Date Transaction Units Cost/Unit April 1 Balance 400 17 Purchase 200 $5.50 Sale Purchase Purchase 25 150 5.75 5.50 28 100 May 5 18 22 250 Sale Sale 300 50
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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:
The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively,
under the FIFO, average, and LIFO cost flow assumptions.
Required:
1. Compute the inventories at the end of each month and the cost of
goods sold for each month for the following alternatives:
a. FIFO periodic
b. FIFO perpetual
c. LIFO periodic
d. LIFO perpetual
e. Weighted average (Round unit costs to 4 decimal places.)
f. Moving average (Round unit costs to 4 decimal places.)
2. Next Level Reconcile and explain the difference between the LIFO
periodic and the LIFO perpetual results.
3. Next Level If Garrett uses IFRS, which of the previous alternatives
would be acceptable, and why?
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- 3 Question W Marshal E OM83600 X (3) Slow Awaken P instructi ezto mheducation.com/ext/map/index.html?_con%3con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mhedu nwk i Saved Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2818 Current assets $ 764 $ 981 1, 931 $4 24 $ 843 Other assets 2,424 1,730 $2,573 Total assets $3,188 $2,912 Current liabilities $ 588 $ 841 1,034 2$ $ 734 Long-term liabilities Stockholders' equity 1, 582 1, 018 910 1,037 929 Total liabilities and stockholders' equity $3,188 $2,912 $2,573 ces WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions) 2020 2019 Income statement data; Sales $3,061 $2,924 Operating income Interest expense Net income Other data: 307 321 95 76 224 219 Average number of common shares outstanding Total dividends paid 42.4 47.8 $ 61.0 $ 53.4 Prev 1 of 2 Next > acerSaving nit For core Part A The X omments B3_Mather x Directions X com/courseware-delivery//ua/69158/45467532/aHR0cHM6Ly9mMi5hcHAUZWRtZW50dW0uY29tL2xlYXJuZXItdWkvc2Vjb25kYXJ5L3VzZXItY Unit Activity: Mathematical Models and Consumer Finance 32 33 0 Space used (includes formatting): 0 / 15000 O LearnerPro X Space used (Includes formatting): 0/ 15000 M Determine x G The balan x + Part C Most of the time Matt is fairly good at saving money. However, sometimes he finds that he has little money by the end of the month. One of his friends suggests that Matt evaluate his spending habits, while another friend suggests that Matt make a budget. Matt decides to do both. Evaluate Matt's decision. Be sure to explain the benefits or drawbacks of doing only a spending analysis or only budgeting. BIUX² X₂ 15px A VE 6 of 12 Apr 3 11:36 C 0: Save & ExitCh. 17 - Financial Statement Anal x Bb 2193516 + i learn-us-east-1-prod-fleet02-xythos.content.blackboardcdn.com/5f7ce11c673e5/2193516?X-Blackboard-Expiration=1648004400000&X-Blackboard-Signature=vwLhZZb3V30b7J84... 2 * O w WordCounter - Co... y! Yahoo A Regions Bank | Che.. Welcome, Justin – B. * eBooks, Textbooks... O Jefferson State Co... Electronics, Cars, Fa... C Home | Chegg.com 2193516 1 / 1 100% + | December 31, 2014 and 2013 Dec. 31, 2014 Dec. 31, 2013 Assets bloe Current assets: Cash. Marketable securities $ 500,000 $ 400,000 1,000,000 1,010,000 Accounts receivable (net)... 740,000 510,000 Inventories 1,190,000 950,000 000. Prepaid expenses. 250,000 229,000 Total current assets. $3,690,000 $3,089,000 Long-term investments... 2,350,000 2,300,000 1 Property, plant, and equipment (net) Total assets 3,740,000 3,366,000 $9,780,000 $8,755,000 Liabilities Current liabilities $ 900,000 $ 880,000 Long-term liabilities: $ 200,000 Mortgage note payable, 8%, due 2019. Bonds payable, 10%,…
- issis.com/FEL X - Unit Activity: Mathematical Mo x + lelivery//ua/69158/45467532/aHR0cHM6Ly9mMS5hcHAUZWRtZW50dW0uY29tL2xlYXJuZXItdWkvc2Vjb25kYXJ5L3VzZXIt nit Activity: Mathematical Models and Consumer Finance Task 7 Financing Transportation Respond to each question below in two to three complete sentences. Each question is worth four points. Space used (includes formatting): 0/15000 Part A Lydia makes a down payment of $1,600 on a $11,000 car loan. How much of the purchase price will the interest be calculated on? Explain how you arrived at the final answer. BIUX² X₂ 15px Part B AV king a down payment on a car loan help a car buyer? 11 of 12 = Print 11:58 O PI ☐ Save &DJI FTSE100 DAX CAC40 NIKKEI HSI BOVESPA GOLD 4-Jan-16 15944.46 5990.4 9880.82 4380.36 17163.92 19052.45 38376 1115 1-Dec-15 17425.03 6242.3 10743.01 4637.06 19033.71 21914.4 43350 1068.25 2-Nov-15 17719.92 6356.1 11382.23 4957.6 19747.47 21996.42 45120 1086.44 1-Oct-15 17663.54 6361.1 10850.14 4897.66 19083.1 22640.04 45869 1159.25 1-Sep-15 16284.7 6061.6 9660.44 4455.29 17388.15 20846.3 45059 1124.77 3-Aug-15 16528.03 6247.9 10259.46 4652.95 18890.48 21670.58 46626 1117.93 1-Jul-15 17689.86 6696.3 11308.99 5082.61 20585.24 24636.28 50865 1128.31 1-Jun-15 17619.51 6521 10944.97 4790.2 20235.73 26250.03 53081 1181.5 ####### 18010.68 6984.4 11413.82 5007.89 20563.15 27424.19 52760 1198.63 1-Apr-15 17840.52 6960.6 11454.38 5046.49 19520.01 28133 56229 1198.93 2-Mar-15 17776.12 6773 11966.17 5033.64 19206.99 24900.89 51150 1178.63 2-Feb-15 18132.7 6946.7 11401.66 4951.48 18797.94 24823.29 51583 1227.08 2-Jan-15 17164.95 6749.4 10694.32 4604.25 17674.39 24507.05…24 If K.mart.CO total assets is 600000, and total liabilities 400000, and goodwill 20000. Compute the identifiable net assets. Select one: a. 180000. b. 200000. c. 220000. d. 240000.