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Question: 1000 points cast iron grils inc manufactures premium gas barbecue...

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10.00 points Cast Iron Grils, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory Cast Irons December 31, 2016, fiscal year-end Inventory consisted of the following isted in chronological order of acquisition) 6,800 4,900 7,800 $600 700 800 The replacement cost of the grills throughout 2017 was $900 Cast Iron sold 36,000 grills during 2017. The companys selling price is set at 200% of the current replacement cost Required: 1. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2017 assuming that Cast Iron purchased 37,000 units during the year. Gross profit Gross profit ratio 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2017 assuming that Cast Iron purchased only 19,500 units during the year. tRound Gross profit catio answer to 1 decimel place (Le., 0.123 needs to be entered as 12.3% )) Gross proft Gross profit ratio 4. Compute the gross profit (sales minus cost of goods sold) and the gross proft ratio for 2017 assuming that Cast Iron purchased 37,000 units (as per requirement 1) and 19,500 units (as per requirement 2) during the year and uses the FIFO inventory cost method rather than the LIFO melhod. (Round Gross profit ratio answer to 1 decimal place (Le., 0.123 needs to be entered as 12.3%.)) 37,000 19,500
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