2024 – Presented below is information related to radios for the Couples Company for the
Presented below is information related to radios for the Couples Company for the month of July. – 2024
2024 – Presented below is information related to radios for the Couples Company for the.
Presented below is information related to radios for the Couples Company for the month of July.
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> units unit units selling
Units Unit Units Selling
Date Transaction In Cost Total Sold Price Total
>july 1 balance 100 $4
July 1 Balance 100 $4.10 $410.00
6 Purchase 800 4.30 3,440
7 Sale 300 $7.00 $2,100
10 Sale 300 7.30 2,190
12 Purchase 400 4.51 1,804
15 Sale 200 7.40 1,480
> 18 purchase 300 4
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
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Totals 2,100 $9,324 1400 $10,230
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>requirements
Requirements:
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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
Lifo
2) LIFO
3) Weighted Average
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B) Answer the following questions
Lowest figure
1) Which of the methods used above will yield the lowest figure for goross profit for the income statement? Explain why
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2) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why
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