FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 500 units at $9.00 in beginning inventory on January 1, (2) 650 units at $10.00 purchased on January 8, and (3) 950 units at $11.00 purchased on January 29. The company sold 550 units on January 12 and 750 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), and (c) LIFO (periodic calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), and (c) LIFO (periodic calculation). Cost of Goods Sold a. FIFO (periodic calculation) b. FIFO (perpetual calculation) c. LIFO (periodic calculation) $ $ 12,650 12,650 < Required 1 Required 2 >
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Transcribed Image Text:Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 500 units at $9.00 in beginning inventory on January 1, (2) 650 units at $10.00 purchased on January 8, and (3) 950 units at $11.00 purchased on January 29. The company sold 550 units on January 12 and 750 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), and (c) LIFO (periodic calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), and (c) LIFO (periodic calculation). Cost of Goods Sold a. FIFO (periodic calculation) b. FIFO (perpetual calculation) c. LIFO (periodic calculation) $ $ 12,650 12,650 < Required 1 Required 2 >
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