The Following Information Is for Poole Company for 2016

question 126

Essay

The following information is for Poole Company for 2016:
Required: a)Assuming that Poole uses the LIFO cost flow method,determine how much product cost would be allocated to Cost of Goods Sold,and how much to Merchandise Inventory at the end of the year.
b)Based on your results from part a,calculate inventory turnover and average number of days to sell inventory.
c)Assuming that Poole uses the FIFO cost flow method,determine how much product cost would be allocated to Cost of Goods sold,and how much to Merchandise Inventory at the end of the year.
d)Based on your results from part c,calculate inventory turnover and average number of days to sell inventory.
e)Compare your results from parts b and d.Do LIFO and FIFO give the same results for inventory turnover? Which is higher,and why?

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Definitions:

James II

King of England, Scotland, and Ireland who reigned from 1685 to 1688, his policies of religious tolerance toward Catholics led to the Glorious Revolution, which resulted in his deposition and the establishment of constitutional monarchy in Britain.

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led Bacon's Rebellion in 1676, an armed rebellion against the colonial government of Virginia, reflecting settlers' frustrations with Native American policies and governance.

Spanish

Pertaining to Spain, its people, culture, or language, which is a Romance language and the second most natively spoken language in the world.

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Traditional ceremonies and practices of the Pueblo Indigenous peoples, deeply rooted in their spiritual beliefs, cultural heritage, and connection to the environment.