Normal No Spacing Headin Election Day Tomorrow curity updates, foces, and improvements, choose Check for Updates Topic: Inventory Costing Methods LO:2 4. Follman Fabricators, Inc. has 10 units in beginning inventory costing $30 each. It purchased 90 more for $24 each during the month. The company sold 80 units during the month. Calculate cost of goods sold using a FIFO b. Weighted-average cost CLIFO Topic: Inventory Turnover LO: 5 5. Selected balance sheet and income statement information for Phone Apps Company and Amusements Company for 2016 follows (in thousands) COGS Average Inventory Phone Apps Company $40,000 $8,000 Amusements Company $60.904 $4.000 a Compute the inventory tumover rate for Phone Apps Co and Amusements Co. for 2016, b. Comment on the differences you observe between the turnover rates for these two companies Topic: Inventory Costing LO: 2,3 6. Al the beginning of the current period, Zumbach Industries has 150 units of a product with a unit cost of $320. The Inventory records report the following transactions Units Unit Cost Coat Beginning Inventory 150 $920 $48.000 Purchase #1 150 $352 52.800 Purchase 2 70 $380 26,600 Purchase 3 30 $420 12,600 Ba Eng 303 BBS 14 A # 3 $ 4 % 5 & 7 * 8 1 0 6 9 W E R T Y U O P S D F G H J Phone Apps Company Amusements Company COGS $40,000 $60,904 Average Inventory $8,000 $4,000 a. Compute the inventory tumover rate for Phone Apps Co. and Amusements Co. for 2016. b. Comment on the differences you observe between the turnover rates for these two companies. Topic: Inventory Costing LO: 2, 3 6. At the beginning of the current period, Zumbach Industries has 150 units of a product with a unit cost of $320. The inventory records report the following transactions Beginning Inventory Purchase #1 Purchase #2 Purchase #3 Units 150 150 70 30 Unit Cost $320 $352 $380 $420 Cost $48,000 52,800 26,600 12,600 During the current period, Zumbach sells 340 units a. Assume Zumbach uses the FIFO method Compute the cost of goods sold for the current period and the ending inventory balance for this product b. Assume Zumbach uses the LIFO method. Compute the cost of goods sold for the current period and the ending Inventory balance for this product Assume Zumbach uses the weighted average cost method Compute the cost of goods sold for the current period and the ending inventory balance for this product English United States 80 4 FT F GOD FB WY * # 3 $ 4 % 5 1 6 & 7 8 0 E R T Y U P D G H . J V B B N M