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You are the owner of a very small business that sells gourmet coffee. You sell only one product, a 12-ounce bag of whole-bean French roast coffee. You sell each bag of coffee for $14 each, but due to the fluctuation in commodity prices, the price you pay your supplier to stock the product is constantly changing. In your first month of operations, you bought bags of coffee from your supplier in the following order: (a) 1 units at $2 each on January 1, (b) 6 units at $4 each on January 8. and (c) 3 units at $7 each on January 29.
Problem 1: Assuming you sold 6 units during the month, calculate the cost of goods available for sale. ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO. and (c) weighted average cost flow assumption
at december 31 2010 kifer company had 500000 shares of common stock outstanding. on october 1 2011 an additional 100000
1. 7550 a year at the end of each of the next 8 years2. 48350 lump sum now3. 100050 lump sum 8 years from nowcalculate
Compute the volume in units and the dollar sales level necessary to maintain the present profit level, assuming that the maximum price increase is implemented.
What was Maher's ending inventory on August 31, 2004? Is this amount the actual or the estimated inventory cost
Suzy Manufacturing has estimated monthly sales of 18,000 units for $48 per unit. Variable costs include manufacturing costs of $27 and distribution costs of $9. Fixed costs are $60,000 per month.
Accounting plays a relatively unimportant role in budgeting.? Do you agree? Explain. What responsibilities does management have in budgeting?
For these transactions, show what Metricalla will report for inventory, revenues, and expenses on its financial statements at the end of the month.
Why is an audit of financial statements conducted? Discuss the factors that may make an audit necessary and potentially valuable for the company
If the columns of a trial balance total to the same amount the information included in the accounts must be correct. Do you agree or disagree?
The economic entity assumption states that economic events:
Required: Provide all of the necessary journal entries to record the both the account payable and the hedge
Determine the cost of ending work in process inventory and the cost of units transferred out of the department during October using the FIFO method.
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