Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO -> 44 Units @ $17 = $748 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Units 56 Unit Cost 18 Total Cost $ 1,008 Purchase, January 20 106 19 2,014 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) 86 62 Required: 1. Compute the number and cost of goods available for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2. Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference in the Inventory turnover ratio? Complete this question by entering your answers in the tabs below. es Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold FIFO LIFO

Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventory, December 31, using FIFO Inventory, December 31, using LIFO -> 44 Units @ $17 = $748 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Units 56 Unit Cost 18 Total Cost $ 1,008 Purchase, January 20 106 19 2,014 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) 86 62 Required: 1. Compute the number and cost of goods available for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2. Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference in the Inventory turnover ratio? Complete this question by entering your answers in the tabs below. es Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. Number of Goods Available for Sale (Units) Cost of Goods Available for Sale Cost of Ending Inventory Cost of Goods Sold FIFO LIFO

Name: i need the answer quickly Simple Plan Enterprises uses a periodic inve
Uploaded: 2024-03-20T06:32:37.000Z
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Description: i need the answer quickly Simple Plan Enterprises uses a periodic inventory system. Its records showed the following:Inventory, December 31, using FIFOInventory, December 31, using LIFO->44 Units @ $17 = $74844 Units @ $13 = $572Transactions in the F

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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