User Account

All Pages

Calculate the value of the ending inventory

Assignment Help Accounting Basics
Reference no: EM133062795

Question - Big Bob's Used Cars had the following inventory as of April 1, 2021. A 2018 Jeep Wrangler: cost $24,550 and a 2016 Ford Mustang: cost $18,600. During April, Big Bob purchased a 2019 Chevrolet Cruz at a cost of $12,900, a 2018 Nissan Sentra at a cost of $8,450, and a 2000 Toyota Camry at a cost of $22,250. During April, Big Bob sold the 2018 Jeep Wrangler for $26,900 and the 2019 Chevrolet Cruz for $15,550. Big Bob's uses the specific identification inventory costing system.

Baldwin Company had a beginning inventory of $22,000, net sales of $235,000, and cost of goods purchased of $148,000. The company had a gross profit margin of 38% in the previous year. Calculate the value of the ending inventory using the gross profit method.

Reference no: EM133062795

Questions Cloud

What is the Ladies Belt Division return on investment : Leather Goods Corp's average stockholders' equity is P300,000. It is subject to an income tax rate of 40%. What is Ladies Belt Division's return on investment
Calculate the basic and diluted earnings per share : Calculate the basic and diluted earnings per share for years 2014 and 2015 including comparative figures (where relevant)
What was the balance of Work in Process as of April : Selected accounts with a credit amount omitted are as follows: What was the balance of Work in Process as of April 30
Prepare a standard cost card for each product : Production during May 1,500 Alpha6s and 2,000 Zeta7s. Prepare standard cost card for each product, showing standard cost of direct materials and direct labor
Calculate the value of the ending inventory : Baldwin Company had a beginning inventory of $22,000, net sales of $235,000, Calculate the value of the ending inventory using the gross profit method
Calculate total amount to be reported for ending inventory : Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Calculate total amount to be reported for ending inventory
Calculate ending inventory and cost of goods sold for year : During the year, Wright Company sells 400 remote-control airplanes for $100 each. Calculate ending inventory and cost of goods sold for year
Calculate cost of goods sold : Question - Swifty Corporation is a multi-product firm. Calculate cost of goods sold, assuming Swifty uses a periodic inventory system and weighted average cost
What is the MIRR of this project : The Gulf Co. is evaluating a project with the following cash flows: The company uses a 15 percent interest rate on all of its projects. What is the MIRR

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