Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014)....
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. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,200 units at $37; purchases, 7,900 units at $39; expenses (excluding income taxes), $194,400; ending inventory per physical count at December 31, current year, 1,620 units; sales, 8,480 units; sales price per unit, $78; and average income tax rate, 32 percent Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b....
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,040 units at $36; purchases, 7,890 units at $38; expenses (excluding income taxes), $193,100; ending inventory per physical count at December 31, current year, 1,740 units; sales, 8,190 units; sales price per unit, $76; and average income tax rate, 34 percent. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing...
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...
1. 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 $36; purchases, 7,860 units at $38; expenses (excluding income taxes), $192,500; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,290 units; sales price per unit, $76; and average income tax rate, 32 percent. How do you find the Average cost (inventory costing method): Beginning Inventory Purchases Goods Available for sale...
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), 2,140 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), 2,090 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), 2,120 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), 2.080 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...