Homework Answers
Average sales period ratio helps to measure the average number of days taken to sell inventory one time.
So it is calculated as, average sales period = (average inventory*365/cost of sales)
Average inventory = (beginning inventory + ending inventory)/2 = (37000 + 40000)2 = $38500
=> Average sales period = (38500*365/423500) = 33.18 days
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cost of $14,375. The company purchased 230 units at a total cost of
$31,050. At the end of the year, Lisa had 92 units in ending
inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$...
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