Month January February March April May 1 June 2 July 3 August 4 September 15 October 16 November 17 December 18 19 20 21 22 23 24 25 26 27 Ending Inventory 6 $55,000 $89,000 $80,000 $52,000 $79,000 $85,000 $160,000 $215,000 $63,000 $106,000 $169,000 $42,000 Total COGS Cost of Goods Sold $89,000 $1,200,000 $940,000 $760,000 $950,000 $830,000 $554,000 $1,341,000 Annual invetory turnover ratio $989,000 $800,000 $1,300,000 $1,020,000 Mean of the 12 monthly inventory averages Annual invetory turnover ratio (without the monthly ending inventory data) Inventory Turnover Ratio Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Month January February March April May 1 June 2 July 3 August 4 September 15 October 16 November 17 December 18 19 20 21 22 23 24 25 26 27 Ending Inventory 6 $55,000 $89,000 $80,000 $52,000 $79,000 $85,000 $160,000 $215,000 $63,000 $106,000 $169,000 $42,000 Total COGS Cost of Goods Sold $89,000 $1,200,000 $940,000 $760,000 $950,000 $830,000 $554,000 $1,341,000 Annual invetory turnover ratio $989,000 $800,000 $1,300,000 $1,020,000 Mean of the 12 monthly inventory averages Annual invetory turnover ratio (without the monthly ending inventory data) Inventory Turnover Ratio Formulas #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

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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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FIFO/LIFO problem
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