
$18,000
Total
200
$18,000
FIFO - Cost of goods sold
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
200
$70.00
$14,000
Sep.8
100
$80.00
$8,000
Sep.20
100
$90.00
$9,000
Total
400
$31,000
LIFO - Ending Inventory
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
200
$70.00
$14,000
Sep.8
$80.00
$0
Sep.20
$90.00
$0
Total
200
$14,000
LIFO - Cost of goods sold
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
$70.00
$0
Sep.8
100
$80.00
$8,000
Sep.20
300
$90.00
$27,000
Total
400
$35,000
Weighted Average cost method
Date
No. of Units
Unit cost
Total Cost
Beg. Inventory
200
$70.00
$14,000
Sep.8
100
$80.00
$8,000
Sep.20
300
$90.00
$27,000
Total
600
$49,000
Average cost
$81.67
Ending Inventory
200
$16,333
Cost of goods sold
400
$32,667
Inventory Method
Ending Inventory
Cost of Goods sold
Gross profit
FIFO
$18,000
$31,000
$15,250
Average cost
$16,333
$32,667
$13,583
LIFO
$14,000
$35,000
$11,250
1. Which inventory method would require Running Unlimited to pay lowest income tax.
LIFO Method has highest cost of goods sold, hence it gives lowest gross profit. This method will pay lowest income tax.
2. Which inventory method would provide highest gross profit for Running Unlimited.
FIFO Method has Lowest cost of goods sold, hence it gives highest gross profit.
3. Which inventory method would provide lowest ending inventory for Running Unlimited.
LIFO Method has highest cost of goods sold, hence it gives lowest ending inventory.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.