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nasty-shy [4]
3 years ago
7

The Breeze trading company discloses the following information for the month of August 2016.

Business
1 answer:
s344n2d4d5 [400]3 years ago
3 0

Answer:

Periodic system: FIFO ; COGS= $11400, closing inventory = $7700, gross profit=$14000. LIFO = closing stock= 6600, COGS=$12500, gross profit=12900.

perpetual system: FIFO ;COGS=11400, closing stock= $7700, gross profit= $11400. LIFO ; COGS=$12500, closing stock= $6600, gross profit = $12900

Reason for a higher gross profit in FIFO than LIFO is some of the stock ends up not being sold as they are maybe old, out-fashioned, and obviously new trend come about everyday.

Explanation:

PERIODIC    

DR  purchases account    CR

11-Aug bank 9600  inventory 16100

20-Aug bank 6500    

     

                <u>16100</u>                  <u> 16100 </u>

 FIFA cost of sales  

   

opening balance   3000

purchases     16100

closing             7700

cost of sales     <u> 11400</u>

gross profit   <u>14000</u>

sales           25400

cost of sales   11400

closing inventory           <u>7700</u>

200 units from 11 aug   1200

1000 units from 20 aug   6500

LIFO  

closing balance         <u>6600</u>

600 units from 01 aug   3000

600 units from 11 aug   3600

Cost of sales  

opening stock  3000

purchases   16100

closing stock   6600

cost of sales   <u>12500</u>

   

gross profit   <u>12900</u>

sales         25400

cost of sales   12500

perpetual inventory system    

  FIFA

cost of sales   <u>11400</u>

10-Aug   2000

15-Aug   5800

27-Aug   3600

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