User Account

All Pages

Compute the cost of goods sold

Assignment Help Financial Accounting
Reference no: EM133096086

Question - Galaga, 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: EM133096086

Questions Cloud

Assignment for a human resource class : Share a concept you found novel or interesting that you haven't been asked about yet in an assignment for a Human Resource class. Please describe it
How many shares did she purchase : Hope invested $12,500 in a mutual fund at a time when the price per share was $38. The fund has a load fee of $394. How many shares did she purchase
How much gain will Maren recognize on the sale of the shares : Maren received 12 NQOs (each option gives her the right to purchase 8 shares of stock for $10 per share), How much gain will Maren recognize on the sale
Prepare a profit variance analysis : The master budget at Western Company last period called for sales of 226,200 units at $10.20 each. Prepare a profit variance analysis
Compute the cost of goods sold : On January 24, 2020, Galaga, Inc. sold 10 units of this product for $15 each. Compute (1) the cost of goods sold, and (2) the cost of the ending inventory
Researching on cancel culture : The benefits of this garden outweigh this - For the past few weeks, you have been researching a topic and finding a thesis for a persuasive paper
Relationship between strategies and training in organization : 1. When analyzing the above situation establish the relationship between strategies and training in organizations. The questions included may help you in your a
Prepare the journal entries required for issuances of stock : On June 1, 2020, Ham Inc. issues 8,000 shares of $.10 par value preferred stock at $80 cash per share. Prepare journal entries required for issuances of stock
Is high labour turnover good or bad : 1. Is high Labour turnover good or bad? Explain. 2. What type of businesses do you think have the highest employee turnover?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Supplementary record that a company creates and maintains

1) What is the supplementary record that a company creates and maintains in a separate account for each customer called? The controlling account The schedule of accounts receivable The accounts receivable subsidiary ledger Either A or B above None of..

  Advice on how to shape the future of the business

Consider who your key stakeholders are. Plan a consultation meeting where stakeholders will provide you with advice on how to shape the future of the business

  Calculate the amount of contract revenue

Calculate the amount of contract revenue, costs, profit or loss for each contract that should be recognised in the statement of profit and loss

  What is the total Shareholders Equity at Dec

On Dec 31, 2021.Marah sold 4,000 shares at Php 8 per share and retired the remaining treasury shares. What is the total Shareholders Equity at Dec 31, 2021

  Explain why a provision may be made for doubtful debts

Explain the procedure to be followed when a customer whose debt has been written-off as bad subsequently pays the amount originally owing.

  Compute the company contribution margin under both scenario

Compute the company's contribution margin under both scenarios, if GT decides to remain a regular food cart and if they decide to become a food truck.

  Determine the approximate internal rate of return

BSU Inc. wants to purchase a new machine for $26,800, excluding $1,300 of installation costs. The old machine was bought five years ago and had an expected economic life of 10 years without salvage value. This old machine now has a book value of $2,0..

  What is the amount of taxable interest reported on kennedys

What is the total net amount of capital gain or (loss) reported on Form 1040? What is the amount of taxable interest reported on the Kennedys' Form 1040?

  Which statement about calculus model is true

Which statement about calculus model is TRUE? Handy argues that motivation is affected by persons needs and expectations of results.

  Calculate the number of units of stinky pete dolls

For every Stinky Pete doll sold, Al sells 5 Sherriff Woody dolls and 4 Jessie dolls. Calculate the number of units of Stinky Pete dolls

  Collect the remainder of the taxes

By December 31, 2011, the city had collected $850,0000 of property taxes and expected to collect the remainder of the taxes as follows:

  Calculate the net present value of the printer

Calculate the net present value (NPV) of the printer using the current cost of capital as well as 20% as an alternative cost of capital.

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