BE 213
At December 31, 2014, the following information was available for Fife Company: ending inventory $22,600; beginning inventory $21,400; cost of goods sold $198,000; and sales revenue $330,000.
Calculate the inventory turnover ratio and days in inventory for Fife.
a
BE 214
Hoyt Company's inventory records show the following data for the month of September:
UnitsUnit Cost
Inventory, September 1100$3.00
Purchases:September 84503.50
September 183003.70
A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.
EXERCISES
Ex. 215
The following information is available for Massey Company:
Beginning inventory600 units at €5
First purchase900 units at €6
Second purchase500 units at €7
Assume that Massey uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions
Compute the cost of ending inventory under the
(a)FIFO method.
(b)Average-cost method.
Ex. 216
The following information is available for Massey Company:
Beginning inventory600 units at €5
First purchase900 units at €6
Second purchase500 units at €7
Assume that Massey uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions
Compute each of the following under the average-cost method:
(a)Cost of ending inventory.
(b) Cost of goods sold.