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Denise's Boutique uses the perpetual inventory method for its wristlet purses. It has provided the following inventory information for October:
Oct. 1 On hand, 40 units @ $20 each $ 800 Oct. 8 Purchased 200 units @ $21 each 4,200 Oct. 14 Sold 190 units @ $50 each 9,500 Oct. 19 Purchased 100 units @ $27 each 2,700 Oct. 28 Sold 120 units @ $50 each 6,000
Denise's Boutique has a 30% effective income tax rate.
Problem A. How much is the cost of ending inventory at October 31 and the cost of goods sold for October using FIFO?
Problem B. How much is the cost of ending inventory at October 31 and the cost of goods sold for October using LIFO?
Problem C. How much will Denise's Boutique save in income taxes if it uses LIFO?
Problem D. Calculate Denise's Boutique's inventory-on-hand period under both LIFO and FIFO. Which method generates the 'better' inventory-on-hand' ratio?
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