E16-13 and E16-17 question and (1)

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Apr 3, 2024

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E16-13 Calculating FIFO Inventory Values The Brattle Corporation began operations in 2018. Information relating to the company’s purchases of inventory and sales of products for 2018 and 2019 is presented below. 2018 January 1 Purchase 220 units @ $12 per unit April 1 Sold 120 units @ $25 per unit July 1 Purchase 100 units @ $15 per unit September 1 Sold 130 units @ $25 per unit 2019 January 1 Purchase 70 units @ $16 per unit April 1 Sold 80 units @ $30 per unit July 1 Purchase 100 units @ $18 per unit September 1 Sold 90 units @ $35 per unit Calculate the FIFO cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the periodic method and (b) the perpetual method. a. FIFO Periodic. Round to nearest whole number. b. FIFO Perpetual. Round to nearest whole number. E16-17 Inventory management Inventory Management The following financial information is taken from the annual report of Intel Corporation: (amounts in millions) 2018 2017 Net revenue $70,848 $62,761 Cost of goods sold 27,111 23,608 Ending inventories 7,253 6,983 Using the above data, calculate the company’s inventory turnover, inventory-on-hand period, and gross profit percentage for 2018 and 2017 Round all answers to nearest one decimal place.

2018 2017 Inventory turnover Answer Answer Inventory-on-hand period Answer Answer Gross profit percentage Answer % Answer % Is the company’s inventory management improving? Intel uses FIFO to value its inventory. Would these ratios look better if the company used LIFO instead?

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