Compute the cost of goods sold and ending inventory

Assignment Help Accounting Basics
Reference no: EM132575867

Question - Delta Company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below:

July 01: Beginning inventory, 500 units @ $12 per unit.

July 18: Inventory purchased, 850 units @ $20 per unit.

July 25: Inventory purchased, 700 units @ $22 per unit.

The Delta company sold 1,300 units during the month of July.

Required - Compute the cost of goods sold and ending inventory on July 31, 2019 using the following inventory costing methods:

1. First in, first out (FIFO) method.

2. Weighted Average cost method.

Reference no: EM132575867

Questions Cloud

Primary disadvantages of using costing method : Identify the three (3) primary advantages and three (3) primary disadvantages of using the costing method
Outline key considerations for a professional accountant : Outline key considerations for a professional accountant in evaluating interests and relationships that may create conflict of interest
Operations are important management function : Operations are important management function in organization.
Show desirable investment by using the pw method : Show whether this is a desirable investment by using the PW method. A capital investment of Php 10,000 can be made in a project
Compute the cost of goods sold and ending inventory : Compute the cost of goods sold and ending inventory on July 31, 2019 using the following inventory costing methods
Progression of the voice telecommunications industry : Discuss the history and progression of the voice telecommunications industry. What are the current voice network standards
What annual rent expense should charged to each department : A company rents a small building with 10,000 square feet of space for $100,000 per year. What annual rent expense should charged to each department
How to record the journal entry for the exercise of stock : How to Record the journal entry for the exercise of stock warrants on February 22, 2021. Prepare the journal entries for fiscal year 2018.
Legal implications of modern business model : Describe the different ways that companies are leveraging technology, innovation, robotics, and artificial intelligence to create a competitive advantage

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture 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!

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