Solution-Compute the cost of goods sold

Compute the cost of goods sold

Reference no: EM13531006

The following data relate to inventory for the year ended December 31, 2001. A physical inventory on December 31, 2001, indicates that 600 units are on hand and that they came from the July 1 purchase.

Date	Description	Number of Units	Cost Per Unit	Total Cost
January 1	Beginning inventory	1,000	$4.00	$ 4,000
February 20	Purchase	800	4.50	3,600
April 1	Purchase	900	4.75	4,275
July 1	Purchase	700	5.00	3,500
October 22	Purchase	500	4.90	2,450
December 10	Purchase	500	5.00	2,500
		4,400		$20,325

Required Compute the cost of goods sold for the year ended December 31, 2001, and the ending inventory under the following cost assumptions:

a. First-in, first-out (FIFO)

b. Last-in, first-out (LIFO)

c. Average cost (weighted average)

d. Specific identification

Reference no: EM13531006

Questions Cloud

Classifications of current assets : Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.

Prepare a classified balance sheet in report form : The information was obtained from the accounts of Airlines International dated December 31, 2000. It is presented in alphabetical order

Compute the most profitable combination of products : Compute the most profitable combination of products to be produced next year and prepare an income statement using the contribution margin format for the product volume computed

Prepare a monthly schedule of expected cash payments : Prepare a monthly schedule of expected cash payments for direct materials for the first quarter of 2011.

Compute the cost of goods sold : Compute the cost of goods sold for the year ended December 31, 2001, and the ending inventory under the cost assumptions

University are complaining of a serious housing crunch : Students at a major university are complaining of a serious housing crunch

How many ways are there to select a committee : How many ways are there to select a committee

The northern and southern halves of the state : The northern and southern halves of the state

Sample estimate of adult smokers in alaska : What is the pooled sample estimate of adult smokers in Alaska?

User Account

All Pages

Compute the cost of goods sold

Reference no: EM13531006

Reference no: EM13531006

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Calculate revised eps and gearing using share financing

Find emerson efficiency bonus plan

What is a typical range in annual costs

Fazer groupfazer is probably most known for its chocolate

Evaluate the sales tax on purchase price

Problem 1the frackle department is the first of a two-stage

Compare all types of evidence

Compute the gross profit rate for the month of february

1 does your support department give significant support to

Determine the cost of the finished goods inventory

Which project should the firm choose

Prepare monthly cash budgets for each of first three months

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT