Compute the cost to be assigned to ending inventory

Reference no: EM13824931

Problem-

Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO.

Assume that a periodic inventory system is used.

Beginning inventory

225 items @ $3 =

$ 675

May

Purchases

675 items @ $6 =

4,050

Totals

900 items

$4,725

Total sales

450 items

Ending inventory

450 items

Additional information-

This problem belongs to Accounting and computes the cost to be assigned to ending inventory under method of average-cost.

Reference no: EM13824931

Questions Cloud

Management perspective on increase in return on sales : This problem belongs to Accounting and it is about management's perspective on increase in return on sales

Explains about refusal of director employment : Bill is the managing director and a member of Biomed Ltd. The constitution of Biomed Ltd provides, as follows: "Bill shall be employed as Biomed Ltd's Chief Medical Officer for a period of five years after incorporation at a salary of $150,000 pe..

What steps would you advise to prevent such attacks : What steps would you advise to prevent such attacks? What limitations does this form of attack have - explain why the flag has been set and what it means for TCP connection.

Questions about the performance of the company : New directors must ask questions about the performance of the company and its solvency. Explain with reference to relevant cases and statute.

Compute the cost to be assigned to ending inventory : Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO

Legal situation of a single person company : What is the legal situation of a single person company which has a constitution?

Statement review can the law pierce the corporate veil : It is possible for the corporate veil to be pierced by statute.' Explain.

How are the company''s assets classified : Are the assets included under the company's current assets listed in the proper order. How are the company's assets classified

Discusses regarding a statement : Directors have a primary duty to manage the company and not to answer to individual shareholders.'

User Account

All Pages