BA220 Financial Accounting
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Exercise 5-4A= Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin.
The following information pertains to Baxter Company for 2013:
Beginning inventory 90 units @ $15
Units purchased 320 units @ $19
Ending inventory consisted of 40 units. Baxter sold 370 units at $30 each. All purchases and sales were made with cash.
Required
a. Compute the gross margin for Baxter Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average.
b. What is the dollar amount of difference in net income between using FIFO verus LIFO? (Ignore income tax considerations.)
c. Determine the cash flow from operating activities, using each of he three cost flow assumption listed in Requirement a. Ignore the effect of income taxes. Explain why these cash flows have no differences?
Exercise 5-5A= Effect of inventory cost flow on ending inventory balance and gross margin
Dugan Sales had the following transactions for ackets in 2013, its first year of operations:
Jan 20 Purchased 80 units @ $15 = $1,200
Apr 21 Purchased 420 units @ $16 = 6,720
July 25 Purchased 250 units @ $20 = 5,000
Sept 19 Purchased 150 units @ $22 = 3,300
During the year, Dugan Sales sold 830 jackets for $40 each.
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