Reference no: EM13973114
Kirtland Corporation uses a periodic inventory system.
At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item in inventory showed the following:
Transactions Units Unit Cost Beginning inventory, January 1, 2015 470 $6.00 Transactions during 2015:
a. Purchase, January 30 370 4.10
b. Purchase, May 1 530 7.00
c. Sale ($8 each) (230)
d. Sale ($8 each) (770)
Required:
a. Compute the amount of goods available for sale.
b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, 2015 under Average cost, First-in, first-out, Last-in, first-out, Specific identification of the inventory costing methods.
Specific identification: assuming that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30, 2015. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1, 2015. (Do not round intermediate calculations. Round "Average Cost and Specific Identification" to 2 decimal places.)
|
Find the average cost per animal for ten animals
: Find the average cost per animal for 10 animals, 100 animals, and 1,000 animals. As the number of animals tested increases, what happens to the average cost to test the animals? How do you know this?
|
|
Evaluate the consequences of a poor hiring decision.
: Evaluate the consequences of a poor hiring decision. Propose steps that could be taken to prevent such bad decisions in the first place.
|
|
Prepare journal entries for each expenditure
: Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.
|
|
Estimate the present value of the tax benefits
: The cost of capital is 14%, and the firm's tax rate is 40%. Estimate the present value of the tax benefits from depreciation. $18,000 $45,000 $27,000 $89,035
|
|
Compute the amount of goods available for sale
: Compute the amount of goods available for sale.b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, 2015 under Average cost, First-in, first-out, Last-in, first-out, Specific identification of the inventory costing..
|
|
International investment projects
: Global Toys, Inc., imposes a payback cutoff of three years for its international investment projects. Assume the company has the following two projects available. Year Cash Flow A Cash Flow B 0 -$ 53,000 -$ 98,000 1 21,000 23,000 2 27,800 28,000 3..
|
|
What is the minimum angular velocity
: If the radius is 2.10m and the coefficient of statc fricton between the wall and the people is 0.39. What is the minimum angular velocity at which the floor can be withdrawn?
|
|
Ordered acquisition of synchronization objects
: Write a short paper that recommends a deadlock avoidance approach most suitable for the TSI web server application that is not using an ordered acquisition of mutexes.
|
|
What happens if the expression equal to zero
: When solving a rational equation what is the first step we must always take? Illustrate using the example. What happens if the expression equal to zero? Solve the example below to help explain your answer to these questions.
|