Presented below is information related to radios for the couples

Presented below is information related to radios for the Couples Company for the month of July.

 

                                             Units                 Unit                         Units     Selling

Date      Transaction                            In Cost       Total                  Sold       Price      Total

July  1       Balance                    100         $4.10       $410.00

        6      Purchase                   800           4.30          3,440

        7      Sale                                                                               300        $7.00       $2,100

      10      Sale                                                                              300          7.30        2,190

      12      Purchase                 400          4.51          1,804

      15      Sale                                                                              200          7.40        1,480

      18      Purchase                 300          4.60          1,380

      22      Sale                                                                              400          7.40        2,960

      25      Purchase                 500          4.58          2,290

      30      Sale                                                                              200            7.50     1,500

 

Totals                                   2,100                         $9,324           1400                     $10,230

 

 

Requirements:

 

A)   Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions

     1)  FIFO

     2)  LIFO

     3)  Weighted Average

 

B)   Answer the following questions

      1) Which of the methods used above will yield the lowest figure for goross profit for the income statement? Explain why

 

      2) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why

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