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es 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 Purchase, January 9, 2012 Purchase, January 20, 2012 Sale, January 21, 2012 (at $38 per unit) Sale, January 27, 2012 (at $39 per unit) Units 30 52 35 FIFO Inventory turnover ratio LIFO Inventory turnover ratio 27 Unit Cost $14 19 Total Cost $420 988 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.)

es 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 Purchase, January 9, 2012 Purchase, January 20, 2012 Sale, January 21, 2012 (at $38 per unit) Sale, January 27, 2012 (at $39 per unit) Units 30 52 35 FIFO Inventory turnover ratio LIFO Inventory turnover ratio 27 Unit Cost $14 19 Total Cost $420 988 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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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es 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 Purchase, January 9, 2012 Purchase, January 20, 2012 Sale, January 21, 2012 (at $38 per unit) Sale, January 27, 2012 (at $39 per unit) Units 30 52 35 FIFO Inventory turnover ratio LIFO Inventory turnover ratio 27 Unit Cost $14 19 Total Cost $420 988 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.)
Transcribed Image Text:es 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 Purchase, January 9, 2012 Purchase, January 20, 2012 Sale, January 21, 2012 (at $38 per unit) Sale, January 27, 2012 (at $39 per unit) Units 30 52 35 FIFO Inventory turnover ratio LIFO Inventory turnover ratio 27 Unit Cost $14 19 Total Cost $420 988 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.)
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