The Lakeside Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Lakeside need to know the company's gross profit percentage and rate of inventory turnover for 2021 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%. Do not enter the % symbol in the input field.) Gross profit percentage FIFO ... Data table % Ending inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost Sales revenue LIFO % 2020 2021 $ 27,920 $ 30,500 12,510 20,150 $ 87,630 97,980 138,000 X
The Lakeside Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Lakeside need to know the company's gross profit percentage and rate of inventory turnover for 2021 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%. Do not enter the % symbol in the input field.) Gross profit percentage FIFO ... Data table % Ending inventory at FIFO Cost Ending inventory at LIFO Cost Cost of goods sold at FIFO Cost Cost of goods sold at LIFO Cost Sales revenue LIFO % 2020 2021 $ 27,920 $ 30,500 12,510 20,150 $ 87,630 97,980 138,000 X
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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Step 1: Introduce to gross profit percentage and inventory turnover
VIEWStep 2: Working for gross profit percentage under FIFO
VIEWStep 3: Working for gross profit percentage under LIFO
VIEWStep 4: Working for inventory turnover rate under FIFO Cost
VIEWStep 5: Working for inventory turnover rate under LIFO Cost
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