The following information pertains to Baxter Company for 2014. What is the dollar amount of difference in net income using FIFO versus LIFO? Beginning inventory 55 units @ $15 Units purchased 260 units @ $19 Ending inventory consisted of 27 units. Baxter sold 288 units at $31 each. All purchases and sales were made with cash.

On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.

Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.

Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.

Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?

Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.

Difference

The Holden Corp. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 130 units@ $51/unit March 28: 150 units @ $54/unit June 28: 150 units @ $50/unit The units have a selling price of $65.00 per unit. a) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Holden Corp. using the FIFO system. Cost of Goods Sold Ending Inventory Gross Profit Date b) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on June 28, (b) The sale on July 17. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). 14 F Sales February 9:30 units July 17: 200 units FIFO E General Journal Account/Explanation Page GJB F…

The following information pertains to Baxter Company for 2014. Compute the gross margin using LIFO cost flow assumption. Beginning inventory 55 units @ $15 Units purchased 260 units @ $19 Ending inventory consisted of 27 units. Baxter sold 288 units at $31 each. All purchases and sales were made with cash.