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1) Calculate cost of goods sold and ending inventory at December 31, 2015 under the FIFOmethod. Assume Johnson uses a perpetual inventory system....
1) Calculate cost of goods sold and ending inventory at December 31, 2015 under the FIFOmethod. Assume Johnson uses a perpetual inventory system. Assume the opening inventory was valued at $8.20 per unit.a. Prepare the journal entries to record the July 15 sale and the September 30purchase.
2) Calculate cost of goods sold and ending inventory at December 31, 2015 under the LIFOmethod. Assume Johnson uses a periodic inventory system and that the opening inventory was valued at $7.00 per unit.a. Prepare any adjusting entries necessary at 12/31/15.
3) Calculate the 2015 inventory turnover ratio under the two methods. Explain what the difference demonstrates.
4) Assume that Johnson’s replacement cost per unit at 12/31/15 is $7.70. Prepare any adjusting entries necessary under both the FIFO and LIFO methods at 12/31/15.
