Solution-Calculate ending inventory and cost of goods sold

Calculate ending inventory and cost of goods sold

Assignment Help Accounting Basics

Reference no: EM132095247

Question - The following is an analysis of the Inventory of Kelly's Krystals:

Units Unit Cost Total

Nov 1 Beginning Inventory 5,000 $5.00 $25,000

Nov 5 Purchases 4,500 $8.50 $38,250

Nov 10 Purchases 2,000 $10.00 $20,000

Nov 20 Purchases 2,500 $12.50 $31,250

Total 14,000 $114,500

1. During the year, Kelly's sold 9,500 units. Calculate Ending Inventory and Cost of Goods Sold using the following methods: a. Average Method b. First-in, First-Out c. Last-in, First-Out

2. If Kelly sells her Krystals for $18 each, what is the GROSS PROFIT Under all 3 Methods?

Reference no: EM132095247

Questions Cloud

How is the fixed-asset turnover ratio computed : How is the fixed-asset turnover ratio computed? Discuss how you would interpret Bed Bath & Beyond's ratio of 7.8355

Ventures in salt-compass minerals international : After reading the case "Ventures in Salt: Compass Minerals International," consider strategic moves for this stand-alone firm.

Prepare journal entries for these transactions : Prepare journal entries for these transactions using a single overhead account for variable and fixed overhead

Create a detailed use-case description for the main use case : Once you have a prescription, you go to an optical dispensary, where you select your frames and place the order for your glasses.

Calculate ending inventory and cost of goods sold : During the year, Kelly's sold 9,500 units. Calculate Ending Inventory and Cost of Goods Sold using the following methods: Average Method

Model the situation simio processes : Two types of customers called BigBucks and LittleBucks arrive to a store. BigBucks arrive individually according to a Poisson process with mean rate 2 per hou

What is the ending value in merchandise inventory : Tara Kelly Inc. has $4,000 in INVENTORY at Jan 1, 2015. What is the Ending Value in Merchandise Inventory and Cost of Goods

Outsources the screens of phones produced : A manufacturer of mobile phones currently outsources the screens of phones produced.

Eliot has been out of business for twenty-five years : 1. Any more recent employment history, Jake? Eliot has been out of business for twenty-five years. Is this a reasonable question?

User Account

All Pages

Calculate ending inventory and cost of goods sold

Reference no: EM132095247

Reference no: EM132095247

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