Bugatti Inc has the following inventory record of sales and purchases: June 1 – Beginning Balance 10
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Bugatti Inc has the following inventory record of sales and purchases:
June 1 – Beginning Balance 100 units @ $10 each
June 6 – Sale of 10 Units @ $40 each
June 8 – Purchase 200 Units @ $15 each
June 16 – Sale of 120 Units @ $50 each
June 20 – Purchase 300 Units @ $20 each
June 23 – Sale of 100 Units @ 50 each
June 30 – Purchased 50 Units @ $25 each
1 Using Periodic/LIFO accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?
2 Using the Periodic/AVERAGE accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?
3 Using the Perpetual/LIFO accounting for inventory method – what is Bugatti’s cost of goods sold for the month of June?
4 Using the Perpetual/FIFO accounting for inventory method – what is Bugatti’s gross margin for the month of June?
5 In a period of rising prices for Bugatti’s inventory which financial statement is more accurate [reflecting the reality of rising prices] when Bugatti adopts LIFO accounting principles — Balance Sheet or Income Statement? – PLEASE STATE WHY
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