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Questions 14 through 19 are based on the following information. Peoples Printer Co. sells printers and uses a periodic inventory approach.
December 31 inventory 6
The selling price of the printer was $230.
20. Determine cost of goods sold for the year ended December 31 if the LIFO cost flow assumption is used.
21. Determine ending inventory as of December 31 if the LIFO cost flow assumption is used.
22. Determine gross profit for the year ended December 31 if the LIFO cost flow assumption is used.
23. Determine cost of goods sold for the year ended December 31 if the FIFO cost flow assumption is used.
24. Determine ending inventory as of December 31 if the FIFO cost flow assumption is used.
25. Determine gross profit for the year ended December 31 if the FIFO cost flow assumption is used.
26. For a company that uses U.S. GAAP, in a period of falling prices, the inventory cost flow assumption that results in the lowest gross profit is
a. FIFO.
b. LIFO.
c. Weighted average.
d. Specific identification.
