Question

The records at the end of January 2012 for Captain Company showed the following for a...

The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise:
  Inventory, December 31, 2011, at FIFO: 17 Units @ $16 = $272
  Inventory, December 31, 2011, at LIFO: 17 Units @ $12 = $204
  Transactions Units Unit Cost Total Cost
  Purchase, January 9, 2012 28 $ 14    $392
  Purchase, January 20, 2012 52 19    988
  Sale, January 21, 2012 (at $42 per unit) 37
  Sale, January 27, 2012 (at $43 per unit) 26
FIFO Inventory turnover ratio
LIFO Inventory turnover ratio
Required:
1.

Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places.)
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The records at the end of January of the current year for Young Company showed the...
The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 15 Units @ $19 = $285 Beginning Inventory at LIFO: 15 Units @ $15 = $225 January Transactions Units Unit Cost Total Cost Purchase, January 9 30 $ 17 $ 510 Purchase, January 20 54 22 1,188 Sale, January 21 (at $39 per unit) 38 Sale, January 27 (at $40 per unit) 28...
The records of ABC Company showed the following: Units Unit cost Total cost January 1 Beginning...
The records of ABC Company showed the following: Units Unit cost Total cost January 1 Beginning 10,000 60 600,000 April 1 Purchase 18,000 50   900,000 October 1 Purchase 22,000 40    880,000 The physical inventory reveals 15,000 units on hand on December 31. Compute the cost of ending inventory and cost of sales using: 1. First in, first out (FIFO) ] 2. Weighted average 3. Last in, first out (LIFO)
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 Inventory 110 units @ $17 5 Sale 88 units 11 Purchase 122 units @ $19 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 $ b. Inventory on January 31 $...
Problem H Cooper Company currently uses the FIFO method to account for its inventory but is...
Problem H Cooper Company currently uses the FIFO method to account for its inventory but is considering a switch to LIFO before the books are closed for the year. Selected data for the year are: Merchandise inventory, January 1 $1,430,000 Current assets 3,603,600 Total assets (operating) 5,720,000 Cost of goods sold (FIFO) 2,230,800 Merchandise inventory, December 31 (LIFO) 1,544,400 Merchandise inventory, December 31 (FIFO) 1,887,600 Current liabilities 1,144,000 Net sales 3,832,400 Operating expenses 915,200 1. Compute the current ratio, inventory...
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)...
Our company had the following balances and transactions during the current year related to merchandise inventory....
Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at $75 per unit Purchase on February 14 100 units at $80 per unit Sale on August 21 150 units What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method? $4,000 $3,750 $11,500 $11,750
Thelen's inventory records show the following data at January​ 31: Beginning inventory Jan. 1 110 units...
Thelen's inventory records show the following data at January​ 31: Beginning inventory Jan. 1 110 units at $9 per unit Jan. 10 purchase 300 units at $10 per unit Jan. 22 purchase 100 units at $11 per unit At January​ 31, 220 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO​ method?
2. The Wacky Widget Company uses a periodic inventory approach. The units of items available for...
2. The Wacky Widget Company uses a periodic inventory approach. The units of items available for sale during the year are as follows: January 1: Beginning Inventory                             90units@$54 each March 10: Purchase                                                  112units@$55 each August 30: Purchase                                                 100units@$58each December 12: Purchase                                             98units@$60each There are 104 units of the item in the physical inventory on December 31. Determine the cost of the ending inventory and the cost of merchandise sold under the FIFO, LIFO and Weighted Average Cost methods.
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost   Inventory, December 31, prior year 1,840     $ 4   For the current year:       Purchase, March 21 5,170     6       Purchase, August 1 2,970     7   Inventory, December 31, current year 4,020     Required: Compute ending inventory and cost of goods sold for the current year under...
Our company had the following balances and transactions during the current year related to merchandise inventory....
Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company’s ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method? Group of answer choices $9,900 $8,500 $8,400 $7,000
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT