Monty Douglas

For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies. a. In a period of rising prices, net income would be highest. b. In a period of rising prices, cost of goods sold would be highest. c. In a period or rising pr...

Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $45.00 per unit. During the year, Laird made two batch purchases of coffee makers. The first was a 300-unit purchase at $50 per unit; the...

Bristol Sales had the following transactions for DVD’s in 2012, its first year of operations. Jan. 20 Purchased 75 units @ $17 = $1,275 Apr. 21 Purchased 450 units @ $19 = $8,550 July 25 Purchased 200 units @ $23 = $4,600 Sept. 19 Purchased 100 units @ $2...