User Account

All Pages

Calculate net income under FIFO and LIFO

Assignment Help Financial Accounting
Reference no: EM132997050

Question - The following data are available for Sellco for the fiscal year ended on January 31, 2020:

Sales 780 units

Beginning inventory 210 units@ $3

Purchases, in chronological order 340 units @ $4 410 units @ $..s @ $8

Required -

a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.)

b. Assume that net income using the weighted-average cost flow assumption is $12,400. Calculate net income under FIFO and LIFO.

Reference no: EM132997050

Questions Cloud

Describe the various corporate governance mechanisms : Question - Describe the various corporate governance mechanisms and how they may be utilized to pursuit shareholder interests
Discuss two ways technology skill could help obtain : Restate the position that you are interested in obtaining. Discuss two ways your technology skill could help you obtain or be successful in the position.
Write articles on computer crime prosecution : Write articles on computer crime prosecution. Write a one page paper summarizing the article and identify key features of the decision you find in your search.
Do crime television shows depict the collection and why : According to scientists Saferstein, Do crime television shows depict the collection and analysis of crime scene evidence realistically?
Calculate net income under FIFO and LIFO : Assume that net income using the weighted-average cost flow assumption is $12,400. Calculate net income under FIFO and LIFO
How do plan to use that information moving forward : Take a moment to reflect back on the last 11 weeks. Which 1-2 lessons do you believe will be the most valuable as you continue developing your skills?
How many units are in ending inventory : The company chose practical activity-at 20,000 units-to compute its predetermined overhead rate. How many units are in ending inventory
Examine central tendency based on two separate variables : Examine central tendency and variability based on two separate variables. You will also explore the implications for positive social change
Is juvenile court in same location as state trial court : Do you agree that juvenile courts should be closed to the public? Is juvenile court in the same location as state trial court? If not, why do think that is?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What will the share price be after the rights issue

What will the share price be after the rights issue? Which plan is more likely to raise the full amount of capital? How much money will each plan raise?

  Job-order cost system-applies manufacturing overhead cost

The Smith Company uses a job-order cost system and applies manufacturing overhead cost to jobs on the basis of direct labour cost. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined ..

  Compute the estimates for a standard cost and budgeted cost

Perez Company uses both standards and budgets. For the year, estimated production of Product X is 547,200 units. Total estimated cost for materials and labor are $1,203,840 and $1,586,880. Compute the estimates for (a) a standard cost and (b) a budge..

  What will be the average cost to bake

If the total cost function for croissants is linear, what will be the average cost to bake 4,600? (Do not round intermediate calculations.)

  What is the firm after-tax cost of debt

Teton Company's 8% coupon rate, quarterly payment, $1,000 par value bond, which matures in 20 years, What is the firm after-tax cost of debt

  What is the operating income for both firms

What is the operating income for both firms and what are the earnings after interest?

  Compute what is the loan effective annual rate

A loan is offered with monthly payments and a 9.00 percent APR. Whats's the loan's effective annual rate (EAR)? (Do not round intermediate calculations)

  Prepare a classified balance sheet as of april

while indicates that the item is long-term in nature. Prepare a classified balance sheet as of April 28, 2001.

  Prepare partial amortization table

On January 1, a company purchased 5%, 15-year corporate bonds for $59,249,660 as an investment. The bonds have a face amount of $80 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effecti..

  What amount of loss should hart recognize on the redemption

Hart amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Hart recognize on the redemption of these bo

  Calculate the companys dividend paid per share

Calculate the company's dividend paid per share of common stock. What was the dividend payout? 9% bonds payable $40,000

  Which project would you recommend

Mutually exclusive Project L costs $30,000, and its expected cash flows would be $8,750 per year for 5 years. Which project would you recommend

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