Question
Assuming FIFO cost flow assumption the inventory turnover ratio is _________. Beginning Inventory 1/1/16: 15 units...
Assuming FIFO cost flow assumption the inventory turnover ratio is _________.
Beginning Inventory 1/1/16: 15 units @ $1.00 per unit
Sale 1/3/16: 10 units @ $5.00 per unit
Purchase 1/4/16: 10 units @ $1.10 per unit
Sale 1/5/16: 10 units @ $5.00 per unit
Purchase 1/7/16: 20 units @ $1.20 per unit
Purchase 1/17/16: 15 units @ $1.40 per unit
Sale 1/18/16: 15 units @ $5.00 per unit
Sale 1/25/16: 15 units @ $5.00 per unit
Purchase 1/30/16: 5 units @ $1.50 per unit
For the month of January 2016 compute the following amounts using the periodic method
Homework Answers
Answer #1
Note: Final answer rounded to 1 Decimal, as round of value is not mentioned in question.
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