User Account

All Pages

Compute ending inventory and cost of goods sold under fifo

Assignment Help Financial Management
Reference no: EM132359676

Question

Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1:

UnitsUnit Cost Inventory, December 31, 20141,980 $5 For the year 2015: Purchase, March 215,040 7 Purchase, August 12,900 8 Inventory, December 31, 20154,060

Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)

Reference no: EM132359676

Questions Cloud

What effect did this error have on combined pretax income : Prepare the schedule with the following headings to reflect the comparative effects of the correct and incorrect amounts on the income statement.
Devise a functional road hierarchy classification : CIVE 2012 - Road Design and Traffic Management - University of South Australia - Identify the other considerations that would be required for a traffic impact.
Project sponsor and customer : Your Project Sponsor and customer informed you that you have to deliver your project much sooner than anticipated.
Compute the valuation that should be used for the 2015 : Compute the valuation that should be used for the 2015 ending inventory using the LCM rule applied on an item-by-item basis.
Compute ending inventory and cost of goods sold under fifo : Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Penn Company uses a periodic inventory system.
What were the actions of the local : How devastating was 'Hurricane Andrew' in 2002? What ethical issues were faced during this period?
Prepare the journal entry to record this purchase : Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. Select Apparel purchased 90 new shirts.
What were the strategies of different organizations : What were the strategies of different organizations in the 'Hurricane Andrew' clean-up in 2002?
Compute the acquisition cost of each intangible asset : Compute the amortization of each intangible at December 31,2013.The company does not use contra-accounts.Compute the acquisition cost of each intangible assets.

Reviews

Write a Review

Financial Management Questions & Answers

  Foreign company acquisition

Acquisition by a foreign company and the effects of that decision and the results of foreign exchange in Euro and the exchange rate differences.

  Financial management for profit and non profit organizations

In this essay, we are going to discuss the issues of financial management in a non-profit organisation.

  Method for estimating a venture''s value

Evaluate venture's present value, cash and surplus cash and basic venture capital.

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Business finance task - capital budgeting

Your company is considering using the payback period for capital-budgeting. Discuss the advantages and disadvantages of this technique.

  Analysis of the investment

In this project, you will focus on one of these: the additional cost resulting from the purchase of an apple press (a piece of equipment required to manufacture apple juice).

  Conduct a what-if analysis

Review the readings and media for this unit, including the Anthony's Orchard case study media. Familiarise yourself with the Anthony's Orchard company and its current situation.

  Determine operational expenditures

Organisations' behaviour is guided by financial data. In the short term, such data will help determine operational expenditures; in the long term, historical data may help generate forecasts aimed at determining strategic plans. In both instances.

  Personal financial management

How much will you have left over each half year if you adopt the latter course of action?

  Sources of finance for expansion into new foreign markets

A quoted company is considering several long-term sources of finance for expansion into new foreign markets.

  Long term financial planning

This assignment is designed for analyze Long term financial planning begins with the sales forecast and the key input in the long term fincial planning.

  Explain the role of fincial manager

This assignment explain the role of fincial manager, function of manger. And what are the motives of financial manager.

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