Solution-Compute the cost of goods sold and ending inventory

Compute the cost of goods sold and ending inventory

Assignment Help Accounting Basics

Reference no: EM133110129

Question - The accounting records of Allen Insulation, Inc. reflected the following balances as of January 1, 20x0:

Beginning Inventory: $190 units @ $120

The following transactions occurred in 20X0:

January 30th Purchase (cash): 230 units @ $124

March 12th Purchase (cash): 180 units @$128

June 3rd Sale (cash): 350 units @$320

Paid $24,000 of operating expenses.

Paid cash for income tax at the rate of 40 percent of income before tax.

Required - Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net income assuming:

FIFO cost flow

LIFO cost flow

Weighted-average cost flow

Reference no: EM133110129

Questions Cloud

Calculate keenan total dividends for 2021 : In 2020, Keenan Company paid dividends totaling $3,600,000 on net income of $10.8 million. Note that 2020 was a normal year and that for the past 10 years

Why corporations in the consumer finance services industry : A. Look at the capital structures of eBay and Google. Can you identify any reasons for the difference? Can you think of any comments or recommendations?

Describe the three products of accounting : Describe the three products of accounting and bookkeeping procedures that are most useful in personal financial planning

Growth of investment companies : When a business, household, or unit of government is in need of additional funding, what are its principal alternatives?

Compute the cost of goods sold and ending inventory : Paid cash for income tax at the rate of 40 percent of income before tax. Compute the cost of goods sold and ending inventory

Growth of investment companies : What reasons can be given for the growth of investment companies at the expense of "traditional" banks and insurance companies?

Explain why ethical behavior and social responsibility : Explain why ethical behavior, social responsibility, and sustainability are important aspects of corporate governance.

Communication is simply sending and receiving of message : Communication is simply the sending and receiving of a message. The childhood game of telephone where one person sends a word

Determine the accounts receivable turnover : Accounts Receivable Analysis - Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Assume a 365-day year

User Account

All Pages

Compute the cost of goods sold and ending inventory

Reference no: EM133110129

Reference no: EM133110129

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Make a forecast of larime complete income statement

How many years will be needed to do this

Prepare the employer september journal entries

Prepare a cash budget for april

What is the cost of right of use asset

What is the total fund balance in the debt service fund

How much would unit cost be affected by this request

Deductions for agi or from agi

Prepare the journal entries for september 12

Prepare the journal entry that faulkner will record

What total amount should be reported as cash

What is the difference between external and internal

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT