quiz 6 - Fa09

quiz 6 - Fa09 - 330@$34 Nov.20 160@$37 Sep. 21 40@$32...

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Name_______________________4-Digit #_______Section____________ Inventory Methods: [093Q6] This quiz includes the perpetual and periodic inventory systems in connection with FIFO and LIFO methods only. Specifically, weighted average is not included here. The basic data are presented below for the three years covered by the example: Year 2-Year 4. There were 50 units in beginning inventory at the start of Year 2. Each of these units had a cost basis of $12 per unit. Year 2 Year 3 Year 4 Purchases Feb. 5 130@$11 Feb.22 320@$14 Jun.18 280@$17 Apr. .13 210@$12 Apr. 20 180@$15 Aug.30 200@$18 Oct. .30 190@$13 Dec.12 100@$16 Sales Jan.15 40@$30 Jan.15 150@$33 Jul.16 270@$36 Jun. 15 290@$31 Jul.30
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Unformatted text preview: 330@$34 Nov.20 160@$37 Sep. 21 40@$32 Dec.20 290@$35 Sales and purchases are the same numbers for a particular year regardless of the inventory method being used. Sales figures for Year 2-Year 4 are $11,470, $26,320 and $15,640, respectively. Purchases for the same three years, respectively, are $6,420, $8,780 and $8,360. Ending Inventories: Perpetual/Periodic FIFO Year 2 $2710 Perpetual LIFO Year 2 $2700 Periodic LIFO Year 2 $2390 Perpetual/Periodic FIFO Year 3 $640 Perpetual LIFO Year 3 $490 Periodic LIFO Year 3 $480 Perpetual/Periodic FIFO Year 4 $1620 Perpetual LIFO Year 4 $1380 Periodic LIFO Year 4 $1330...
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This note was uploaded on 02/23/2010 for the course BUAD 250A at USC.

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