Question
Chapter 7 Homework LIFO and FIFO 1) Professor Taylors BBQ had the following activity in its inventory account during Dec 2015. Cost per Date Activity
Chapter 7 Homework LIFO and FIFO
1) Professor Taylors BBQ had the following activity in its inventory account during Dec 2015.
Cost per
Date Activity Units Unit Cost Total
December 1 Beginning inventory 200 $5.00
December 3 Purchase 60 5.50
December 12 Purchase 40 6.00
December 16 Sale 70
December 23 Sale 110
December 30 Purchase 50 7.00
What is the ending inventory balance at December 31, 2015, for Professor Taylors BBQ if the company uses perpetual FIFO as its inventory valuation method?
2) Professor Taylors BBQ had the following activity in its inventory account during Dec 2015.
Cost per
Date Activity Units Unit Cost Total
December 1 Beginning inventory 50 $2.00
December 3 Purchase 100 2.50
December 12 Purchase 55 3.00
December 16 Sale 50
December 23 Sale 75
December 30 Purchase 25 3.75
What is the ending inventory balance at December 31, 2015, for Professor Taylors BBQ if the company uses perpetual FIFO as its inventory valuation method?
3) Professor Taylors BBQ had the following activity in its inventory account during Dec 2015.
Cost per
Date Activity Units Unit Cost Total
December 1 Beginning inventory 200 $5.00
December 3 Purchase 60 5.50
December 12 Purchase 40 6.00
December 16 Sale 70
December 23 Sale 110
December 30 Purchase 50 7.00
What is the ending inventory balance at December 31, 2015, for Professor Taylors BBQ if the company uses perpetual LIFO as its inventory valuation method?
4) Professor Taylors BBQ had the following activity in its inventory account during Dec 2015.
Cost per
Date Activity Units Unit Cost Total
December 1 Beginning inventory 50 $2.00
December 3 Purchase 100 2.50
December 12 Purchase 55 3.00
December 16 Sale 50
December 23 Sale 75
December 30 Purchase 25 3.75
What is the ending inventory balance at December 31, 2015, for Professor Taylors BBQ if the company uses perpetual LIFO as its inventory valuation method?
5) Professor Taylors BBQ had the following activity in its inventory account during Dec 2015.
Cost per
Date Activity Units Unit Cost Total
December 1 Beginning inventory 175 $3.00
December 3 Purchase 100 2.50
December 12 Purchase 55 3.00
December 16 Sale 125
December 12 Purchase 75 3.50
December 12 Purchase 100 4.00
December 23 Sale 150
December 12 Sale 95
December 30 Purchase 25 3.75
What is the ending inventory balance at December 31, 2015, for Professor Taylors BBQ if the company uses perpetual FIFO as its inventory valuation method?
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Auditing Warehouse Performance
Authors: Kenneth B. Ackerman
1st Edition
0963177680, 978-0963177681
