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Computing ending inventory and cost of goods sold under FIFO and LIFO cost-flow assumptions.
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2009 were as follows:
Blowers
Mowers
Jan 21
20@200
Feb 3
40@195
Feb 28
30 @190
Mar 13
20@190
Apr 6
20@120
May 22
40@215
Jun 3
40@220
Jun 20
60@230
Aug 15
20@215
Sep 20
20@210
Nov 7
In inventory at Dec 31, 2009, 10 blowers and 25 mowers. Assume the coy uses a period inventory system. What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions? Hint: Compute ending inventory and cost of goods sold under each method, and then compare results.
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Your client is considering the purchase of $100,000 in common stock, which pays no dividends and will appreciate in market value by 10 percent per year. At the same time, the client is considering an opportunity to invest $100,000 in a lease oblig..
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