Thurston & Talty, a partnership, had the following inventory data: Thurston & Talty need to know the

Question:

Thurston & Talty, a partnership, had the following inventory data:

Thurston & Talty 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 04:45 AM

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Thurston & Talty, a partnership, had the following inventory data: Thurston & Talty need to know the

Question:

2009 2010 Ending inventory at FIFO Cost.$21,000 $ 23,000 8,000 17,000 LIFO Cost. FIFO Cost.... Sales revenue.. Cost of goods sold at: 85,200 92,800 144,000 LIFO Cost

Step by Step Answer:

Req 1 and 2 1 2 FIFO LIFO Gross profit percentage 144000 85200 144000 9280...View the full answer

Financial accounting

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