Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Gummo company sells many products. Guzmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gummo for the month of March. Gummo Company uses the perpetual inventory system.
Purchases
Sales
Units
Unit Cost
3/1 Beginning inventory
200
$55
?
3/3 Purchase
120
$60
3/4 Sales
$120
3/10 Purchase
400
$65
3/16 Sales
140
$130
3/19 Sales
160
3/25 Sales
100
3/30 Purchase
80
$75
Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the LIFO assumption, calculate the value of ending inventory for March
(c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show Computations)
(d) Using the lifo assumption, calculate the amount assigned to the inventory on hand on March 31. (Show Computations)
(e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show Computations)
Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciat..
eva for 2011 everyday electronics reported 22.5 million of sales and 18 million operating costs including
The following entry was recorded on February 1, 2013, when the semiannual interest was paid:
BAO2203- Corporate Accounting - The Role of the Continuous Disclosure Framework - Why is it necessary to have a continuous reporting regime for disclosure entities and is it effective?
Splitsville Company has two departments. Factory overhead costs are applied based on direct labor cost in Department A and machine hours in Department B.
Suppose that the special order had been to purchase 1,100 copies of the program for $4.50 each. Compute the incremental profit
the e company had the following records net sales 200000. beginning inventroy 13000. net purchases 45000. ending
Prepare the journal entries to record the above stock transactions.
wyco company manufactures toasters.for the first 8 months of 2012the company reported the following operating results
break-even what if lo 3 michael bordellet is the ownerpilot of bordellet air service. the company flies a daily round
Ellen Falk Hospital, a not for profit hospital, had the following transactions during the year ended December 31, 2012. Prepare journal entries necessary to record the transactions. The hospital does not use fund accounting.
The preferred stock pays an annual dividend of $5 per share. DiCenta's tax rate is 40%. Compute DiCenta's 2010 diluted earnings per share.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd