FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first. LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold. (a) To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

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Answer 1

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Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

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Hi expert please give me answer general accounting question

L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume another customer has returned a pair of duck boots (original cost $109) to L.L. Bean. What journal entry would L.L. Bean make to process the return and refund the original purchase price to the customer?

Kreeps Corporation produces a single product

Answer 2

Question

Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

Answer 6

Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

Answer 7

Chapter 8, Problem 10E

To determine

Introduction: FIFO stands for first in first out which means that the inventory, which is purchased first, is the first one to be issued for production or is sold first.

LIFO stands for last in first out which means inventory, which is acquired last, is the first one to be issued for production or is to be sold.

(a)

To compute: To compute the cost of goods sold and ending inventory under LIFO and FIFO.

Answer 8

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

Answer 9

To determine

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

Answer 10

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

Answer 11

To determine

(c)

To compute: To compute the amount of gross profit under FIFO method.

Answer 12

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

Answer 13

To determine

(d)

To determine if LIFO produces a lower gross profit than FIFO.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 8 - Prob. 1Q Ch. 8 - 2. Why should inventories be included in (a) a...Ch. 8 - 3. What is the difference between a perpetual...Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

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(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

(c)

To compute: To compute the amount of gross profit under FIFO method.

(d)

To determine if LIFO produces a lower gross profit than FIFO.

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Chapter 8 Solutions

Concept explainers

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(b) To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

(c) To compute: To compute the amount of gross profit under FIFO method.

(d) To determine if LIFO produces a lower gross profit than FIFO.

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Chapter 8 Solutions

(b)

To compute: To compute the value of the ending inventory at LIFO, assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal.

(c)

To compute: To compute the amount of gross profit under FIFO method.

(d)

To determine if LIFO produces a lower gross profit than FIFO.