Description of this paper

Calculate ending inventory and cost of goods sold using the last in, first out (LIFO);moving;and weighted average methods

Description

solution


Question

Calculate ending inventory and cost of goods sold using the last in, first out (LIFO), moving, and weighted average methods.;Tony Merchandise Company has the following information for the month of February;Feb. 2;Beginning inventory;20;units;$12;per unit;Feb. 5;Purchase;20;units;$16;per unit;Feb. 8;Sale;12;units;Feb. 21;Purchase;12;units;$18;per unit;Feb. 25;Sale;14;units;Answer the following questions for Tony Merchandise Company;Calculate the dollar ending inventory if first in, first out (FIFO) is used.;Calculate the cost of goods sold if LIFO is used.;Calculate the dollar ending inventory if weighted average is used.;According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.;Discuss the consequences of selecting one method instead of others.;For assistance with your assignment, please use your text, Web resources, and all course materials.;The following grading criteria will be used;Grading Guidelines;30%;Calculate the dollar ending inventory if FIFO is used.;30%;Calculate the cost of goods sold if LIFO is used.;20%;Calculate the dollar ending inventory if weighted average is used.;20%;According to the GAAP, discuss the objectives of inventory costing.;Discuss the consequences of selecting one method instead of others.

 

Paper#25753 | Written in 18-Jul-2015

Price : $32
SiteLock