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What is the inventory amount under FIFO

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Question 1. As of December 31st, Boston Company had $13,000 in cash, held $90,000 in inventory, and owned other items worth $15,000. Boston Company also borrowed $45,000 from Huntington Bank.

Make a Balance Sheet for Boston Company as of December 31st.

Question 2. On May 31, Bridgewater Watch Retailers had no watches on hand. During the next three months it purchased 50 watches for $750 each, then 80 for $820. During this time 90 watches were sold.

Problem a) What is the inventory amount under FIFO?

Problem b) What is the inventory amount under LIFO?

Problem c) Why would a US company choose LIFO for inventory accounting? What are the implications of LIFO on the Income Statement?

Reference no: EM132462066

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