CriteriaTotal1.5%LIFO CalculationFIFO Calculation1.5%1.5%Average Cost CalculationInventory Question.5%Total5%You work for Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patientsand nurses in different healthcare environments using GPS technology. designed for individuals who wishto monitor others' whereabouts. There has been an increase in demand for the product has spiked duringthe current fiscal period, while supply is limited, causing the selling price to escalate rapidly. Note: Forsimplicity of demonstration, beginning inventory cost is assumed to be $21 per unit for all costassumption methods.The following is a chart of the inventory purchases in the last yearNumber of Units Unit Cost Sales Price150$21Beginning Inventory Jul. 1Sold Jul. 5120$3622527Purchased Jul. 10Sold Jul. 1518039Purchased Jul. 2521033Ending Inventory Jul. 31285Assume that 300 units were sold in the fiscal year. Calculate the Cost of Goods Sold for the fiscal yearfor Global Tracking Inc. under the LIFO, FIFO and Average Cost inventory valuation methods. If thecompany wants to have a higher balance in the Inventory Account on the Balance Sheet which methodshould it use?

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Description: CriteriaTotal1.5%LIFO CalculationFIFO Calculation1.5%1.5%Average Cost CalculationInventory Question.5%Total5%You work for Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patientsand nurses in different healthcare

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Business

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The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales Price 150 $21 Beginning Inventory Jul. 1 Sold Jul. 5 120 $36 225 27 Purchased Jul. 10 Sold Jul. 15 180 39 Purchased Jul. 25 210 33 Ending Inventory Jul. 31 285 Assume that 300 units were sold in the fiscal year. Calculate the Cost of Goods Sold for the fiscal year for Global Tracking Inc. under the LIFO, FIFO and Average Cost inventory valuation methods. If the company wants to have a higher balance in the Inventory Account on the Balance Sheet which method should it use?

The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales Price 150 $21 Beginning Inventory Jul. 1 Sold Jul. 5 120 $36 225 27 Purchased Jul. 10 Sold Jul. 15 180 39 Purchased Jul. 25 210 33 Ending Inventory Jul. 31 285 Assume that 300 units were sold in the fiscal year. Calculate the Cost of Goods Sold for the fiscal year for Global Tracking Inc. under the LIFO, FIFO and Average Cost inventory valuation methods. If the company wants to have a higher balance in the Inventory Account on the Balance Sheet which method should it use?

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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