Inventory Cost Flow Alternatives Stocks, Inc., sells weight-lifting equipment. The sales and inventory records of the company
Question:
Inventory Cost Flow Alternatives Stocks, Inc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2009 were as follows:
Required:
1. Determine the amounts for ending inventory, cost of goods sold, and gross margin under the following costing alternatives. Use the periodic inventory method, which means that all sales are assumed to occur at the end of the period no matter when they actually occurred. Round amounts to the nearest dollar.
a. FIFO
b. LIFO
c. Average cost 2. Interpretive Question: Which alternative results in the highest gross margin? Why?
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ISBN: 9780324376159
10th Edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice, Monte R. Swain
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