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What was the dollar amount for ending inventory using fifo

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Reference no: EM131159010

Assignment- Inventory Analysis and Final Project: Company Selection and Initial Research

Part One: Inventory Analysis

You own a jewelry store and you sell nothing but black diamond rings. As of January 1st, you had 10 rings in stock at a cost of $1,000 each. You sold 60 rings during the year. You made several purchases over the fiscal year, which ended on December 31st, as follows:

Date

Number of Rings
Purchased

Cost per
Ring

Total
Cost

1-Feb

4

$1,000

$4,000

1-Apr

6

1100

$6,600

1-May

8

1100

$8,800

1-Jun

8

1150

$9,200

1-Aug

6

1175

$7,050

1-Oct

10

1200

$12,000

1-Nov

9

1175

$10,575

1-Dec

7

1150

$8,050

 

58

 

$66,275

Beginning Inventory

10

 

 

Rings Available for

68

 

 

Sale

 

 

 

Required:

1. What was the dollar amount for ending inventory using FIFO, LIFO, and average cost methods?

2. What is the impact on the balance sheet when using different methods of accounting for inventory?

3. Why would a company select one method of accounting for inventory over another?

Part Two: Final Project

Over the next five weeks, you will research and analyze financial information on two companies listed on an exchange.

Week 1: Gathering Financial Data, Key Characteristics, Corporate Governance, and Competitors

Week 2: Income Statement and Balance Sheet Analysis, Performance Comparison

Week 3: Investing and Financing Activities; Interim Presentation and Summary of Findings

Week 4: Issues and Interests of Investors and Other Stakeholders; Analysis of Company Performance

Week 5: Company Relationships and Financial Performance; Company Investment Analysis; Final Presentation and Summary of Findings

Required:

Choose any two companies that are in the same industry and listed on the NYSE or any other exchange. Collect the financial information for these two companies and make sure you have information that includes balance sheets, income statements, and statements of cash flow for the last three years. You may select any company except FedEx and Coca Cola.

1. Describe the key characteristics of the companies selected, such as the industry in which they operate, the products they provide, their rankings in the industry, etc.

2. Go to the company Web sites. Find the "About ...." section and note the company's commitment to corporate governance and identify the key features of its commitment.

3. Identify the main competitors for each selected company. Compare and contrast the reputations of the selected companies and their competitors.

4. Cite all sources used in your research on the two companies selected and their competitors in APA format.

Reference no: EM131159010

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