accounting

Project Description:

bulldog appliances uses the periodic inventory system. details regarding the inventory of appliances at august 1, 2009, purchases invoices during the year, and the inventory count at july 31, 2010, are summarized as follows:








1. determine the cost of the inventory on july 31, 2010, by the first-in, first-out method.

if the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.


























first-in, first-out method


model

quantity


unit cost


total cost

aln3 $ $
aln3
uga1
uga1
sl89
f69
h60w
h60w
j600t
j600t
zzh0
zzh0
total $


2. determine the cost of the inventory on july 31, 2010, by the last-in, first-out method.

if the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.



last-in, first-out method


model

quantity


unit cost


total cost

aln3 $ $
uga1
uga1
uga1
sl89
sl89
f69
h60w
h60w
h60w
j600t
j600t
zzh0
zzh0
total $


3. determine the cost of the inventory on july 31, 2010, by the average cost method.


if the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.



average cost method


model

quantity


unit cost


total cost

aln3 $ $
uga1
sl89
f69
h60w
j600t
zzh0
total $


4. discuss which method (fifo or lifo) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
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