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.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The beginning inventory on November 1 includes 15 units at a cost of $8.00 per unit....
The beginning inventory on November 1 includes 15 units at a cost of $8.00 per unit. Following information is related to purchases made during November: Units Unit Cost Nov. 8 Purchase 60 units $8.60 17 Purchase 30 units $8.40 25 Purchase 45 units $8.80 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Cost of ending inventory under FIFO is
A company has beginning inventory of 20 units at a cost of $12.00 each on October...
A company has beginning inventory of 20 units at a cost of $12.00 each on October 1. On October 5, it purchases 16 units at $13.00 per unit. On October 12 it purchases 26 units at $14.00 per unit. On October 15, it sells 48 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $41 $533 Aug. 7 Purchase 16 units at $44 704 Dec. 11 Purchase 14 units at $46 644 43 units $1,881 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Fifo Exercise Use the following information to calculate the value of inventory on hand on Mar...
Fifo Exercise Use the following information to calculate the value of inventory on hand on Mar 31 and cost of goods sold during March in FIFO periodic inventory system and under FIFO perpetual inventory system. Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116...
1 part A eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of...
1 part A eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at $44 $264 Aug. 7 Purchase 19 units at $46 874 Dec. 11 Purchase 13 units at $47 611 38 units $1,749 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a)...
A company has beginning inventory of 26 units at a cost of $12.00 each on October...
A company has beginning inventory of 26 units at a cost of $12.00 each on October 1. On October 5, it purchases 19 units at $13.00 per unit. On October 12 it purchases 29 units at $14.00 per unit. On October 15, it sells 57 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $30 $270 Aug. 13 Purchase 20 units at $33 660 Nov. 30 Purchase 12 units at $34 408 Available for sale 41 units $1,338 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a)...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at $39 $234 July 7 Purchase 10 units at $41 410 Nov. 23 Purchase 15 units at $43 645 31 units $1,289 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Cog of Goods Available for Sale June 1 Beginning Inventory of 30 units at $50 per...
Cog of Goods Available for Sale June 1 Beginning Inventory of 30 units at $50 per unit June 5 Purchased 20 units at $55 per unit June 16 Purchased 25 units at $58 per unit June 28 Purchased 15 units at $60 per unit Retail Sale of Goods: June 14 Sold 35 units at $75 per unit June 27 Sold 40 units at $75 per unit Assuming a periodic inventory system, calculate Red Rock's cost of goods sold for June...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT