The Following Company Buys and Sells Identical Collectors' Coin Sets

question 111

Essay

The following company buys and sells identical collectors' coin sets.The company uses LIFO.Each coin set is identified by its letter and its cost in the first two columns below.Column 3 indicates when coin sets were sold.
For each inventory costing method given below,fill in the blanks to indicate the letter of the coin set which will be used to calculate either cost of goods sold or the cost of ending inventory.
PERIODIC INVENTORY: Inventory is taken on December 31,2009.
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending inventory = _____ + _____ + _____
PERPETUAL INVENTORY
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending inventory = _____ + _____ + _____

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Definitions:

Excess Cash

Funds that exceed the necessary operating, investing, and financing requirements of a company, potentially available for dividends or investments.

Earnings Per Share

A company's profit divided by its number of common outstanding shares, indicating the company's profitability.

Cash Dividend

A payment made by a corporation to its shareholders, usually in the form of cash.

Excess Cash

Funds that exceed the necessary operating and investment cash required by a business, often indicating potential for dividends, buybacks, or investments.