Question
The records at the end of January 2020 for All Star Company showed the following for a particular kind of merchandise: Inventory, December 31, 2019
The records at the end of January 2020 for All Star Company showed the following for a particular kind of merchandise: Inventory, December 31, 2019 at FIFO: 25 units @ $12.6 = $315.00 Inventory, December 31, 2019 at weighted average: 25 units @ $10.6 = $265.00 Transactions Units Unit Cost Total Cost Purchase, January 9, 2020 31 $ 15.60 $ 483.60 Purchase, January 20, 2020 56 16.60 929.60 Sale, January 11, 2020 (at $38.6 per unit) 46 Sale, January 27, 2020 (at $39.6 per unit) 34 Required: 1-a.
Compute the inventory turnover ratio under the FIFO and weighted-average inventory costing methods and a perpetual inventory system. (Round all calculations to 2 decimal places. Round the final answers to 2 decimal places.)
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