Reference no: EM132430314
Question - Compute the inventory methods for TV Vison. Suppose TV Vison started March with an inventory of 50 plasma TVs that cost $2,010 each, for a total beginning inventory value of $100,500. During March, the firm made the following purchases:
March 2 200 TVs for $2,000 each
March 10 150 TVs for $1,800 each
March 20 100 TVs for $1,500 each
March 29 50 TVs for $1,000 each
During March, the firm made the following sales:
March 5 110 TVs for $4,000 each
March 12 160 TVs for $4,000 each
March 25 150 TVs for $4,000 each
Instructions:
A] Using periodic inventory record keeping, calculate the cost of goods sold for the month and the ending inventory at the end of the month. Do these calculations using THREE METHODS, Weighted Average Cost, FIFO, and LIFO.
B] All other operating expenses amount to $250,000. Calculate net income using each of the three methods.
C] Using the perpetual inventory record keeping, calculate the ending inventory and cost of goods sold for TV Vison adopting the LIFO and FIFO methods.
D] Why do companies avoid the perpetual weighted moving average method of calculating inventory costs?
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