For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and average methods. FIFO Average Beginning Inventory USD 120, 000 USD 106, 000 Ending Inventory USD 148, 000 USD 112, 000 YG Corp currently employs a periodic inventory system as well as FIFO. In 2015, the company made a gross profit of USD 528, 000. What will YG's gross profit be in 2015 if it switches from the FIFO method to the average method?
For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and average methods. FIFO Average Beginning Inventory USD 120, 000 USD 106, 000 Ending Inventory USD 148, 000 USD 112, 000 YG Corp currently employs a periodic inventory system as well as FIFO. In 2015, the company made a gross profit of USD 528, 000. What will YG's gross profit be in 2015 if it switches from the FIFO method to the average method?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For 2015, ff information is provided on YG Corporation's cost of inventory using the FIFO and average methods.
|
FIFO |
Average |
Beginning Inventory |
USD 120, 000 |
USD 106, 000 |
Ending Inventory |
USD 148, 000 |
USD 112, 000 |
YG Corp currently employs a periodic inventory system as well as FIFO. In 2015, the company made a gross profit of USD 528, 000.
What will YG's gross profit be in 2015 if it switches from the FIFO method to the average method?
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