Respuesta :
Answer:
Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of journal entries and T-accounts for each method.
Explanation:
Units Cost Price Cost Price
Begining Inventory 400 30 12.000
purchase 1 2.000 35 70.000
purchase 2 600 38
Sales 1.700 90 153.000
FIFO Units Cost Sale Price Cost Price Cost of goods
Begining Inventory 400 30 400 12.000 12000
purchase 1 2.000 35 1300 70.000 45500
purchase 2 600 38 0 22.800 0
Sales 1.700 90 153.000 57500
0
LIFO Units Cost Sale Price Cost Price Cost of goods
Begining Inventory 400 30 0 12.000 0
purchase 1 2.000 35 1.100 70.000 38500
purchase 2 600 38 600 22.800 22800
Sales 1.700 90 153.000 61300
0
Fifo Lifo
Revenue 153.000 153.000
Cost of goods 57500 61300
Gross margin 95.500 91.700
Expenses 41500 41500
Ebit 54.000 50.200
Tax rate 30% 30%
Tax expense 16200 15060
Net Income 37.800 35.140
FiFO
1
Db Cash 153.000
Cr Revenue 153.000
2
Db Cost of goods 57500
Cr Inventory 57500
3
Db Expenses 41500
Cr Cash 41500
4
Db tax expense 16200
Cr cash 16200
LIFO
1
Db Cash 153.000
Cr Revenue 153.000
2
Db Cost of goods 61300
Cr Inventory 61300
3
Db Expenses 41500
Cr Cash 41500
4
Db tax expense 15060
Cr cash 15060
