Solution-Compute Cost of ending inventory using FIFO method

Compute Cost of ending inventory using FIFO method

Assignment Help Accounting Basics

Reference no: EM132955500

Question - The following data relate to the company's inventory of pool liners for May.

Beginning Inventory, May 01 1,000 liners at P100 each 4-May Purchased 1,500 at P90 each

10-May Issued 1,200 liners

16-May Issued 800 liners

20-May Purchased 2,000 liners at P75 each

25-May Issued 1,000 liners

28-May Issued 900 liners

30-May Purchased 1,000 liners at P110 each

1) Compute Cost of ending inventory using FIFO method?

2) Compute Cost of direct materials used using FIFO method?

3) Compute Cost of ending inventory using moving average method?

4) Give the entry to record the transaction on May 20 (under the periodic system).

Reference no: EM132955500

Questions Cloud

Compare and contrast the security mechanisms : compare and contrast the security mechanisms of a trusted operating system with those used in a general purpose operating system

What amount should shown in orchids company statement : What amount should be shown in Orchids Company's statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost

What are the tax consequences to all the parties involved : What are the tax consequences to all the parties involved? A complete liquidation of Axle would be followed by a cash purchase of the distribution division.

Journalize the amortization of the related bond discount : 7-year bond that pays semiannual interest of $297,000, Journalize the first interest payment and the amortization of the related bond discount.

Compute Cost of ending inventory using FIFO method : Beginning Inventory, May 01 1,000 liners at P100 each 4-May Purchased 1,500 at P90 each. Compute Cost of ending inventory using FIFO method

Compute the new price of the bond : Compute the new price of the bond. Media Bias Inc. issued bonds 10 years ago at $1,000 per bond. These bonds had a 40-year life

Find budgeted variable overhead cost rate per output unit : Find the budgeted variable overhead cost rate per output unit. Atlas Cable Company has a total variable overhead cost at $3,200,000

Evaluate a set of business requirements : Evaluate a set of business requirements to determine suitability for a cloud computing delivery model - ICT Risk Management strategy for a cloud computing

Compute the budgeted variable overhead cost rate per output : Compute the budgeted variable overhead cost rate per output unit. The managerial accountant at Rainy Day Umbrella Company needs to calculate the direct material

User Account

All Pages

Compute Cost of ending inventory using FIFO method

Reference no: EM132955500

Reference no: EM132955500

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT