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USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 19 -22 The Devlin Corporation, a diversified distribution company, purchases cartons of canned tennis balls from the Questor Company and markets the balls under the Devlin brand name. Devlin started operations on January 1, 2016. In the table below, Quarter 1 represents the time period from January 1, 2016 to March 31, 2016 and Quarter 2 represents the time period from April 1, 2016 to June 30, 2016. Devlin began operations on January 1,2016 with no inventory Purchases and sales data for Devlins first two quarters of business are shown below Quarter1 Sales Purchases 26,000 cartons at $37 per cartorn January February March 5,000 cartons at $1.2 10,000 cartons at $16 15,000 cartons at $18 Quarter 2 Sales Purchases 63,000 cartons at $45 per cartorn ri May June 16,000 cartons at $20 18,000 cartons at $24 26,000 cartons at $30 19. Calculate the Quarter 2 ending inventories (in dollars) using the LIFO inventory valuation method. 20. Calculate Quarter 2 GROSS PROFIT using the LIFO inventory valuation method. 21. Calculate the Quarter 2 ending inventories (in dollars) using the FIFO inventory valuation method. 22. Calculate Quarter 2 GROSS PROFIT using the FIFO inventory valuation method. 12,000 1,267,000 30,000 1,261,000

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Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text ta copy. в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Editing Format Painter Clipboard Alignment Number Cells BK1 BJ BK BL BM BN BO BP BQ BR BS BT BU QUARTER 1 UNDER LIFO METHOD, EARLIER PURCHASES WILL BE CONSUMED LAST SO MARCH 15000 UNITS WILL BE SOLD FIRST AND SO ON 4 UNITS SOLD 26000 PURCHASE IN MARCH 15000 PURCHASE IN FEB =10000 PURCHASE IN JAN 5000 TOTAL SOLD RATE 15000 10000 1000 26000 18 16 12 6 10 CLOSING STOCK FOR QUARTER 1 CLOSING STOCK FOR QUARTER 1 (S) 4000 (5000-1000) 48000 4000#12 12 13 14 15 16 17 18 19 QUARTER 2 | FIFO . CASH BUDGET BV MV ratio VARIANCE BEP, OL FLratios B-S loss SALES BUDGET DIFF ANALYSIS overheadfloat 1 45 31-01-2019Home nert Page Layout Formulas Data Review View dd-Ins s Cut aCopy Σ AutoSum Calibri ー E ゴWrap Text General в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting as Table Styles2 Clear Sort &Find & Format Painter Clipboard BK13 BJ Font Alignment Number Styles Cells Edting BK BL BM BN BO BP BQ BR BS BT BU 13 14 15 16 17 18 19 20 21 QUARTER2 UNITS SOLD 63000 PURCHASE IN JUNE 26000 PURCHASE IN MAY 18000 PURCHASE IN APR 16000 USED FROM CLOSING STOCK OF QUARTER 1 TOTAL SOLD RATE COST OF GOODS SOLD 26000 18000 16000 3000 63000 30 780000 24 432000 20 320000 12 36000 1568000 19 SO CLOSING INVENTORY FOR QUARTER 2 CLOSING INVENTORY FOR QUARTER 1 - USED IN QUARTER2 4000-3000 1000 23 24 25 26 27 28 29 30 31 CLOSING INVENTORY FOR QUARTER 2 = CLOSING INVENTORY FOR QUARTER 2 (S) 12000 (1000*12) 20 GROSS PROFIT FOR QUARTER 2 SALES-63000 X 45 2835000 1568000 1267000 LESS COGS GROSS PROFIT = | FIFO , CASH BUDGET BV MV ratio VARIANCE BEP, OL FLratios B-S loss SALES BUDGET DIFF ANALYSIS overheadfloat 03:36 31-01-2019Home nert Page Layout Formulas Data Review View dd-Ins Cut E AutoSum ー E ゴWrap Text ta copy ▼ в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard BK31 BJ Font Alignment Number Styles Cells BK BL BM BN BO BP BQ BR BS BT BU 31 32 QUARTER 1 UNDER FIFO METHOD, LAST PURCHASES WILL BE CONSUMED LAST SO JAN 5000 UNITS WILL BE SOLD FIRST AND SO ON 34 35 36 37 38 39 40 41 42 43 UNITS SOLD-26000 PURCHASE IN JAN-5000 PURCHASE IN FEB-10000 PURCHASE IN MARCH 15000 TOTAL SOLD RATE 5000 10000 11000 26000 12 16 18 CLOSING STOCK FOR QUARTER 1 CLOSING STOCK FOR QUARTER 1 (S) 4000 (15000-11000) 72000 4000 18 45 46 47 48 49 QUARTER 2 | FIFO . CASH BUDGET 45 BV MV ratio VARIANCE BEP, OL FLratios B-S loss SALES BUDGET DIFF ANALYSIS overheadfloat 1 03:36 31-01-2019Home nert Page Layout Formulas Data Review View dd-Ins s Cut ta copy. Σ AutoSum ー E ゴWrap Text General в 1 프 . Ej-., Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard BK63 BJ Font Alignment Number Styles Cells BK BL BM BN BO BP BQ BR BS BT BU BV 45 46 47 48 49 50 51 52 53 54 QUARTER2 UNITS SOLD 63000 PURCHASE IN APR 16000 PURCHASE IN MAY 18000 PURCHASE IN JUNE 26000 USED FROM CLOSING STOCK OF QUARTER 1 TOTAL SOLD RATE COST OF GOODS SOLD 16000 18000 26000 3000 63000 20 320000 24 432000 30 780000 1854000 1586000 SO CLOSING INVENTORY FOR QUARTER 2 = CLOSING INVENTORY FOR QUARTER 1-USED IN QUARTER 2 CLOSING INVENTORY FOR QUARTER 2 = 4000-3000 1000 21 CLOSING INVENTORY FOR QUARTER 2 (S)- 56 57 58 59 60 61 62 63 18000 (1000 18) GROSS PROFIT FOR QUARTER 2 SALES 63000X45- COGS GROSS PROFIT 2835000 1586000 1249000 ESS | FIFO . CASH BUDGET BV MV ratioVARIANCE BEP, OL FLatios B-S loss SALES BUDGET DIFF ANALYSIS overheadfloat 03:36 31-01-2019

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