BUS210 Exam _2 review topics

BUS210 Exam _2 review topics - Bus210 Exam#2 Review topics...

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Bus210 Exam #2 Review topics Merchandisers Formula for gross profit and calculation Formula for net income Merchandiser expenses Credit terms – calculation - Given: 10,000 purchase with 3/15,net 45 terms – net cost? Shipping terms Page 1 of 5
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Cyclone Co. uses the periodic inventory system. The following information about their inventory of Model XX Mountain Bicycles is available: Date Transaction Number of Units Total cost Cost per Unit 1/1 Beginning Inventory 50 40000 4/12 Purchase 80 65600 7/8 Purchase 75 63000 9/22 Purchase 90 76500 During the year, 235 bicycles were sold. 1. What was ending inventory on 12/31 under the FIFO cost flow assumption? 2. What was ending inventory on 12/31 under the LIFO cost flow assumption? 3. What was ending inventory on 12/31 under the weighted average cost flow assumption?
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This note was uploaded on 02/27/2011 for the course BUS 210 taught by Professor Schmeltz during the Spring '08 term at SUNY Stony Brook.

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BUS210 Exam _2 review topics - Bus210 Exam#2 Review topics...

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