User Account

All Pages

Calculate cost of goods sold for the month ended may

Assignment Help Accounting Basics
Reference no: EM131772136

Question - Calculated cost of goods sold, ending inventory, and inventory turnover ratio based on the following merchandise inventory transactions occurred during the month of May for the Super Star, Inc.

05/01/09              inventory on hand was 2,000 units at $10.00 each

05/09/09              Sold 1,000 units at $15.00

05/15/09              Purchased 1,500 units at $11.00 each

05/21/09              Sold 1,250 units at $14.00 each

05/29/09              Purchased 3,000 units at $9.00

Requirements: Assume Super Stars uses a periodic record-keeping system and compute the cost of goods sold monthly:

A. Calculate cost of goods sold for the month ended May 31, 2009 based on each o the following methods: 1. FIFO 2. LIFO 3. Weighted Average

B. Compute the ending inventory at May 31, 2009 using each of the following above methods

C. Compute the inventory turnover ratio based on each of the above inventory methods.

D. Compute the number of days for inventory turnover based on the above inventory methods and computations.

Reference no: EM131772136

Questions Cloud

What actions or actions should you take : Knowing what you now know about in flight emergencies, what actions or actions should you take? Is there a situation where you would deviate from these actions?
Discuss human interaction issue that were present in cockpit : Discuss the human interaction issues that were present in the cockpit prior to the accident. Finally, creatively apply the concepts you learned.
Discuss what is your expected return : What is your expected return. If you require an 8% return, given the current price, should you sell or buy more preference shares
Characteristics of ipv6 in fulfillment of ipv4 deficiencies : Discuss distinguishing characteristics of IPv6 in fulfillment of IPv4's deficiencies, and the challenges confronting both the industry and the government.
Calculate cost of goods sold for the month ended may : Calculate cost of goods sold for the month ended May 31, 2009 based on each o the following methods: 1. FIFO 2. LIFO 3. Weighted Average
Discuss the net proceeds from demolition of the building : Machine: On December 26, the machine was exchanged for another machine having a fair value
Determine that the study was a randomized experiment : The following are titles of some of the news stories in the Appendix. In each case, determine whether the study was a randomized experiment or an observational.
Analyze major drawback to air traffic control automation : Analyze and evaluate one major drawback to air traffic control automation. Then discuss degradation in operational safety that could result from this drawback.
Different theories and perspectives of strategic management : Create a tabular recommendation with textual explanation for the organization's sustainable social responsibilities in Oman

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute sholpans cost of goods sold for year

The following data are for Sholpan Company for year 1. Compute Sholpan's COST OF GOODS SOLD for year 1, after making all necessary adjustments

  Explain the basic steps in processing payroll

Discuss what you believe to be the three most difficult aspects of processing payroll manually and how you think ADP can help.

  Pisa pizza parlor is investigating the purchase of a new

pisa pizza parlor is investigating the purchase of a new 50000 delivery truck that would contain specially designed

  Preparing a differential analysis report

1. Prepare a differential analysis report, dated October 11, 2010 for the make or buy decision. 2. On the basis of the data presented, would it be advisable to make the carrying cases or to continue buying them? Explain.

  How many units should be scheduled for production

Assume that the division is using absorption costing and that the divisional manager is giben an annual bonus based on divisional operating income. If Mr Cavalas wants to maximize his division's operating income for the year,how many units should ..

  Calculate the efficiency of a rankine cycle

Calculate the efficiency of a Rankine cycle that is modified from the parameters used in the text in each of the following three ways (one at a time), and comment briefly on the results:

  Explain why a separate fund generally is used to account

Explain why a separate fund generally is used to account for the construction and acquisition of major general capital assets.

  How can cvp analysis be used to predict future costs

How can CVP Analysis be used to predict future costs and profitability?- Describe how CVP Analysis is used, or could be used, at your current place of employment.

  Peace company capital stock is currently trading for 22 per

peace company capital stock is currently trading for 22 per share. the following accounts appear on the balance

  Analyze the need for a partnership agreement

Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a ..

  Acquisition bid from an unwanted suitor

What types of actions might the management of a firm NOT take to fight a hostile acquisition bid from an unwanted suitor?

  Computes cost of goods sold for the period

Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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