Given the following information, calculate the amount by which net income would differ between FIFO and LIFO: Assume the periodic system.

Beginning inventory	2,600units at$98per unit
Purchases	8,100units at$127per unit
Units sold	5,600units at$223per unit

Calculate the cost of goods sold using the FIFO periodic cost flow assumption.

FIFO	Units	x	Cost per Unit	=	Total Cost
Units from beginning inventory		x		=
Units from purchase		x		=
Cost of Goods Sold - FIFO method

Calculate the cost of goods sold using the LIFO periodic cost flow assumption. (Enter 0's for any layers where there were no units sold.)

LIFO	Units	x	Cost per Unit	=	Total Cost
Units from purchase		x		=
Units from beginning inventory		x		=
Cost of Goods Sold - LIFO method

Net income would differ between FIFO and LIFO by $nothing.

Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO: Assume the periodic system.

Beginning inventory	1,400units at$51per unit
Purchases	3,000units at$62per unit
Units sold	2,200units at$101per unit

Calculate the cost of goods sold using the FIFO periodic cost flow assumption.

FIFO	Units	x	Cost per Unit	=	Total Cost
Units from beginning inventory		x		=
Units from purchase		x		=
Cost of Goods Sold - FIFO method

Calculate the cost of goods sold using the LIFO periodic cost flow assumption. (Enter 0's for any layers where there were no units sold.)

LIFO	Units	x	Cost per Unit	=	Total Cost
Units from purchase		x		=
Units from beginning inventory		x		=
Cost of Goods Sold - LIFO method

Gross profit would differ between FIFO and LIFO by $nothing.

The following information pertains to item #007SS of inventory of

RileyAquatic Sales, Inc.:

	Per unit
Cost	$$178
Replacement cost	179
Selling price	193

The physical inventory indicates1,900 units of item #007SS on hand. What amount will be reported on the

RileyAquatic Sales, Inc.'s balance sheet for this inventory item?

The amount reported o nRileyAquatic Sales, Inc.'s balance sheet for this is $nothing.

Using the following information, calculate inventory turnover ratio, the average days in inventory, and the gross profit ratio for

BonnettBonnett

Company for the year ended December 31, 2012. (Round to two decimal places.)

Sales	$160,000
Cost of goods sold	72,000
Ending inventory, December 31, 2011	15,375
Ending inventory, December 31, 2012	18,550
Net income	26,400

Calculate inventory turnover ratio. (Round to two decimal places.)

		/		=	Inventory turnover ratio
		/		=

Calculate the average days in inventory. (Round to two decimal places.)

		/		=	Average days in Inventory
		/		=

Calculate the gross profit ratio. (Round to the nearest percent.)

(		-		) /		=	Gross profit ratio
(		-		) /		=		%

Calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption.

Sales	103units at $23per unit
Beginning inventory	85units at$9per unit
Purchases	62units at$10per unit

Calculate the cost of goods sold using the LIFO periodic cost flow assumption.

	Units	x	Cost per Unit	=	Total Cost
Units from beginning inventory		x		=
Units from purchase		x		=
Cost of Goods Sold - LIFO method

Calculate the cost of the ending inventory using the LIFO periodic cost flow assumption. (Enter 0's for any layers where there were no units sold.)

	Units	x	Cost per Unit	=	Total Cost
Units from beginning inventory		x		=
Units from purchase		x		=
Ending Inventory - LIFO method