06-3A_9e - 128 B153Z 8 88 704 J600T 5 160 800 3 170 510...

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Problem 6-3A Name: Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear to the right of an incorrect amount in the outlined cells. 1. First-In, First-Out Method (list most recent purchases first for each item) Model Quantity Unit Cost Total Cost T742 2 $140 $280 3 135 405 PM18 9 259 2,331 K21G 6 90 540 H60W 3 130 390 2 128 256 B153Z 6 92 552 2 85 170 J600T 7 180 1,260 1 175 175 C273W 4 101 404 1 100 100 Total $6,863 2. Last-In, First-Out Method (list oldest purchases first for each item) Model Quantity Unit Cost Total Cost T742 2 $125 $250 2 130 260 1 135 135 PM18 7 242 1,694 2 250 500 K21G 6 80 480 H60W 2 108 216 2 110 220 1 128
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Unformatted text preview: 128 B153Z 8 88 704 J600T 5 160 800 3 170 510 C273W 4 75 300 1 100 100 Total $6,297 3. Average Cost Method Model Quantity Unit Cost Total Cost T742 5 $133 $665 PM18 9 253 $2,277 K21G 6 86 $516 H60W 5 121 $605 B153Z 8 87 $696 J600T 8 172 $1,376 C273W 5 92 $460 Total $6,595 4. a. Enter your response below. 4. b. Enter your response below. When prices are declining, the method of inventory preferred for income tax purposes would be FiFo. When prices are increasing, the method of inventory preferred for income tax purposes would be LiFo because your net income will be lower....
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This note was uploaded on 04/22/2009 for the course BUS 181 taught by Professor Ms. smith during the Spring '09 term at Harold Washington College - CCC.

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06-3A_9e - 128 B153Z 8 88 704 J600T 5 160 800 3 170 510...

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