Marigold Company uses the periodic inventory method and had the following inventory information available: h 1/1 1/20 7/25 10/20 1. 2 3. 4. (a) Beginning Inventory Purchase 4. (b) Purchase Purchase Units 105 500 100 320 1,025 Unit Cost $3 $4 A physical count of inventory on December 31 revealed that there were 375 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) Save for Later $5 $6 Total Cost $315 2,000 500 1,920 $4,735 Assume that the company uses the FIFO method. The value of the ending inventory at $ December 31 is Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 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? $ $ S Attempts: 0 of 1 used Submit Answer

Marigold Company uses the periodic inventory method and had the following inventory information available: h 1/1 1/20 7/25 10/20 1. 2 3. 4. (a) Beginning Inventory Purchase 4. (b) Purchase Purchase Units 105 500 100 320 1,025 Unit Cost $3 $4 A physical count of inventory on December 31 revealed that there were 375 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) Save for Later $5 $6 Total Cost $315 2,000 500 1,920 $4,735 Assume that the company uses the FIFO method. The value of the ending inventory at $ December 31 is Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 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? $ $ S Attempts: 0 of 1 used Submit Answer

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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