Reference no: EM1312006
Inventory Valuation using Average cost, FIFO, LIFO methods.
Janet has discovered that selling merchandise is even more profitable than the services her spa was providing. This is especially true since most of her clients are celebrities or other wealthy individuals, who don't mind paying top dollar for quality merchandise. Randy's Spa Supplies sells plush robes and slippers that Janet's customers can purchase and take home after their spa treatment. The most popular item is a silk-lined, 100% plush cotton robe. This merchandise has been selling extremely well at Janets Spa. Janet has decided to carry a significant amount of this inventory item. Since Randy's Spa Supplies is still a young company, the amount it charges for the robes varies from order to order. Information is given below for inventory and sales of these units of product in Randy's records.
|
February 1 Beginning inventory balance
|
120 units @ $65 per unit
|
$7,800
|
|
2/3 purchases
|
450 units @ $70 per unit
|
$31,500
|
|
2/12 purchases
|
360 units @ $72 per unit
|
$25,920
|
|
2/20 purchases
|
280 units @ $66 per unit
|
$18,480
|
|
2/26 purchases
|
216 units @ $64 per unit
|
$13,824
|
Goods available for sale 1,426 units $97,524
Sales1,280 units
1. Assuming the periodic inventory system is in use, what was the Cost of Goods Sold if the Average Cost Method is used? - There is a slight rounding difference
2. Assuming the periodic inventory system is in use, what is the value of ending inventory if the Average Cost Method is used? There is a slight rounding difference
3. Assuming the periodic inventory system is in use, what was the Cost of Goods Sold if the LIFO Method is used?
4. Assuming the periodic inventory system is in use, what is the value of ending inventory if the LIFO Method is used?
5. Assuming the periodic inventory system is in use, what was the Cost of Goods Sold if the FIFO Method is used?
6. Assuming the periodic inventory system is in use, what is the value of ending inventory if the FIFO Method is used?
|
Find out the magnitude of the acceleration of the boy
: A spider of mass m is sitting in a perfectly symmetric web (in a vertical plane with 45 angles between the web lines), where Ti's denote the tensions along the lines that are connected to the spider at the center with i = 1, 2, 3, 4, 5, 6, 7, 8. The ..
|
|
Find the expected return and the standard deviation
: Calculation of variance and standard deviation - Find the expected return and the standard deviation of the return on Kate's investment?
|
|
Worst board of directors founder steve jobs
: In 2002 business week listed apple Calculator as having one of the worst board of directors: founder Steve jobs owns just 2 shares in the company.
|
|
How much work is completed by the ball
: A 170, 35.0 cm-diameter turntables rotate on frictionless bearings at 53.0. A 20.0 block sits at the center of turntable. A compressed spring shoots the block completely outward along a frictionless groove in the surface of the turntable.
|
|
What was the cost of goods sold if the lifo method
: Assuming the periodic inventory system is in use, what was the Cost of Goods Sold if the LIFO Method is used and Assuming the periodic inventory system is in use, what is the value of ending inventory if the LIFO Method is used?
|
|
One way anova-linear contrasts
: Analyze the data using linear contrasts to make the following comparisons:
|
|
On the basis of free cash flow and weighted average cost
: On the basis of Free Cash Flow and weighted Average cost of capital using income statements and balance sheets
|
|
What is the minimum time essential for crossing
: A 10.0g bullet is fired horizontally into a 101g wooden block that is initially at rest on a frictionless horizontal surface and connected to a spring having spring constant 141 N/m. The bullet becomes embedded in the block. If bullet-block system co..
|
|
Number of suppliers in the micro calculator
: If the number of suppliers in the micro calculator industry increases, illustrate what would we expect to happen.
|