Reference no: EM132672327
Peoples Printer Co. sells printers and uses a periodic inventory approach. The PX4015 Brand is one of the printers it sells and this brand had the following beginning inventory, purchase, and sales history for the current year:
Number of Cost per Total
Printers Printer Cost
January 1 inventory 8 $142.00 $1,136.00
July 16 purchases 12 $152.00 $1,824.00
December 8 purchases 5 $158.00 $790.00
Available for sale 25 $3,750.00
July 18 sales 19
December 31 inventory 6
The selling price of the printer was $225.
Problem 1. Determine cost of goods sold for the year ended December 31 if the LIFO cost flow assumption is used.
Problem 2. Determine ending inventory as of December 31 if the LIFO cost flow assumption is used.
Problem 3. Determine gross profit for the year ended December 31 if the LIFO cost flow assumption is used.
Problem 4. Determine cost of goods sold for the year ended December 31 if the FIFO cost flow assumption is used.
Problem 5. Determine ending inventory as of December 31 if the FIFO cost flow assumption is used.
Problem 6. Determine gross profit for the year ended December 31 if the FIFO cost flow assumption is used.
Problem 7. Determine cost of goods sold for the year ended December 31 if the Weighted Average cost flow assumption is used
Problem 8. Determine ending inventory for the year ended December 31 if the Weighted Average cost flow assumption is used
Problem 9. Determine cost of gross profit for the year ended December 31 if the Weighted Average cost flow assumption is used
Problem 10. For a company that uses U.S. GAAP, in a period of rising prices, the inventory cost flow assumption that results in the lowest gross profit is
a. FIFO.
b. LIFO.
c. Weighted average.
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