BA220 Financial Accounting

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Exercise 5-4A= Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin.


The following information pertains to Baxter Company for 2013:

Beginning inventory      90 units @ $15

Units purchased          320 units @ $19

Ending inventory consisted of 40 units. Baxter sold 370 units at $30 each. All purchases and sales were made with cash.



a. Compute the gross margin for Baxter Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average.

b. What is the dollar amount of difference in net income between using FIFO verus LIFO? (Ignore income tax considerations.)

c. Determine the cash flow from operating activities, using each of he three cost flow assumption listed in Requirement a. Ignore the effect of income taxes. Explain why these cash flows have no differences?



Exercise 5-5A= Effect of inventory cost flow on ending inventory balance and gross margin


Dugan Sales had the following transactions for ackets in 2013, its first year of operations:


Jan 20      Purchased   80 units @ $15        =     $1,200

Apr 21      Purchased 420 units @ $16        =        6,720

July 25     Purchased 250 units @ $20        =        5,000

Sept 19    Purchased 150 units @ $22        =        3,300


During the year, Dugan Sales sold 830 jackets for $40 each.


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