Question
For the following questions enter the numerical answer in the blank in numbers. Do not add any commas or dollar signs. Green Company uses the
For the following questions enter the numerical answer in the blank in numbers. Do not add any commas or dollar signs. Green Company uses the periodic inventory method and had the following inventory information available.
UNITS UNIT COST. TOTAL COST
1/1 Beginning inventory 100 $5 $500
1/20 Purchase 400 $6 $2400
7/25 Purchase 200 $7 $1400
10/20 Purchase 300. $8 $2400
12/31 Ending inventory is 480 units
1) What is the cost of goods available for sale in units?
2) What is the cost of goods available in dollars?
3)If the company uses the FIFO method what is the value of ending inventory?
4) If the company uses FIFO method what is the value of cost of goods sold?
5) If the company uses the average cost method what is the value of ending inventory?
6) if the company uses the average cost method what is the value of cost of goods sold?
7)if the company uses the LIFO method what is the value of ending inventory?
8) If the company uses the LIFO method what is the value of cost of goods sold?
9)Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of LIFO method.
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