5 0x 6 LOX7 20 8.Irish Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 Beginning Inventory Purchase Purchase Purchase Units 100 400 200 300 1.000 Unit Cost $5 $6. $7 $8 Total Cost $ 500 2,400 1,400 2.400 $6.700 A physical count of inventory on December 31 revealed that there were 480 units on hand. Instructions Answer the following independent questions and show computations supporting your answers, 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $ 2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ 4. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? 6

5 0x 6 LOX7 20 8.Irish Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 Beginning Inventory Purchase Purchase Purchase Units 100 400 200 300 1.000 Unit Cost $5 $6. $7 $8 Total Cost $ 500 2,400 1,400 2.400 $6.700 A physical count of inventory on December 31 revealed that there were 480 units on hand. Instructions Answer the following independent questions and show computations supporting your answers, 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $ 2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ 4. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? 6

Name: Ma3. 53x6LOX7208.Irish Company uses the periodic inventory method and
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Ma3. 53x6LOX7208.Irish Company uses the periodic inventory method and had the following inventory informationavailable:1/11/207/2510/20Beginning InventoryPurchasePurchasePurchaseUnits1004002003001.000Unit Cost$5$6.$7$8Total Cost$ 5002,4001,4002.400$6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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