The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise: Inventory, December 31, 2011, at FIFO: 14 Units @ $15 = $210 Inventory, December 31, 2011, at LIFO: 14 Units @ $11 = $154 Transactions Purchase, January 9, 2012 Purchase, January 20, 2012 Sale, January 21, 2012 (at $40 per unit) Sale, January 27, 2012 (at $41 per unit) Required: 1. Unit Total Units Cost Cost 28 53 40 27 $ 13 18 $364 954 Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise: Inventory, December 31, 2011, at FIFO: 14 Units @ $15 = $210 Inventory, December 31, 2011, at LIFO: 14 Units @ $11 = $154 Transactions Purchase, January 9, 2012 Purchase, January 20, 2012 Sale, January 21, 2012 (at $40 per unit) Sale, January 27, 2012 (at $41 per unit) Required: 1. Unit Total Units Cost Cost 28 53 40 27 $ 13 18 $364 954 Compute the inventory turnover ratio under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

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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