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    FA Case Study Ch06 Crystal

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    Sha Eem
    This document provides inventory information for Crystal Inc. for the month of May including beginning inventory, purchases, and sales. It asks to calculate cost of goods sold, ending inventory, gross profit, and gross profit rate using LIFO, FIFO, and average costing methods. Finally, it asks to compare the results of the three different cost flow assumptions.

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    FA Case Study Ch06 Crystal

    Uploaded by

    Sha Eem
    65 views1 page
    This document provides inventory information for Crystal Inc. for the month of May including beginning inventory, purchases, and sales. It asks to calculate cost of goods sold, ending inventory, gross profit, and gross profit rate using LIFO, FIFO, and average costing methods. Finally, it asks to compare the results of the three different cost flow assumptions.

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    FA Case Study

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    This document provides inventory information for Crystal Inc. for the month of May including beginning inventory, purchases, and sales. It asks to calculate cost of goods sold, ending inventory, gross profit, and gross profit rate using LIFO, FIFO, and average costing methods. Finally, it asks to compare the results of the three different cost flow assumptions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    65 views1 page

    FA Case Study Ch06 Crystal

    Uploaded by

    Sha Eem
    This document provides inventory information for Crystal Inc. for the month of May including beginning inventory, purchases, and sales. It asks to calculate cost of goods sold, ending inventory, gross profit, and gross profit rate using LIFO, FIFO, and average costing methods. Finally, it asks to compare the results of the three different cost flow assumptions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Chapter 6: Reporting and Analyzing Inventory

    Case Study: Crystal Inc.


    You have the following information for Crystal Inc. for the month ended
    May 31. Crystal uses a periodic method for inventory.

    Unit Cost or
    Date Description Units Selling Price
    May 1 Beginning Inventory 40 $20
    May 6 Purchase 110 23
    May 7 Sale 90 32
    Fachbereich Elektrische
    May 15 Purchase 70 25 Energietechnik
    May 18 Sale 40 37
    Prof. Dr. Valerie Wulfhorst
    May 24 Purchase 60 26
    Betriebswirtschaftslehre,
    May 30 Sale 80 38 insb. Controlling

    Telefon
    (a) Calculate (i) cost of goods sold, (ii) ending inventory, (iii) gross profit, 02921 378-451
    and (iv) gross profit rate under each of the following methods. Telefax
    (1) LIFO. 02921 378-409
    (2) FIFO. E-Mail
    [email protected]
    (3) Average-cost. (Round cost per unit to three decimal places.)

    (b) Compare results for the three cost flow assumptions. Standort Soest
    Lbecker Ring 2
    59494 Soest

    Fachhochschule
    Sdwestfalen
    Sitz: Iserlohn

    Hagen
    Iserlohn
    Meschede
    Soest

    www.fh-swf.de

    Page 1

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