Question: To read press ctrl (+) The records at the end of January 2020 for All Star Company showed the following for a particular kind of
To read press ctrl (+)
The records at the end of January 2020 for All Star Company showed the following for a particular kind of merchandise: Inventory, December 31, 2019 at FIFO: 24 units @ $12.5 = $300.00 Inventory, December 31, 2019 at weighted average: 24 units @ $10.5 = $252.00 Transactions Purchase, January 9, 2020 Purchase, January 20, 2020 Sale, January 11, 2020 (at $38.5 per unit) Sale, January 27, 2020 (at $39.5 per unit) Units 30 55 45 33 Unit Cost $15.50 16.50 Total Cost $465.00 907.50 Required: 1-a. Compute the inventory turnover ratio under the FIFO and weighted average inventory costing methods and a perpetual inventory system. (Round all calculations to 2 decimal places. Round the final answers to 2 decimal places.) FIFO Weighted average Inventory Turnover Ratio times times
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
