Balance sheet using the lifo method

Assignment Help Accounting Basics
Reference no: EM13913985

ABC Company employs a periodic inventory system and sells its inventory to customers for $20 perunit. ABC Company had the following inventory information available for the month of May:

May 1 Beginning inventory 2,000 units @ $12 cost per unitMay 8 Sold 600 unitsMay 13 Purchased 1,400 units @ $10 cost per unitMay 18 Sold 800 unitsMay 19 Sold 300 unitsMay 21 Purchased 1,700 units @ $18 cost per unitMay 28 Purchased 1,400 units @ $16 cost per unitMay 30   Sold 900 units

During May, ABC Company reported operating expenses of $3,000 and had an income tax rate of 35%.

Calculate the dollar amount of ending inventory shown on ABC's May 31 balance sheet using theLIFO method. Do not use decimals in your answer.

Reference no: EM13913985

Questions Cloud

Calculate his net take home pay assuming : Calculate his net take home pay assuming the employer withheld federal income tax (wage bracket, married, 2 allowances), social security taxes, and state income tax (2%).
Cmu clinic is considering : CMU clinic is considering purchasing
Discuss the variety of sales responsibilities and sales jobs : Discuss the variety of sales responsibilities and sales jobs (sales force operations) that exist. Provide an analysis of how your own organization (or another organization with which you have familiarity) utilizes sales force operations in reachin..
Prepare a trend analysis of the data that follow : Prepare a trend analysis of the data that follow, and tell whether the situation shown by the trends is favorable or unfavorable.
Balance sheet using the lifo method : Calculate the dollar amount of ending inventory shown on ABC's May 31 balance sheet using theLIFO method. Do not use decimals in your answer.
Contribution margin format : Prepare an income statement for the current year using the contribution margin format-Prepare an income statement for the current year using the traditional format.
Compute the amount and percentage changes for rivera company : Compute the amount and percentage changes for Rivera Company's comparative balance sheets, and comment on the changes from 2013 to 2014.
Determine the number of revolutions : A motorcycle has a velocity of 40 m/s when the brakes are applied to bring it to rest in 3 s. If the road wheels have a radius of 0.45 m determine the number of revolutions made by the wheels in that time.
Unadjusted trial balance : Post each transaction to T accounts (Ledger) Prepare an unadjusted trial balance Prepare adjusting entries

Reviews

Write a Review

Accounting Basics Questions & Answers

  Your roommate jill blalock purchased a new portable dvd

your roommate jill blalock purchased a new portable dvd player just before this school term for 80. shortly after the

  What are the advantages of a data warehouse?

What are the advantages of a data warehouse?

  Retained earnings statement for mcentire corporation

(a) Prepare a 2010 retained earnings statement for McEntire Corporation. (Enter all amounts as positive amounts and subtract where necessary.)

  Place to prevent this type of theft

Identify two parties other than O'Conner who can be harmed by this theft. In what ways can they be harmed? Discuss the role accounting plays in this situation. What internal controls could be put in place to prevent this type of theft?

  Determining annual inventory holding cost

Given the EOQ, what is the average inventory? What is the annual inventory holding cost? In minimizing cost, how many orders would be made each year? What would be the annual ordering cost?

  What is the basis in tenika hands of distributed property

Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to th..

  Howle manufacturing company began operations on january 1

howle manufacturing company began operations on january 1. during the year it started and completed 1700 units of

  Manufacturing statements and cost behavior tampa foundry

manufacturing statements and cost behavior tampa foundry began operations during the current year manufacturing various

  Company overall break even point

Moston enterprises sells three chemicals petrol, septine and tridol. Petrols units contribution margin higher than the septine which is higer than tridons which one of the following events is most likely to decrease the company's overall break eve..

  Bert company budgets sales of 990000 fixed costs of 69100

bert company budgets sales of 990000 fixed costs of 69100 and variable costs of 306900. what is the contribution margin

  You have just graduated from college and landed your first

you have just graduated from college and landed your first big job. you have always dreamed of being a homeowner and

  Starsearch corporation began work on three research

1.In 2013, Starsearch Corporation began work on three research and development projects.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd