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In: Accounting
Question 3 Diablo Inc. markets a number of self-defense products. One if its products, the War...
Question 3
Diablo Inc. markets a number of self-defense products. One if its products, the War Scepter (WS), is especially popular with its paladin customers.
Diablo had the following purchases and sales in 2015 and 2016:
|
Date |
Quantity |
Purchase Price / Sales Price |
|
Opening Inventory, Jan 1, 2015 |
300 |
$20 |
|
Purchase, February 15, 2015 |
200 |
60 |
|
Sale, April 28, 2015 |
300 |
230 |
|
Purchase, May 1, 2015 |
200 |
70 |
|
Sale, October 8, 2015 |
200 |
230 |
|
Purchase, December 30, 2015 |
200 |
80 |
|
Closing Inventory, Dec 31, 2015 |
400 |
? |
- Assume that Diablo uses the LIFO cost flow assumption to account for inventory and a perpetual inventory system. What is the ending inventory cost for 2015?
- Assume that Diablo uses the LIFO cost flow assumption to account for inventory and a periodic inventory system. What is the ending inventory cost for 2015?
- Assume that Diablo uses the average cost flow assumption to account for inventory and a perpetual inventory system. What is the ending inventory cost for 2015?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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