User Account

All Pages

Calculate the value of ending inventory

Assignment Help Accounting Basics
Reference no: EM132681606

Question - You are provided with the following information for Coronado Inc. Coronado Inc. uses the periodic method of accounting for its inventory transactions.

March 1 Beginning inventory 2,000 liters at a cost of 70¢ per liter

March 3 Purchased 2,500 liters at a cost of 74¢ per liter

March 5 Sold 2,300 liters for $1.05 per liter

March 10 Purchased 4,000 liters at a cost of 81¢ per liter

March 20 Purchased 2,500 liters at a cost of 89¢ per liter

March 30 Sold 5,000 liters for $1.25 per liter

Required - Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. Specific identification method assuming:

(i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and

(ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20.

Reference no: EM132681606

Questions Cloud

Reading and assessing the work of peers : By this time, you have given some thought on the knowledge and skills you have acquired for Financial Management. Reflect on the new knowledge
What is the profit or loss associated with copper : Allocate the joint costs using the relative sales values. With these costs, what is the profit or loss associated with Copper?
How much will be the carrying amount of the investment : The investment will be subsequently measured at amortized cost. How much will be the carrying amount of the investment on December 31, 20x2
Design content and tactics for each channel : Design content and tactics for each channel in view of the colours and symbols as brand building tools. Pay attention to typography, visual art design
Calculate the value of ending inventory : Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions
Expected return on netflix stock change : The beta for Netflix's stock is 1.3. If the expected return on the market portfolio increases by 0.61%, by how much will the expected return on Netflix's stock
Calculate the unlevered cost of capital for xyz : XYZ Corp has a market capitalization of $329 million, a market value of debt of $90 million and no excess cash. You estimate that the cost of equity for this fi
What is the equation of the total mixed cost function : Determine the variable cost per unit and the fixed cost using the high-low method. What is the equation of the total mixed cost function
Calculate the call option value using the two-state stock : The risk-free rate of interest is 8%. Calculate the call option's value using the two-state stock price model.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the present value of all three future benefits

He will receive an annuity of $24,000 per year. At a discount rate of 10 percent, what is the present value of all three future benefits

  Types of patients make use of their emergency room

A hospital is interested in what types of patients make use of their emergency room facilities. It is decided to sample 10% of all patients arriving at the emergency room for the next month and record their demographic information along with type ..

  Prepare single-step income statement in good form

Provided from ABC Company at the end of December 31, 2019, prepare SINGLE-STEP Income Statement, IN GOOD FORM for the Company

  Calculate the flexible-budget variance

Munoz Manufacturing Co., Calculate the flexible-budget variance. Was the total factory overhead under- or overapplied? By what amount?

  Estimate the income participation of wyatt and truett

determine the income participation of wyatt and truett according to each of the five assumptions as to income division

  Prepare common size income statements and balance sheets

This company is a new and growing company, Prepare common size Income Statements and Balance Sheets for the prior and current periods

  Which copier should you purchase

You are in the market for a new copier for your office. Assuming your opportunity cost of funds is 5 percent, which copier should you purchase?

  What is profit attributable to the non-controlling interest

Exe Co acquired 70% of the ordinary share capital of Barle Co six years ago. What is the profit attributable to the non-controlling interest

  Hecter company estimates uncollectible accounts using the

hecter company estimates uncollectible accounts using the allowance method at december 31. it prepared the following

  Calculate the cumulative data for the period

Now, calculate the cumulative data for the period. Therefore add planned value, actual costs and earned value of both the activities

  Prepare the company production budget

The selling price of the company's product is $18.00 per unit. Prepare the company's production budget for the upcoming fiscal year

  Prepare the journal entry to record the sale of equipment

Equipment was purchased for $24,000 on January 1, 2016. Prepare the journal entry to record the sale of equipment

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