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!
A company uses a prepetual inventory system. It entered intothe following calendar year 2009 purchases and salestransactions.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan.1 Begininginventory............... 770 units @$50/unit Feb. 10 Purchase............................. 420units @ $41/unit Mar.13 Purchase.............................. 260 units @ $25/unit Mar.15 Sales..................................... 770 units @ $75/unit Aug. 21 Purchase............................... 180 units @ $49/unit Sept. 5 Purchase............................... 585units @ $42/unit Sept. 10 Sales..................................... 650units @ $75/unit Totals.................................... 2,215units 1,420 units
a) Compute the cost assigned to ending inventory using(1) FIFL, (2) LIFO, (3) specific identification units sold consist of 95 unitsfrom beginning inventory, 175 from a February 10 purchase, 70from a March 13 purchase, and 455from a September 5 purchase, and (4) weighted average - round per unit cost to three decimalsand inventory balances to the dollar.
b) Compute gross profit earned by the company.
What was the amount of the gain or loss on retirement of the bonds? Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 20..
A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000.
A manual insertion process takes 30 minutes and eight pounds of material to produce a product. Automating the insertion process requires 15 minutes of machine time and 7.5 pounds of material.
Which of the following debt service funds would normaly have the largest balance in its fund balance account? Serial bond debt service, Deferred serial bond debt service fund, irregular serial bond debt service fund, term bond debt service fund.
On January 10, Klugman purchased 6 units at $660 each.The company sold 2 units on January 8 and 4 units on January 15. Compute the ending inventory under (1) FIFO, (2) LIFO, and (3) average-cost.
Expensens accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?
Litman LLC placed in service on July 29, 2009 machinery and equipment (7 year property) with a basis of $400,000. Litmans income for the current year before expensing was $100,000. Calculate the maximum depreciation expense including section 179 (..
which one of the following accounts would not appear on the consolidated financial statements at the end of the first fiscal period of the combination?
Mary and Bob have been married for 25 years. They are both college professors. Mary makes $65,000 annually and Bob makes $75,000 annually.
Jones accounts for its treasury stock transaction using the cost method. What amount would Jones report as Common Stock in the equity section of its December 31 balance sheet?
Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments:
If 15,000 units of the new product could be sold at $16.00 per unit, and the company's other business did not change, calculate the company's total operating income and average contribution margin ratio. (The new product adds an additional $37,800..
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