The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 15 Units @ $19 = $285 Beginning Inventory at LIFO: 15 Units @ $15 = $225 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $43 per unit) Sale, January 27 (at $44 per unit) Required: Unit Units Cost Total Cost 29 $17 52 22 $ 493 1,144 38 28 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the inventory turnover ratio for the month of January 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 of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 15 Units @ $19 = $285 Beginning Inventory at LIFO: 15 Units @ $15 = $225 January Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $43 per unit) Sale, January 27 (at $44 per unit) Required: Unit Units Cost Total Cost 29 $17 52 22 $ 493 1,144 38 28 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

Name: The records at the end of January of the current year for Young Compa
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Description: The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise:Beginning Inventory at FIFO: 15 Units @ $19 = $285Beginning Inventory at LIFO: 15 Units @ $15 = $225January Transaction

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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Check my work Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 250 units. Beginning Inventory Date January 1 Units Unit Cost 100 $ 80 Total $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost
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