User Account

All Pages

Calculate profit and loss on sale

Assignment Help Financial Accounting
Reference no: EM132983583

Question - Your Company uses FIFO for inventories (under IFRS). In your company the FIFO is calculated on continuous basis. There are known following information:

a. At the beginning of June your company has 180 units of good A measured at 280 USD/unit.

b. On June 11th your company purchased 260 units of good A at 290 USD/unit.

c. On June 18th your company sold 220 units of good A at 420 USD/unit. The amount 420 USD is selling price of one unit of A.

d. On June 26th your company purchased additional 190 of A at 330 USD/unit.

Required - Calculate profit and loss on sale.

Reference no: EM132983583

Questions Cloud

Describe three capital structure issues : Question - Describe three capital structure issues that financial managers must address and explain the effects and significance of these issues
What has been done to help prevent this fraud : What has been done to help prevent this fraud from recurring in the future, or what could be done to prevent this type of fraud
What is the maximum amount the firm should spend : The firm's manager is considering investing in a new scheduling and tracking system costing $140,000 per year. What is the maximum amount the firm should spend
How many payments will the fund be depleted : Your RRSP savings of $35,000 are converted to a RRIF at 6.50% compounded monthly that pays $5,200. How many payments will the fund be depleted
Calculate profit and loss on sale : At the beginning of June your company has 180 units of good A measured at 280 USD/unit. Calculate profit and loss on sale
Safe design standard operating procedure : Safe Design Standard Operating Procedure - Your standard operating procedure document must ensure these requirements are met in the designs
What is the cost of equity : The common stock of ABC Company has a beta of 1.10. If the expected return on the market is 10% and the risk-free rate is 5%, what is the cost of equity
Obtained the expected after-tax rate of return : The company decided to sell the equipment for $180,000 at the end of 4 years. Determine if the company obtained the expected after-tax rate of return
Explain the business process : Explain the Business Process (Such as the sales side of the customer) and Explain the Background and Problem Issued why you choose that business process

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the weighted-average number of shares outstanding

On January 1, 2015, Gridley Corporation had 250,000 shares of its $2 par value common stock outstanding. On March 1, Gridley sold an additional 500,000 shares on the open market at $20 per share. What is the weighted-average number of shares outstand..

  Discuss the effect on the journal entry for flynn at lease

Discuss the effect on the journal entry for Flynn at lease commencement, assuming initial direct costs of $2,000 are incurred by Flynn to negotiate

  What is payback period for a project with an initial outlay

Assuming that cash flows are received evenly throughout the year, what is the payback period for a project with an initial outlay of $15,000

  Calculate is cost of equity for royta ltd

A Bank Loan of R1 000 000 at 10.5%. Assuming that the company uses the CAPM to calculate is cost of equity. Calculate its weighted average cost of capital

  Estimate the stand-alone value of hfc

Estimate the stand-alone value of HFC, using the free-cash-flow projections provided in case Exhibit 10. Discuss the feasibility of the pro forma estimates.

  Discuss the merits of proposal of the minister of finance

Discuss the merits of the proposal of the Minister of Finance to abolish national budgeting, and clearly indicate your position on the acceptability

  Calculate the value of goodwill

Calculate the value of goodwill? The statement of financial position of the B Ltd as at the date of acquisition shows assets of $390 000.

  Explain business valuation

Explain business valuation and its purpose (also referred to as company valuation). Select a valuation method from the introduction in the Learning Guide

  Calculate the value of mom trademark as at december

Calculate the value of MOM's trademark as at December 31, 2020. LOL Inc. purchased 75% of MOM Inc. on January 1, 2019 for $1,000,000.

  Prepare a balance sheet for rogers corp

Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $139,000; Patents and copyrights = $630,000

  Proper amount of overhead had been applied

At that time, the job had consumed $4,300 of direct material and $900 of direct labor: Mr. Nemerson indicated that the proper amount of overhead had been applied to the job as part of the month-end process.

  What are the unique financial reporting implications

What are the unique financial reporting implications of the Partnership entity in comparison with the Proprietorship and Corporate structures

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