Compute the cost of the ending inventory

Assignment Help Accounting Basics
Reference no: EM132078425

Question - Lisa Company had 238 units in beginning inventory at a total cost of $28,084. The company purchased 476 units at a total cost of $62,832. At the end of the year, Lisa had 190 units in ending inventory.

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.

Reference no: EM132078425

Questions Cloud

What interest rate on deposits generates the greatest profit : A savings and loan association estimates that the amount of money on deposit will be 1,000,000 times the percentage rate of interest.
What is the total amount you will pay : The loan is $124,000 with a down payment of 3.5% and a 30 year agreement paying off the loan with 4% interest. What is the total amount you will pay
Compute the present value of mining profits in the area : Compute the present value of mining profits in the area (i.e. excluding effects on recreation) if the discount rate is a) 6 percent b) 3 percent
Identify the key roles and responsibilities of individuals : Identify the key roles and responsibilities of individuals and departments within the organization as they pertain to risk management.
Compute the cost of the ending inventory : Lisa had 190 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost
What is the slope of the budget constraint : Be sure to label your graph carefully and accurately. What is the slope of the budget constraint?
What amount may Mr J deduct as an insurance expense : On January 1, Year 2, Mr. J paid a premium of $1,800 for the 3 years. What amount may Mr. J deduct as an insurance expense in Year 2
What is meant by global warming potential : What is meant by Global Warming Potential (GWP)? Which greenhouse gas has the lowest GWP? Describe the "missing sink" problem for atmospheric carbon dioxide.
Bhp billiton contract with eskom : Explain why Eskom is not a profitable company recently. Motivate your answer by referring to the BHP Billiton's contract with Eskom.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Individuals engage in social loafing

Do all groups socialize their members? Do all groups need to socialize their members? Why or why not? Why do some individuals engage in social loafing while others do not?

  How much is cost of goods manufactured

Raw materials inventory, January 1 - $12,000. Assume manufacturing costs is $400,000. How much is cost of goods manufactured

  Financing a portion of a foreign project

When an MNC is considering financing a portion of a foreign project within the foreign country, the best method to account for a foreign project's risk is to:

  Miller company manufactures a product for which materials

miller company manufactures a product for which materials are added at the beginning of the manufacturing process. a

  Discuss income effects of inventory methods

Laker Company reported the following January purchases and sales data for its only product

  Prepare the entry to report this accounting change

Company changed from LIFO to the FIFO inventory costing method on January 1, 2015. Prepare the entry to report this accounting change

  Prepare journal entries to record given transactions

Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds by Titus Co.:

  What are the dividends per share payable

This year, a $340,000 dividend will be paid. What are the dividends per share payable to preferred and common, respectively

  Number of units sold to achieve operating income

Kaiser's Kraft Korner sells a single product. 7,000 units were sold resulting in $70,000 of sales revenue, $28,000 of variable costs, and $12,000 of fixed costs. The number of units that must be sold to achieve $60,000 of operating income ??

  What annual depreciation will martinez report

If Martinez Corp. uses straight-line depreciation, what annual depreciation will Martinez report for 2017

  A depreciation method in which a plant assets depreciation

a depreciation method in which a plant assets depreciation expense for a period is determined by applying a constant

  A water enterprise fund ef issues 4 million of 5 revenue

a water enterprise fund ef issues 4 million of 5 revenue bonds on october 1 2004. the ef will make its first payment of

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