Solution-Calculate cost of goods sold and ending inventory

Calculate cost of goods sold and ending inventory

Reference no: EM132235950

Question - The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2016:

	Number of Units	Unit Cost	Total Cost
Inventory, January 1	200	$12.5	$2,500
Purchases:
May 30	320	15.0	4,800
September 28	400	17.0	6,800
Goods available for sale	920		$14,100
Sales:
April 10	(140)
June 11	(300)
November 1	(380)
Inventory, December 31	100

Required -

a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

b. Assume that Cushing, Inc., uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

Reference no: EM132235950

Questions Cloud

Compute the Working capital and Current ratio : You are a credit analyst of a growing commercial bank. For each of the two companies, compute the following: Working capital and Current ratio

What your own conscience tells you about whats right : Think about how you would proceed if faced with the following workplace ethical dilemmas, from AMA's seminar "Partnering with Your Boss."

The difference between biological and psychological birth : Describe how Adler's theory of psychological birth order (the family constellation) shapes the family member. Just need 130 words.

Discuss about objective positivist neoanalytic writers : What is the difference among objective positivist neoanalytic writers and relativistic/constructivist neoanalytic writers?

Calculate cost of goods sold and ending inventory : Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO

What characteristics must an effective counselor possess : Why are counseling theories important to professional counselors? What characteristics must an effective counselor possess?

Where do you think this society is located : How do you think recent arrivals to the U. S. from less developed nations feel about utilizing the healthcare system as depicted among the Nacirema?

What is the clients role in counseling : Is the theory designed for short- or long-term counseling? What will be the counselor's role with this client?

In what ways does social class affect the opportunities : How does the media substantiate the contention that sport is a meritocracy? Does the media promote or silence any of the stories of lower class athletes?

User Account

All Pages

Calculate cost of goods sold and ending inventory

Reference no: EM132235950

Reference no: EM132235950

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