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April 18, 2014

Homework Help: accounting

Posted by lamyaa on Tuesday, October 19, 2010 at 5:05pm.

Jones Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending inventory.




Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost.
FIFO LIFO Average-Cost
Ending Inventory $ $ $
Cost of goods sold $ $ $







Which cost flow method would result in the highest net income?
LIFOAverage-CostFIFO






Which cost flow method would result in inventories approximating current cost in the balance sheet?
LIFOAverage-CostFIFO






Which cost flow method would result in Jones paying the least taxes in the first year?
LIFOAverage-CostFIFO

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