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HW - 176,000 176,000 176,000 1-Feb Purchases 225 $31.00...

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Total Cost Average Cost FIFO Method LIFO Method Jan 1 Beginning Inventory 34,000 @ $11.00 $374,000 Net income 7,860,000 7,860,000 7,860,000 Feb 1 Purchase 40,000 @ $12.00 $480,000 Cost of goods sold 4,892,850 4,877,400 4,939,000 Mar 1 Purchase 80,000 @ $12.40 $992,000 Ending Inventory 385,950 402,600 341,000 May 1 Purchase 60,000 @ $12.60 $756,000 Gross profit 2,967,150 2,982,600 2,921,000 Jul 1 Purchase 100,000 @ $12.80 $1,280,000 Less other expenses 2,551,000 2,551,000 2,551,000 Sep 1 Purchase 80,000 @ $12.60 $1,008,000 Net profit (before taxes) $416,150 $431,600 $370,000 Nov 1 Purchase 30,000 @ $13.00 $390,000 Goods available for sell 424,000 Inventory turnover $150.55 $150.07 $151.97 Cost of goods available for sell $5,280,000 Days' inventory on hand 2.42 2.43 2.40 Sales 393,000 $20.00 $7,860,000 Average Cost $12.45* Average inventory 32,500 Days in a year 365
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Total Cost Average Cost FIFO LIFO 1-Jan Beginning Inventory 130 @ $28.00 $3,640 Net income 176,000
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Unformatted text preview: 176,000 176,000 176,000 1-Feb Purchases 225 @ $31.00 $6,975 Cost of goods sold 73,788 73,410 74,575 1-Apr Purchases 350 @ $32.50 $11,375 Gross profit 102,212 102,590 101,425 1-Jun Purchases 700 @ $35.00 $24,500 Less other expenses 50,500 50,500 50,500 1-Aug Purchases 300 @ $33.00 $9,900 Income (before taxes) $51,712.00 $52,090.00 $50,925.00 1-Oct Purchases 400 @ $34.00 $13,600 1-Nov Purchases 250 @ $36.00 $9,000 Inventory turnover 517.81 515.16 523.33 Days' inventory on hand 0.70 0.71 0.70 Goods available for sale 2355 $78,990 Sales 2,200 @ $80.00 $176,000 Average cost $33.54* Average inventory 142.5 Days in a year 365 Walgreens CVS Inventory Turnover Inventory Turnover 2007 6.00 2007 7.74 2008 6.04 2008 8.06 Day's inventory on hand Day's inventory on hand 2007 61 2007 47 2008 60 2008 45...
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