Comprehensive the following information for 2010 is

Assignment Help Accounting Basics

Reference no: EM13600765

Comprehensive The following information for 2010 is available for the Marino Company:
1. The beginning inventory is $100,000.
2. Purchases of $300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken.
3. Purchases returns of $4,000 were made.
4. At December 31, purchases of $20,000 were in transit, FOB destination, on terms of 2/10, n/30.
5. The company made sales of $640,000. The gross selling price per unit is twice the net cost of each unit sold.
6. Sales allowances of $6,000 were made.
7. The company uses the LIFO periodic method and the gross method for purchases discounts.

Required

1. Compute the cost of the ending inventory before the physical inventory is taken.

2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.

Reference no: EM13600765

Questions Cloud

At december 31 2010 braddock company had a balance of 15090 : at december 31 2010 braddock company had a balance of 15090 in the allowance for doubtful accounts. during 2011

It is december 3120xxand wallys watches is beginning the : it is december 3120xxand wallys watches is beginning the process of closing the books at the end of the year. the cfo

Liquidating partnerships need solution to question prior : liquidating partnerships. need solution to question. prior to liquidating their partnership. quinn and kestner has

Kagawas effective tax rate is 40 percent and is based in an : following is information taken from the accounting records of kagawa company at the end of 2009. - net sales 660000 -

Comprehensive the following information for 2010 is : comprehensive the following information for 2010 is available for the marino company1. the beginning inventory is

Prepare a statement of partnership liquidation covering the : statement of partnership liquidation. on june 3 2012 the firm of lyon malone and chen divided to liquidated their

Ruvolo jeep tours operates jeep tours in the heart of the : turiano corporation bases its budgets on machine-hours. the companys static planning budget for november appears

Under the indirect method of preparing a statement of cash : under the indirect method of preparing a statement of cash flows why do gains and losses affect new income when

What is earnings per share and how is it computed why is : what is earnings per share and how is it computed? why is eps presented on the income statement as opposed to all other

User Account

All Pages