Accounting

Jan 30th, 2014
HelloWorld
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Price: $10 USD

Question description


3. Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 500 units @ $55 $27,500
Purchases
January 10 500 units @ $60
January 20 1,000 units @ $63
Sales:
January 12 800 units
January 28 750 units
a. Compute the ending inventory and cost of goods sold assuming Denver uses FIFO.
b. Compute the ending inventory and cost of goods sold assuming Denver uses LIFO
and a perpetual inventory system.
c. Compute the ending inventory and cost of goods sold assuming Denver uses
average cost and a periodic inventory system.
d. Compute the ending inventory and cost of goods sold assuming Denver uses
average cost and a perpetual inventory system.
e. Compute the ending inventory and cost of goods sold assuming Denver uses LIFO
and a periodic inventory system.
December 31, 2011 December 31, 2010
Accounts receivable ??? $100 million
Inventory $70 million $30 million
Other assets ??? $170 million
Total assets ??? $300 million
Total liabilities ??? $100 million
Total stockholders’ equity ??? $200 million
For the year ended Dec. 31, 2011
Net sales ???
Cost of goods sold ???
Net income $40 million
Return on assets 10%
Receivables turnover 8.0
Inventory turnover 12.0
Asset turnover 2.5
Return on stockholders’ equity 20%
Profit margin on sales 4%

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