User Account

All Pages

Calculate the dollar amount of ending inventory

Assignment Help Accounting Basics
Reference no: EM132869517

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 28: Sold 300 units

November 29: 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 dollar amount of ending inventory shown on xyz company's November 30th balance sheet using the weighted average method.

Reference no: EM132869517

Questions Cloud

Discuss how event in the article affects : Discuss how the event in the article affects the lives of people other than those in management or the union.
How much should be willing to pay for bond today : It has a 28 year life; 10.5% required return. The face value of the bond is $10,000. How much should you be willing to pay for this bond today?
Bsbflm305 support operational plan : 1. Using an example, how would you procure resources such as buildings, equipment or machinery in order to support operations at your workplace?
Committee to plan the upcoming holiday party : You have just been appointed to head up the committee to plan the upcoming holiday party for your company, which employs around three hundred people.
Calculate the dollar amount of ending inventory : Calculate the dollar amount of ending inventory shown on xyz company's November 30th balance sheet using the weighted average method
Appropriate competitive strategies for the company : Analyze the competitive position of Genevieve Eternal Elixir and recommend appropriate competitive strategies for the company.
What is the amount of gain the company would record : IF the company sells the asset on January 1st of year 5, for $61,000 cash what is the amount of Gain / Loss the Company would record?
Calculate the depletion expense rate : Calculate the depletion expense rate AND calculate the depletion expense the company should recognize in Year 1 and Year 2.
Make the journal entry to record income tax at the end : For tax purposes, the following deductions were made: Warranty costs incurred 38,500. Make the journal entry to record income tax at the end

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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