Compute the amount of goods available for sale

Assignment Help Financial Accounting
Reference no: EM132487988

Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Transactions

Units

Unit Cost

Beginning inventory, January 1

1,600

$    7.00

Transactions during the year:

 

 

a.   Purchase, January 30

2,200

10.00

b.   Sale, March 14 ($15 each)

(1,000)

 

c.   Purchase, May 1

1,200

12.00

d.   Sale, August 31 ($15 each)

(1,900)

 

Required:

Question 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)

Reference no: EM132487988

Questions Cloud

Calculate the break-even point in patient day under contract : Calculate the break-even point in patient days under this contract. develop a break-even for a capitation contract with a major HMO.
Write lower bound-upper bound separated by comma : Calculate the 95% confidence interval for the differences, rounded to one decimal. Write lower bound-upper bound separated by comma.
How juans investment will be worth : The market rate of interest in Mexico is 10% and interest is compounded semi-annually. At the end of four years, Juan's investment will be worth
Normal distribution to approximate the desired probability : A coin is tossed 20 times. A person, who claims to have extrasensory perception, is asked to predict the outcome of each flip in advance. She predicts correctly
Compute the amount of goods available for sale : Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods.
How will you measure performance for the job : This assignment will require you to consider essentially all aspects of personnel psychology discussed in this class. You may complete it individually.
Different groups of trainees : There are 13 qualified applicants for 4 trainee positions in a fast-food management program. How many different groups of trainees can be selected?
Discuss what might be a more rigorous scientific test : Lastly, discuss what might be a more rigorous scientific test of the approaches' impact on your ability to manage stress (and ultimately on your health).
What is the probability that it will be shipped : Suppose that a given box has two defective toys. What is the probability that it will be shipped?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is incremental monthly revenue for staples-paperclips

Walters Company is considering producing 120,000 pounds of paperclips and 140,000 pounds of staples each month from their current production of grade A and grade B wiring. The following are the expenditures to date: hould Walters Company sell their p..

  The marketing concept holds

The marketing concept holds that ________.

  Disregarding interest-how much in delinquency penalities

An individual files an income tax return for the calendar-year 2013 on September 20, 2014, and pays 1200 which is the balance of tax due. Disregarding interest, how much in delinquency penalities would be Have to pay?

  Calculate the npv of the new project line

Suppose that Antel uses a weighted average cost of capital of10 % as a benchmark for its new chip projects. Calculate the NPV of the new project line

  Long term capital gain or long term capital loss on sale

Wanda owns a non-depreciable capital asset she has held for investment. She purchased the asset for $200,000 six years ago, and it is now subject to a $54,000 liability. Calculate the amount of Wanda’s Long Term Capital Gain or her Long Term Capital ..

  Future taxable amounts and and future deductible amounts

Define temporary differences, future taxable amounts, and future deductible amounts.

  Most likely results from this redemption

Nickel Inc. bought $400,000 of 3-year, 9% bonds as an investment on December 31, 2012 for $436,000. Nickel uses straight-line amortization. On May 1, 2013, $80,000 of the bonds were redeemed at 115. How much, and what type of gain or loss, most likel..

  How much is the direct labor efficiency variance

The following information describes a company’s usage of direct labor in a recent period: Actual direct labor hours used 32,500 Actual rate per hour $18.00 Standard rate per hour $16.50 Standard hours for units produced 32,000 How much is the direct ..

  Calculate deltas net purchases

Prepare all of Delta's journal entries for the above transactions. Delta uses a periodic inventory system - Calculate Delta's net purchases.

  Calculation of the key financial ratios for 2012

Prepare a report for your client. Your report should include a description of the core business of the company including full details of its operating activities.

  What are the major risks facing company

Role of a new researcher at a large investment bank -  What are the major risks facing this company?

  Accounts receivable

Find the Accounts Receivable (may also be called Trade Receivables) for Reliance Industries Limited. How much is the "net amount"? This is the amount after deducting the Allowance for Uncollectible Accounts (this can have some other names)

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd