User Account

All Pages

Calculate ending inventory and cost of goods sold

Assignment Help Financial Accounting
Reference no: EM132488403

During the year, Wright Company sells 480 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.

Date          Transaction Number of Units                   Unit Cost                     Total Cost

Jaan. 1       Beginning inventory 50                        $70                            $3,500

May. 5        Purchase 260                                     73                            18,980

Nov. 3     Purchase 210                                         78                            16,380

                                                                         520                            $38,860

Question 1: Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.

Reference no: EM132488403

Questions Cloud

Compute the apple inc debt to equity ratio at year-end : Compute the Apple Inc's debt to equity ratio at year-end. How does it compare to the industry? What does this tell you about the Apple Inc ?
What total amount will Janeen pay on march : The loan is due march 9th, 2020. Use ordinary interest to calculate the interest. What total amount will Janeen pay on march 9th 2020
Mechanism adjusting the exonomy back to potential gdp : Suppose the economy is at a short run equlibrium gdp that lie below potential GDP which of the following Will occur because of the autmoatic mechanism
What are risks of poor corporate governance : What risks of poor corporate governance and advantages of good corporate governance? Explain problems identified over the years in relation to risk management
Calculate ending inventory and cost of goods sold : Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Wright Company sells 480 remote-control airplanes for $100 each
What is the laffer curve : What is the Laffer curve? What does it mean to be on the wrong side of the Laffer curve? Use a diagram to explain
Hortrun equilibrium price and quantity of cobalt : a) What is the shortrun equilibrium price and quantity of cobalt? b) What is the supply curve for each firm?
What are the perceived purposes of an annual report : What are the perceived purposes of an annual report? Define 'earnings management'. Do you consider it to be good or bad? Why
What is the total cost of merchandise purchased : What is the total cost of merchandise purchased? ABC Company regularly buys merchandise from DEF Co. and is allowed a trade discount

Reviews

Write a Review

Financial Accounting Questions & Answers

  How do you think fasb feels about timing manipulations

How do you think FASB feels about timing manipulations for the purpose of hitting projection goals? Would you require disclosure of these shifting practices in the quarterly financial report? Why or why not?

  Illustrate what amount of the above expenditures would croma

Sale of the product began in 2012. Illustrate what amount of the above expenditures would Cromartie expense in its 2011 income statement?

  Prepare contribution format segmented income statements

Prepare contribution format segmented income statements for the total company broken down between sales territories. (Round the percentage answers to one decimal place.

  Abacab companys shares are shown on the new market stock

abacab companys shares are shown on the new market stock exchange which gives the use of either international financial

  Direct method of determining cost of goods sold

Uxmaiz Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below: Using the direct method, what is the cost o..

  Definition of each of three types of recognition systems

Share a brief definition of each of the three types of recognition systems. Which system in your opinion would be the most effective at motivating a team? Why? Is it better for a company to choose one system or integrate elements of each of the three..

  Calculate the break-even in sales dollars

Dance Unlimited plans to sell 10,000 ballet shoes at $50 each in the coming year. Unit variable cost is $30 and total fixed cost equals $65,000. Calculate the break-even in ballet shoes. Calculate the break-even in sales dollars.

  How diversification reduce risk when investing in shares

Analysis of Financial Information - Explain what diversification means & advise your client about how diversification could reduce risk when investing in shares

  Calculation of break even point and degree of operating

calculation of break even point and degree of operating leverage.downes consolidated industries international uses a

  Expenditure and human resources and payroll cycles

For the Revenue, Expenditure, and Human Resources / Payroll cycles, identify at least three specific ways (tools) that information technology can be used to improve each of these processes, and identify & describe an internal control method that is n..

  Prepare all the journal entries - wastewater limited

Prepare all the journal entries that Wastewater Limited would prepare for the years ending 30 June 2013, 30 June 2014 and 30 June 2015 to account

  In which year was the company more liquid and why

In which year was the company more liquid and why? Was the company financed by more debt or more equity in 2014 and 2015 and why? What trends do you see on the balance sheet?

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