1-Feb 4 $1,000 $4,000
1-Apr 6 $1,100 $6,600
1-May 8 $1,100 $8,800
1-Jun 8 $1,150 $9,200
1-Aug 6 $1,175 $7,050
1-Oct 10 $1,200 $12,000
1-Nov 9 $1,175 $10,575
1-Dec 7 $1,150 $8,050
58 $66,275
Beginning Inventory 10
Rings Available for Sale 60
You own a jewelry store and you sell nothing but black diamond rings. As of January 1st, you had 10 rings in stock at a cost of $1,000 each. You sold 60 rings during the year. You made several purchases over the fiscal year, which ended on December 31st.
1.What was the dollar amount for ending inventory using FIFO, LIFO, and average cost methods?
2.What is the impact on the balance sheet when using different methods of accounting for inventory?
3.Why would a company select one method of accounting for inventory over another?
WRITE THIS ESSAY FOR ME
Tell us about your assignment and we will find the best writer for your paper.
Get Help Now!Introducing our Online Essay Writing Services Agency, where you can confidently place orders for a wide range of academic assignments. Our reputable homework writing company specializes in crafting essays, term papers, research papers, capstone projects, movie reviews, presentations, annotated bibliographies, reaction papers, research proposals, discussions, and various other assignments. Rest assured, our content is guaranteed to be 100% original, as every piece is meticulously written from scratch. Say goodbye to concerns about plagiarism and trust us to deliver authentic and high-quality work.
WRITE MY ESSAY NOW
