Question
Quarter Units Purchased Cost per Unit Total 1 200 $11 $2,200 2 300 12 3,600 3 300 13 3,900 4 200 14 2,800 1,000 $12,500
|
Quarter | Units Purchased | Cost per Unit |
Total |
| 1 | 200 | $11 | $2,200 |
| 2 | 300 | 12 | 3,600 |
| 3 | 300 | 13 | 3,900 |
| 4 | 200 | 14 | 2,800 |
|
| 1,000 |
| $12,500 |
- Inventory at the beginning of the 1st quarter: 400 units at $10 per unit.
- Sales for the fiscal year: 800 units at $15 per unit.
What is the inventory turnover ratio using each of the following methods:
1. FIFO Method
2. Average Cost Method
3. LIFO Method
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Codification Of Statements On Auditing Standards Including Statements On Standards For Attestation Engagements Volume 1
Authors: AICPA
1st Edition
1937352013, 978-1937352011
