1-a.
Inventory Costing Method | ||||
Cost of Goods Sold | Units | FIFO | LIFO | Average Cost |
Beginning inventory | 2140 | 79180 | 79180 | 79180 |
Purchases | 7830 | 305370 | 305370 | 305370 |
Goods available for sale | 9970 | 384550 | 384550 | 384550 |
Ending inventory | 1620 | 63180 | 59940 | 62485 |
Cost of goods sold | 8350 | 321370 | 324610 | 322065 |
Working:
Ending inventory:
FIFO: 1620 x $39 = $63180
LIFO: 1620 x $37 = $59950
Average cost: $384550 x 1620/9970 = $62485
1-b.
FIFO | LIFO | Average Cost | |
Sales (8350 x $76) | 634600 | 634600 | 634600 |
Cost of goods sold | 321370 | 324610 | 322065 |
Gross profit | 313230 | 309990 | 312535 |
Operating expenses | 193200 | 193200 | 193200 |
Income before income taxes | 120030 | 116790 | 119335 |
Income taxes | 36009 | 35037 | 35801 |
Net income $ | 84021 | 81753 | 83534 |
Required information [The following information applies to the questions displayed below.) Daniel Company uses a periodic...
Required information [The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,140 units at $37; purchases, 7,830 units at $39; expenses (excluding income taxes), $193,200, ending inventory per physical count at December 31, current year, 1,620 units, sales, 8,350 units, sales price per unit, $76, and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold...
Required information (The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,120 units at $37; purchases, 7,890 units at $39; expenses (excluding income taxes), $193,900; ending inventory per physical count at December 31, current year, 1,610 units; sales, 8,400 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,930 units at $40; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,710 units; sales, 8,390 units; sales price per unit, $80, and average income tax rate, 32 percent. Required: 1-a. Compute cost of goods sold...
Required information [The following information applies to the questions displayed below. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,090 units at $37; purchases, 7,930 units at $39; expenses (excluding income taxes), $194,400; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,220 units; sales price per unit, $80; and average income tax rate, 30 percent. Required: 1. Compute cost of goods sold...
Required information [The following information applies to the questions displayed below) Daniel Company uses a periodic Inventory system. Data for the current year: beginning merchandise inventory (ending Inventory December 31, prior year), 2.080 units at $35 purchases, 7,970 units at $37, expenses (excluding income taxes $192,800, ending Inventory per physical count at December 31, current year, 1710 units sales, 8,340 units, sales price per unit. $79, and average income tax rate, 32 percent. Required: 1. Compute cost of goods sold...
Required information (The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $36; purchases, 7,870 units at $38; expenses (excluding income taxes), $192,800; ending inventory per physical count at December 31, current year, 1,640 units; sales, 8,400 units; sales price per unit, $77; and average income tax rate, 34 percent. Required: 1-a. Compute cost of goods sold...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,130 units at $36; purchases, 7,900 units at $38; expenses (excluding income taxes), $193,900; ending inventory per physical count at December 31, current year, 1,770 units; sales, 8,260 units; sales price per unit, $79; and average income tax rate, 34 percent. Required: 1-a. Compute cost of goods sold...
Required information [The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $194,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1. Compute cost of goods sold...
Required information The following information applies to the questions displayed below.) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory lending inventory December 31, prior year). 2.000 units at $38: purchases. 8.000 units at $40: expenses (excluding income taxes). $184,500, ending inventory per physical count at December 31, current year, 1.800 units, sales, 8.200 units: sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold...
pls help me complete Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute...