362 chapter 6 Requirements 1. Compute Calm Day\'s inventory turnover rate for th

Question

362 chapter 6 Requirements 1. Compute Calm Day's inventory turnover rate for the year. (Round to two decimal places.) places.) gross profit using the periodic inventory system-FIFO, LIFO, and 2. Compute Calm Day's days' sales in inventory for the year. (Round to two decimal E6A-26 Comparing ending merchandise inventory, cost of goods sold, and Learning Objective 7 Appendix 6A weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory 2. COGS $513 17 units@$15 each 5 units @ $ 19 each 14 units $ 37 each 11 units $ 23 each 13 units @$ 37 each Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale Requirements ate ending merchandise inventory, cost of g the FIFO inventory costing method. the LIFO inventory costing method. the weighted-average inventory costing method. (Round weighted-average cost per 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using unit to the nearest cent and all other amounts to the nearest dollar.)

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jun 17 15 255 17 15 255 Purchasse 12-Jun 5 19 95 5 19 95 24-Jun 11 23 253 5 23 115 6 23 138 TOTAL 33 603 27 465 6 138 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jun 17 15 255 11 15 165 6 15 90 Purchasse 12-Jun 5 19 95 5 19 95 24-Jun 11 23 253 11 23 253 TOTAL 33 603 27 513 6 90 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jun 17 15 255 Purchasse 12-Jun 5 19 95 24-Jun 11 23 253 TOTAL 33 18.27 603 27 18.27 493 6 18.27 110 Total sales (27 units @$37): $999 FIFO LIFO Average Sales revenue 999 999 999 Less: Cost of goods sold 465 513 493 Gross profit 534 486 506 FIFO LIFO Average Ending Inventory 138 90 110 Cost of Goods sold 465 513 493 Gross Profit 534 486 506

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