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(Compute FIFO, LIFO, Average Cost-Periodic) Presented below is information related to radios for the Couples Company for the month of July.
Date
Transaction
Units In
Unit Cost
Total
UnitsSold
SellingPrice
July 1
Balance
100
$4.10
$ 410
6
Purchase
800
4.30
3,440
7
Sale
300
$7.00
$ 2,100
10
7.30
2,190
12
400
4.51
1804
15
200
7.40
1480
18
4.60
1380
22
2960
25
500
4.58
2290
30
7.50
1500
Totals
2,100
$9,324
1,400
$10,230
Instructions
(a) Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions.
(1) FIFO.
(2) LIFO.
(3) Weighted-average.
(b) Answer the following questions.
(1) Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why.
(2) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why.
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