Solution-Which of the methods used above will yield the

Which of the methods used above will yield the lowest figure

Reference no: EM131114271

1. Compute FIFO, LIFO, Average Cost-Periodic Presented below is information related to radios for the Couples Company for the month of July.

(a) Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions.

(1) FIFO.

(2) LIFO.

(3) Weighted-average.

(b) Answer the following questions.

(1) Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why.

(2) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why.

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Reference no: EM131114271

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Which of the methods used above will yield the lowest figure

Reference no: EM131114271

Reference no: EM131114271

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