18.Ruby uses the FIFO cost flow assumption. Calculate its January cost of goods sold.
19.Ruby uses the LIFO cost flow assumption. Calculate its January cost of goods sold.
20.Ruby uses the averaging cost flow assumption. Calculate its January cost of goods sold.
21.Toyz’s Retail Store sold $900 of merchandise to Ebony Inc. on April 3, terms, 2/10 EOM. On April 8, Ebony returned $200 of the merchandise that was defective. The original merchandise sold cost Toyz $600 with terms N30, but of this amount, $70 was returned. Toyz received payment from Ebony on April 10. What amount of sales and cost of goods sold should Toyz record for these transactions?
22.Calculate Edward’s January earnings per share under the FIFO and LIFO cost flow assumptions.
23.Calculate Edward’s January current ratio under the FIFO and LIFO cost flow assumptions.
24.Nokia Inc. reported beginning inventory of $90,000, ending inventory of $23,000, purchases of $128,000, purchase returns of $2,000, and transportation-in of $3,000. Calculate cost of goods sold.