Calculate the cost of goods sold

Assignment Help Cost Accounting

Reference no: EM131807209

Exercise to calculate FIFO and LIFO. Warner International, Inc. has the following inventory at hand, in order of acquisition in August 2016:

Date	Units	Units cost	Total Cost
August 01, 2016	500	$20	$10,000
August 03, 2016	800	$24	$19,200
August 07, 2016	700	$26	$18,200
August 10, 2016	800	$28	$22,400
August 12, 2016	900	$30	$27,000
Total	3700		$96,800

Warner International, Inc. sold 2,400 units during the month of August Is required:

Calculate the inventory as of August 31, 2016.Indicate how much is in units and dollars.

Also calculate the Cost of Goods Sold using the following inventory methods:

1. FIFO 2. LIFO

Reference no: EM131807209

Questions Cloud

Annual maintenance and operating costs : The annual maintenance and operating costs are expected to be $12,000. Using a 12% interest rate, which machine should be chosen?

Compute the companys debt to equity ratio at year end : How much was the company's long-term debt at year end? Compute the company's debt to equity ratio at year end.

Present grape-pressing equipment : The Crockett Land Winery must replace its present grape-pressing equipment. The two alternatives are the Quik-Skwish and the Stomp-Master.

What is the minimum average transfer price : What is the minimum average transfer price at which the Division A manager would be willing to sell 1,927 engines to Division B

Calculate the cost of goods sold : Calculate the inventory as of August 31, 2016.Indicate how much is in units and dollars. Also calculate the Cost of Goods Sold .

What is the operating income per bottle of bottler division : What is the operating income per bottle of the Bottler Division

Inference of the test at a given level of significance : Consider the following sample data drawn independently from normally distributed populations with equal population variances.

Would you recommend a audit or nonaudit attestation service : The HOA board has asked you to provide an opinion on Pennypacker's question. Would you recommend a full audit or a nonaudit attestation service?

Compute the capitalized cost of the dam : A small dam was constructed for $2 million. The annual maintenance cost is $15,000. If interest is 5%, compute the capitalized cost of the dam

User Account

All Pages