QUESTION 1:

QUESTION 2:

Enter the missing dollar amounts for the income statement for each of the following independent cases Gross Profit Pretax Income Loss Cost of Ending Inventory Goods Sold Total Expenses Sales Revenue Beginning Purchases Available Inventory Cases 130 110 100 200 600 650 S 1,040 200 $ 110 110 700 940 180 210 320 300 100 570 200 820 1,000 440 (60) 760 960 Hints eBook & Resources References The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise Beginning Inventory at FIFO: 16 Units$19 $304 Beginning Inventory at LIFO: 16 Units $15 $240 Unit Cost $17 Transactions Purchase, January 9 Purchase, January 20 Sale, January 21 (at $41 per unit) Sale, January 27 (at $42 per unit) Units 28 52 39 28 Total Cost S 476 1,144 Required 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. (Do not round intermediate calculations and round your final answers to 2 decimal places.) FIFO Inventory turnover ratio LIFO Inventory turnover ratico 2. Which costing method is the more accurate indicator of the efficiency of inventory management? FIFO LIFO No accuracy difference