答案和详解如下： 16.Given the following data what is the ending inventory value using the FIFO method? Purchases | Sales | 50 units at $50/unit | 25 units at $55/unit | 60 units at $45/unit | 30 units at $50/unit | 70 units at $40/unit | 45 units at $45/unit |
A) $3,200. B) $3,600. C) $4,000. D) $3,250. The correct answer was D) Purchased 50 + 60 + 70 = 180 units. Sold 25 + 30 + 45 = 100. Ending inventory = 180 – 100 = 80 of the last units purchased. (70 units)($40/unit) + (10 units)($45/unit) = $2,800 + $450 = $3,250.
17.Given the following inventory data about a firm:
Beginning inventory 20 units at $50/unit
Purchased 10 units at $45/unit
Purchased 35 units at $55/unit
Purchased 20 units at $65/unit
Sold 60 units at $80/unit What is the inventory value at the end of the period using FIFO? A) $3,100. B) $4,675. C) $3,475. D) $1,575. The correct answer was D) Ending inventory equals 20 + 10 + 35 + 20 – 60 = 25 of last units purchased in inventory. (20 units)($65/unit) + (5 units)($55/unit) = $1,300 + $275 = $1,575
18.A firm’s financial statements reflect the following information: Beginning inventory | $2,900,000 | Purchase during the year | $1,600,000 | Ending inventory |
| Sales | $3,900,000 | Gross Margin | 0.41 |
What was the firm’s ending inventory for this period? A) $2,199,000. B) $2,799,000. C) $1,699,000. D) $3,199,000. The correct answer was A) First we can determine the COGS by: COGS = sales (1 – gross margin) = $2,301,000.
Then, the ending inventory = beginning inventory + purchases – COGS = $2,199,000.
19.A firm’s financial statements reflect the following information: Beginning inventory | $3,200,000 | Purchase during the year | $1,700,000 | Ending inventory | $2,100,000 | Sales | $4,800,000 | Gross profit margin |
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What was the firm’s gross profit margin? A) 0.42. B) 2.29. C) 0.58. D) 1.93. The correct answer was A) First we can determine the COGS by: COGS = beginning inventory + purchases – ending inventory = $2,800,000.
Then, gross profit margin = (sales – COGS) / sales = 0.42.
20.While attending a local college, music major Anjolie Webster accepts a temporary position with a small manufacturing firm. Currently, the firm uses LIFO to account for inventory, but the owner is “just curious” about how the financial results would look if the company used FIFO. Before the owner leaves for her voice lesson, she hands Webster a photocopy of the inventory data for the current period (summarized below).
Beginning inventory of 1,000 units at $30 cost.
Ending inventory of 800 units.
Sales of 1,100 units.
Three inventory purchases (listed from earliest purchase to latest purchase): 400 units at $27 each, 300 units at $25 each, and an unreadable number of units at $22 each. (Unfortunately, when the owner copied the original document, she left a yellow sticky note covering some of the inventory information.)
Current assets (less inventory) of $75,000.
Current liabilities of $65,000. Using the information provided, determine which of the following statements is least accurate? All else equal, compared to LIFO, using FIFO would result in: A) a lower gross margin. B) a lower ending inventory balance. C) a current ratio of approximately 1.60. D) cost of goods sold of $32,700. The correct answer was C) To calculate the current ratio (which includes the ending inventory balance) using FIFO, we first need to determine how many units were purchased in the third illegible purchase order (calculations follow). Ending inventory = beginning inventory + purchases – sales, so
purchases = sales + ending inventory – beginning inventory
= 1,100 + 800 – 1,000 = 900
Third purchase units = 900 – 400 – 300 = 200 FIFO ending inventory = [(300 * 27) + (300 * 25) + (200 * 22)] = $20,000 FIFO Current ratio (all else equal) = (75,000 + 20,000) / 65,000 = approximately 1.46
The other choices are correct. FIFO cost of goods sold = [(1,000 * 30) + (100 * 27)] = $32,700. Since prices are decreasing, FIFO cost of goods sold is higher (and gross margin is lower) than LIFO. And, FIFO ending inventory is lower than LIFO ending inventory. No LIFO calculations are necessary. | 
发表于 2008-4-12 10:03
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