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ACCOUNTING HOMEWORK

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Problem 6-2A Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 2,815 CDs with a unit cost of $8. During March, Dunbar made the following purchases of CDs.;March 5 2,252 @ $9 March 21 5,630 @ $11;March 13 3,941 @ $10 March 26 2,252 @ $12;During March 13,512 units were sold. Dunbar uses a periodic inventory system.;(a) Determine the cost of goods available for sale.;The cost of goods available for sale $;(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.);Average Cost $;Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answerS to 0 decimal places, e.g. 125.);FIFO LIFO AVERAGE-COST;The ending inventory $ $ $;The cost of goods sold $ $ $;Problem 6-7A Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory method.;Beginning inventory $14,724;Ending inventory 15,753;LIFO reserve 1,301;Current assets 59,037;Current liabilities 71,124;Cost of goods sold 169,113;Sales revenue 179,612;Calculate the inventory turnover and days in inventory. (Round answers to 1 decimal place, e.g. 5.1.);The inventory turnover times;Days in inventory days;Calculate the current ratio based on inventory as reported using LIFO. (Round answer to 2 decimal places, e.g. 5.12.);The current ratio based on inventory using LIFO. :1;Calculate the current ratio after adjusting for the LIFO reserve. (Round answer to 2 decimal places, e.g. 5.12.);The current ratio after adjusting for the LIFO reserve. :1

 

Paper#75832 | Written in 18-Jul-2015

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