Compute each of the following in the space provided. You must show your work to

Question

Compute each of the following in the space provided. You must show your work to receive credit: How many units remain in ending inventory? Ending inventory at September 30 and cost of goods sold using the FIFO method. Using the information generated in number 2. Calculate the inventory turnover and the number of days sales in inventory. Calculate the ending inventory at September 30 and cost of goods sold using the LIF O method. Ending inventory at September 30 and cost of goods sold usin g the Average costing method. Which inventory cost flow assumption results in a larger amount reported for stockholders equity o balance sheet?

Explanation / Answer

1)

ending inventory = total units - sold units

= 144 - 124

= 20

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