Problem 9-69 Inventory Computation Using Different Cost Flows Records of the Swain New Products Co. show...
Problem 9-69
Inventory Computation Using Different Cost Flows
Records of the Swain New Products Co. show the following data relative to Product M:
|
March |
2 |
Inventory |
450 units at $26.00 |
|
3 |
Sale |
400 units at $33.00 |
|
|
6 |
Purchase |
350 units at $27.50 |
|
|
13 |
Purchase |
300 units at $28.00 |
|
|
20 |
Sale |
300 units at $34.50 |
|
|
25 |
Purchase |
100 units at $27.00 |
|
|
28 |
Sale |
200 units at $35.00 |
Instructions: Calculate the inventory balance and the gross profit on sales for the month on each of the following bases.
- 1. Perpetual FIFO
- 2. Periodic FIFO
- 3. Perpetual LIFO
- 4. Periodic LIFO
- 5. Perpetual average (Carry calculations to five decimal places and round to two.)
- 6. Periodic average
Homework Answers
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Problem 9-69
Inventory Computation Using Different Cost
Flows
Records of the Swain New Products Co. show...
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