Reference no: EM132723710
Jepson Electronic Center began in October with 90 units of merchandise inventory that cost $70 each.
During October, the store made the following purchases:
3-Oct 20 units at $75 each
12-Oct 40 units at $78 each
18-Oct 60 units at $84 each
Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 110 units of merchandise inventory are on hand. Based on this data, answer the following:
Problem 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods.
Problem 2. Sales revenue for October totaled $26,000. Compute Jepson's gross profit for October using each method.
Problem 3. Which method will result in the lowest income taxes for Jepson and why?
Problem 4. Which method will result in the highest net income for Jepson and why?
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