User Account

All Pages

Compute Jepson gross profit for October

Assignment Help Accounting Basics
Reference no: EM132690391

Question - Jepson Electronic Center began in October with 90 units of merchandise inventory that cost $70 each.

During October, the store made the following purchases:

3-Oct 20 units at $75 each

12-Oct 40 units at $78 each

18-Oct 60 units at $84 each

Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 110 units of merchandise inventory are on hand. Based on this data, answer the following:

Required -

1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods.

2. Sales revenue for October totaled $26,000. Compute Jepson's gross profit for October using each method.

3. Which method will result in the lowest income taxes for Jepson and why?

4. Which method will result in the highest net income for Jepson and why?

Reference no: EM132690391

Questions Cloud

How do people respond to organizational politics : How Do People Respond to Organizational Politics? Please provide references.
Prepare the REA model of the purchase cash payments : In the cash disbursements department, Larry receives the information from the AP department, Prepare the REA model of the purchase cash payments
What should alison brown do : Assess the economic benefits of owning and producing an album versus licensing an artist's recording. What are the initial outlays under either scenario?
What is the corporate parent : What is the Corporate Parent - Ashridge Matrix of ORPEA group
Compute Jepson gross profit for October : Jepson uses the periodic inventory system, and the physical count at October 31 indicates that 110 units of merchandise inventory, Compute Jepson gross profit
Discuss about the effective organizational environment : You have been asked to present at an upcoming retreat for local leaders who are interested in learning how ethics, culture, and diversity contribute.
Important points of the presentation : What were the most important points of the presentation? What was useful and interesting?
What are the benefits of project management : Explain the role the project manager played in managing the project's success or failure. Include an example. What are the benefits of project management?
Determine the adjustment made to the partnership assets : ALLAN is to be admitted into the partnership upon her cash investment for a 15% interest in the partnership. Determine the adjustment made to partnership assets

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assignment on tesla motors inc

I need help with my final project work. I attached its instructions and rubric details here. For this assignment, I selected Tesla Motors inc. Your answer must be 6-8 pages long. Must include headings before starting each new section. All work mu..

  Describe element of the marketing mix

Select one element of the Marketing mix and discuss how marketing research could help that area.which is more detrimental to a firm, pricing

  On april 15th 2012 the board of directors for auctioncom

on april 15th 2012 the board of directors for auction.com declared a cash dividend for 40 cents per share payable to

  Post to the appropriate ledger accounts

Rose Company started its operations on January 1, 2018. Prepare Journal entries to record the above transactions. Post to the appropriate ledger accounts

  How much revenue will be recorded by Eastern Corporation

Eastern Corporation purchased 225,000 Western Corporation common shares on January 2, 2018, for $540,000. How much revenue will be recorded by Eastern

  Summary of the time tickets

A summary of the time tickets for August follows:

  Identify these events as asset source as asset use au asset

at the beginning of 2012 the jeater company had the following balances in its accounts cash 4300 inventory 9000 common

  Prepare a master budget for edgeworth box corporation

Prepare a master budget for Edgeworth Box Corporation for the next year. Assume an income tax rate of 35 percent

  Healthy population is particularly important for developing

Based on the scenario and the knowledge gained from this section, address the following: Develop an argument for why a healthy population is particularly important for developing countries overall. Next, determine specific steps-aside from building m..

  Calculate company xyz inventory turnover ratio for this year

Using the mentioned below formulas and the information above, calculate Company XYZ's inventory turnover ratio for this year

  What amount of goodwill should Egbert record

On 12/31/21, Egbert Corporation paid $12254000 to acquire Ivanhoe. What amount of goodwill should Egbert record as a result of this purchase

  Prepare the journal entries for bentz corporation

Bentz Corporation bought and sold several securities during 2006. Listed below is a summary of the transactions. Prepare the journal entries for the above transactions. Show calculations.

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