Compute the cost of goods sold of mineral labs

Assignment Help Finance Basics
Reference no: EM132484219

Problem: At the end of January, Mineral Labs had an inventory of 835 units, which cost $12 per unit to produce. During February the company produced 1,200 units at a cost of $16 per unit.

a. If the firm sold 1,450 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)

Costs of goods sold

b. If the firm sold 1,450 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)

Costs of goods sold

Reference no: EM132484219

Questions Cloud

What the company debt ratio on the last year-end was : What The company debt ratio on the last year-end was? At the end of the current year, Leer Company reported total liabilities of $320,000
What the amount of total stockholders equity-reported : Based on this information, What the amount of total stockholders' equity-reported on the Balance Sheet at the end of the month would be
Why is liquidity so valued : Why is liquidity so valued? Why should it be a part of your financial planning?
Computing the gross profit of convex mechanical : Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1:
Compute the cost of goods sold of mineral labs : At the end of January, Mineral Labs had an inventory of 835 units, which cost $12 per unit to produce. During February the company produced 1,200 units
Why assertion for sale should auditor be most concerned with : which assertion(s) for accounts receivable should the auditor be most concerned with? Why? which assertion for sales should the auditor be most concerned with.
Net dollar sales projection-cyber security systems : The marketing manager projects a 10 percent increase in unit volume sales this year with a 10 percent price increase. Returned merchandise will represent 10
What is the net present value of the cash flow stream : What is the net present value of the following cash flow stream given a 15% discount rate?
What is the internal rate of return : What is the internal rate of return for the following cash flow stream?

Reviews

Write a Review

Finance Basics Questions & Answers

  What are the irrs of two projects

(a) What are the IRRs of these two projects? (b) If you are told only the IRRs of the project (and nothing else), which project would you choose?

  Financial benefits in not-for-profit healthcare firms

Describe briefly the estimating financial benefits in not-for-profit Healthcare firms

  Perform in the middle of a complex software development

Why do you think configuration management and project change control are difficult to perform in the middle of a complex software development project

  What is the projects npv

Warnock Inc. is considering a project that has the following cash flow and WACC data.  What is the project's NPV?  Note that a project's projected NPV can be negative, in which case it will be rejected.

  In many cases managers end up in trouble as they direct

in many cases managers end up in trouble as they direct their focus exclusively on cost savings. cost cutting is always

  Word count 2500 words please do include headings

word count 2500 words please do include headings sub-headingschicago style referencing in-text citation and reference

  Prepare entry to record the reissuance of the treasury stock

If Tracey Corporation did not declare or pay any dividends during 2010, and again assuming a net income during 2011 of $2 million, compute the amount declared as dividends to common stockholders during 2011.

  How long do you have to pay before the account is overdue

How long do you have to pay before the account is overdue? If you take the full period, how much should you remit?

  Illustrations of business risk measurement

Can you come up with some illustrations of business risk measurement where bell curve type analysis is inappropriate? This will take a little research on the Internet. Why may the bell curve be an inappropriate tool for looking at market risk? Fi..

  What was the cash flow to stockholders for the year

The 2010 balance sheet showed $775,000 and $6.9 million in the same two accounts, respectively. If the company paid out $400,000 in cash dividends during 2010, what was the cash flow to stockholders for the year?

  Prepare an analytical case study of investing

Choose a hospitality company and prepare an analytical & comparative case study of investing potential in the common stock this company over three years

  Explain measure the effects of the changes in certain inputs

Financial modelling of future financial results helps to measure the effects of the changes in certain inputs on the various financial statements.

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