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Question 1: Determine what inventory cost ?ow assumption (weighted average, FEFO and/ orLIFO) would be best suited for valuing inventory near the current replacement cost.
You will make your analysis based on the following inventory transactions involving chairs only: -
Sales price
$180/unit
1/1 Beginning Inventory
120 @ $120/unit
1/15 Transferred into finished goods
140 @ $130/unit
3/15 Sold
110
4/15 Transferred into finished goods
100 @ $140/unit
6/15 Sold
90
7/15 Transferred into finished goods
130 @ $150/unit
9/15 Sold
120
10/15 Transferred into finished goods
140 @ $160/unit
12/15 Sold
Within your analysis, make sure to include the following:
Question 2: Brie?y discuss the advantages and disadvantages of each inventory costing assumption.
Question 3: Calculate the cost of goods sold and ending inventory for each cost flow assumption.
Question 4: Demonstrate which of these should be used to net the highest income during in?ationary periods.
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