Solution-Compute the cost of goods sold

Compute the cost of goods sold

Assignment Help Accounting Basics

Reference no: EM133092461

Question - Gala, Inc. uses a periodic inventory system and had the following inventory balances and purchases:

Date	Quantity	Unit Cost
Beginning Inventory	60.00	$9.00
January 15th purchase	240.00	$13.00
Total on Hand	300.00

On January 24, 2020, Galaga, Inc. sold 10 units of this product for $15 each. Using the average cost, FIFO and LIFO methods of inventory compute (1) the cost of goods sold, and (2) the cost of the ending inventory for each of the three methods.

Reference no: EM133092461

Questions Cloud

Paragraph response indicating the career : Provide a 2-3 paragraph response indicating the career you are interested in researching.

What was the cost of the equipment purchased during the year : On January 1, the balance in the Equipment account was $20,835; What was the cost of the equipment purchased during the year

Calculate the roi after 5 years : Calculate the ROI after 5 years. Show step by step how you calculated the ROI. (Hint: you should not need a calculator because of the numbers chosen).

Scientific method to management : Frederic Taylor applied the scientific method to management. In many cases, this meant measuring a process to determine its optimal possible output.

Compute the cost of goods sold : Using the average cost, FIFO and LIFO methods of inventory compute (1) the cost of goods sold, and (2) the cost of the ending inventory for each

Critical family business challenges facing apollo hospital : What are three critical family business challenges facing apollo hospital

Regional large distribution utility to the ceo of utility : Action Memo recommending support or opposition for planning and taking steps to build a continental renewable grid for North America for one of the following:

How would you balance the self-interests : As a nonprofit CEO, how would you balance the self-interests of your organization with opportunities to achieve greater impact through collaboration with others

What amount will the company report as depreciation expense : On January 1, 2020, Mario and Luigi Plumbers purchased tools and equipment at a cost of $80,000. What amount will the company report as depreciation expense

User Account

All Pages

Compute the cost of goods sold

Reference no: EM133092461

Reference no: EM133092461

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