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P6A-36A_ Tommorrows Electronic_Inventory Costing Methods




Question;P6A-36A_ Tommorrows;Electronic_Inventory Costing Methods;A Tomorrows Electronic;Center began October with 90 units of inventory that cost $70 each. During;October, the store made the following purchases;Units;Rate;Beginning;Inventory;90;$70;Purchase -;Oct_3;20;$75;Purchase -;Oct_12;40;$78;Purchase -;Oct_18;60;$84;Tomorrows;uses the periodic inventory system, and the physical count at October 31;indicates that 110 units of inventory are on hand.;Requirements;1.;Determine the ending inventory and cost of goods sold amounts for the October;financial statements using the weighted average cost, FIFO, and LIFO methods.;2.;Sales revenue for October totalled $26,000. Compute Tomorrows? gross profit for;October using each method.;3.;Which method will result in the lowest income taxes for Tomorrows? Why?;Which;method will result in the highest net income for Tomorrows? Why?


Paper#37387 | Written in 18-Jul-2015

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