Durkin & Davis, a partnership, had these inventory data: Durkin & Davis need to know the companys

Question:

Durkin & Davis, a partnership, had these inventory data:

Durkin & Davis need to know the company€™s gross profit percentage and rate of inventory turnover for 2010 under
1. FIFO
2. LIFO
Which method makes the business look better on?
3. Gross profit percentage?
4. Inventoryturnover?

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Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

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Question Posted: Dec 10, 2012 04:46 AM

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Durkin & Davis, a partnership, had these inventory data: Durkin & Davis need to know the companys

Question:

2009 2010 Ending inventory at: FIFO Cost LIFO Cost .. $17,000 21,000 15,000 23,000 Cost of goods sold at: FIFO Cost.. LIFO Cost. $ 85,700 92,500 141,000 Sales revenue..

Step by Step Answer:

Req 1 and 2 1 2 FIFO LIFO Gross profit percentage 141000 85700 141000 9250...View the full answer

Financial accounting

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