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Posted: February 20th, 2020
CF Unit4 P7-3At the end of January 2014, the records of Donner Company showed the following for a particular item that sold at $16 per unit:Transactions UnitsAmount Inventory, January 1, 2014 500 $ 2,3654.73 Purchase, January 12 600 3,6006 Purchase, January 26 160 1,2808 Sale (370) Sale (250)Required:1a. Compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. (Round unit price to 2 decimal places. Input all amounts as positive values.)Input areas are shaded.Average CostCost of Good Available for SaleCost of Goods Sold# of UnitsCost per UnitCost of Goods Available for Sale# of Units SoldCost per UnitCost of Goods SoldBeginning inventoryPurchases:January 12, 2014January 26, 2014Total FIFOCost of Goods Available for SaleCost of Goods Sold# of UnitsCost per UnitCost of Goods Available for Sale# of Units SoldCost per UnitCost of Goods SoldBeginning inventory$0 Purchases:January 12, 2014$0January 26, 2014$0Total – $00 LIFOCost of Goods Available for SaleCost of Goods Sold# of UnitsCost per UnitCost of Goods Available for Sale# of Units SoldCost per UnitCost of Goods SoldBeginning inventory Purchases:January 12, 2014 January 26, 2014 Total – $ – 0 $ 4,040Specific IdentificationCost of Goods Available for SaleCost of Goods Sold# of UnitsCost per UnitCost of Goods Available for Sale# of Units SoldCost per UnitCost of Goods SoldBeginning inventory Purchases:January 12, 2014 January 26, 2014 Total – $ – 0 Required:2a. FIFO and LIFO, which method would result in the higher pretax income?2b. FIFO and LIFO, which would result in the higher EPS?3 FIFO and LIFO, which method would result in the lower income tax expense? Assume a 30 percent average tax rate.4 FIFO and LIFO, which method would produce the more favorable cash flow?
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