Solution-Calculate Cost of Goods Sold and Ending Inventory

Calculate Cost of Goods Sold and Ending Inventory

Reference no: EM132735568

Question - Inventory - As of 1 September 2016, TradeO, Inc. had a beginning inventory of 200 units at cost of $9 per unit. During September 2016, the following inventory transactions happened:

6 September: bought 300 units of merchandise, at $10 per unit

27 September: bought 350 units of merchandise, at $11 per unit

29 September: sold 650 units of merchandise at customer price of $25 per unit

Instructions -

(a) Calculate Cost of Goods Sold, Ending Inventory and Gross Profit using FIFO method!

(b) Calculate Cost of Goods Sold, Ending Inventory and Gross Profit using average method!

Reference no: EM132735568

Questions Cloud

What caused dramatic changes to american family : Families have changed greatly over the past 60 years, and they continue to become more diverse. What caused dramatic changes to the American family?

Reconcile the operating income reported : Reconcile the operating income reported under the two methods by listing the two key places where the income statements differ

Prepare the Balance Sheet Statement of Ibis Hotel at July : Balance Sheet & Income Statement - Ibis Hotel initiated operations on July 1, 2019. Prepare the Balance Sheet Statement of Ibis Hotel at July 31, 2019

Development of the internet affected : How has the development of the internet affected the way companies forecast in support of their supply chain planning process?

Calculate Cost of Goods Sold and Ending Inventory : As of 1 September 2016, TradeO, Inc. had a beginning inventory of 200 units at cost of $9 per unit. Calculate Cost of Goods Sold and Ending Inventory

Supply chain integration is major contributing factor : Supply chain integration is a major contributing factor to organizational success.

Explain the ethical issues arising in this situation : The audit junior currently working with you on the review engagement told you that, yesterday, Explain the ethical issues arising in this situation

Supply and demand features of the chinese flower market : What are the supply and demand features of the Chinese flower market and how do they differ from around the world?

What is the most she should pay for the bond : If Anna strongly believes that inflation will rise by 1% during the next six months, what is the most she should pay for the bond, assuming annual interest

User Account

All Pages

Calculate Cost of Goods Sold and Ending Inventory

Reference no: EM132735568

Reference no: EM132735568

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Write an article

How much of the gain on sale of the property is allocated

How might you apply direct labor costs under job order

Economic order quantity-optimal order quantity

What would the company record as depreciation

In novemberit announced 145 million in reimbursement grants

Assume both companies use the periodic inventory system

What cost flow assumptions used to value ending inventory

Make an analysis showing the total cost saving if any

Compute the budgeted dollar amount of merchandise purchases

Discuss rental of the facility to the high school drama club

What is the basic earnings per share

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT