User Account

All Pages

Calculate the amount of gross profit

Assignment Help Financial Accounting
Reference no: EM132868996

Question - Company xyz employs a periodic inventory system and sells its inventory to customers for $35 a unit. Xyz's company inventory records the following information for the month of November:

November 1: beginning inventory was 500 units @ $12 cost per unit

November 4: Sold 60 units

November 9: Purchases 450 units @ $14 cost per unit

November 17: Sold 500 units

November 19: Purchases 350 units @ $12.5 cost per unit

November 26: Purchased 375 units @ $16 cost per unit

November 29: Sold 300 units

November 30th: purchased 250 uunits @ 13.5 cost per unit

Xyz's companys operating expenses for november totaled $60,000 and the November income tax rate was 20%.

Required - Calculate the amount of gross profit reported on xyz's companys income statement for November using FIFO method.

Reference no: EM132868996

Questions Cloud

Prepare Accounting adjustments required at December : Prepare Accounting adjustments required at December 31st for each of the above 3 adjustments using Journal entry format
What learned about the cloud computing : Cloud computing and note: What you learned about the topic Why you selected the topic How you will utilize the topic in the future
Major elements of your risk management plan : Describe the objectives and major elements of your risk management plan. Suggest strategies to prevent and mitigate the risks identified in criterion two.
Demonstrate the ability to communicate technical information : Your company is considering the implementation, Demonstrate the ability to communicate technical information in a professional manner to a variety of audiences.
Calculate the amount of gross profit : Xyz's companys operating expenses for november totaled $60,000 and the November income tax rate was 20%. Calculate the amount of gross profit
Create a graph of the marginal product of labor : Suppose this bakery decides to add another unit of capital in the long-run. Find the marginal product of the 4th unit of capital and the marginal product
Disadvantages of using only supervisors as raters : -What are the disadvantages of using only supervisors as raters? What are the disadvantages of using peers, subordinates, and customers as raters?
Opening new market in canada : Imagine that you are the team leader for a project at work. Your team has been assigned with opening a new market in Canada.
What sort of people and institutions might acquire economic : Whose problem is it? What sort of people and institutions might acquire special economic and political power because of technological change?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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