Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Analyze the above data using the LIFO and FIFO methods: Units Date Purchased Available Beginning Inv. 3/31/19 6/30/19 9/30/2019 6/30/19 3/31/19 The Beautifully Fabulous Beauty

Analyze the above data using the LIFO and FIFO methods:


Units Date Purchased Available Beginning Inv. 3/31/19 6/30/19 9/30/2019 6/30/19 3/31/19 The Beautifully Fabulous Beauty Salon Inventory of Beautifully Fabulous Beauty Salon September 30, 2009 Beginning Inv. 245 360 Cost per Unit $27.00 $29.00 1,000 $32.00 FIFO Basis Units Cost per Date Purchased Available Unit 1,000 $32.00 360 $29.00 245 $27.00 Tax Savings from using LIFO: Tax rate Tax savings Cost of Goods Sold Cost Units 245 $6,615.00 360 $10,440.00 LIFO Basis 842 $26.944.00 1,447 $43,999.00 LIFO Cost of goods sold FIFO Cost of goods sold Cost of Goods Sold Cost Units 1000 $32,000.00 360 $10,440.00 87 $2,349.00 1,447 $44,789.00 == $44,789.00 $43.999.00 $790.00 0.35 $276.50 ====== Ending Inventory Units Cost 158 $5,056.00 158 $5,056.00 ======= Ending Inventory Units Cost 158 $4.266.00 158 $4,266.00

Step by Step Solution

3.36 Rating (149 Votes )

There are 3 Steps involved in it

Step: 1

Using the LIFO method the total cost of goods sold i... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Financial Accounting

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

11th edition

978-0133251111, 013325111X, 0133251039, 978-0133251036

More Books

Students also viewed these Accounting questions

Question

Use lHpitals rule to find the limit. 31 + 3 43 14t - t + 3 lim

Answered: 1 week ago