Solution-Calculate cost of ending inventory and cost of

Calculate cost of ending inventory and cost of goods sold

Reference no: EM132731849

Question - Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31, the accounting records provided the following information:

Transactions

Units Unit Cost

a. Inventory, Beginning 3,000 $12

For the year:

b. Purchase, April 11 9,000 10

c. Purchase, June 1. 8,000. 13

d. Sale, May 1 (sold for $40 per unit). 3,000

e. Sale, July 3 (sold for $40 per unit). 6,000

f. Operating expenses (excluding income tax expense), $195,000

Required - Calculate the cost of ending inventory and the cost of goods sold using the FIFO method.

Reference no: EM132731849

Questions Cloud

How does one create a true quantitative research design : How does one create a true quantitative research design? We are asked to write the research design of a certain article. However, the research design

How much is his cost of goods sold for the day : On Tuesday he sells 17 pumpkins; assuming he is using LIFO, how much is his Cost of Goods Sold for the day

Explain the effect of each change on protein size : Identify the type of mutation, and describe and explain the effect of each change on protein size, shape and polarity.

What was the flexible-budget sales amount for TLA : The actual sales for the period were 10,000 units of TS at $19 per unit. What was the flexible-budget sales amount for TLA

Calculate cost of ending inventory and cost of goods sold : Operating expenses (excluding income tax expense), $195,000. Calculate the cost of ending inventory and the cost of goods sold using the FIFO method

What is the composition of a dna fragment : What is the composition of a DNA fragment?

Describe four of the charactersitics of life : Lithops are succulent plants that resemble stones. Describe four of the charactersitics of life that distinguish these plants from the dead stones they mimic.

Find the balances in the subsidiary accounts : The subsidiary ledger contains three accounts: Bixler Company, balance $3,500; Find the balances in the subsidiary accounts at the end of the month

Describe the shortest route material : The organ systems of the human body work in concert with each other to maintain normal functions.

User Account

All Pages

Calculate cost of ending inventory and cost of goods sold

Reference no: EM132731849

Reference no: EM132731849

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT