Solution-Compute the ending inventory

Compute the ending inventory

Reference no: EM132557596

Question - Hefty Company wants to know the effect of different inventory methods on financial statements. The information provided below relates to beginning inventory and purchases for the current year:

January 2	Beginning Inventory	500 units at $3.00 per unit
April 7	Purchased	1,100 units at $3.20 per unit
June 30	Purchased	400 units at $4.00 per unit
December 7	Purchases	1,600 units at $4.40 per unit

Sales during the year were 2,700 units at $5.00. If Hefty used the first-in first-out method, compute the ending inventory?

a. $2,780.

b. $3,960.

c. $9,700.

d. $10,880.

Reference no: EM132557596

Questions Cloud

Prepare journal entry to record the deprecation at dec : Calculated the moving trucks book value at Dec 31, 2017(Show Calculations). Prepare journal entry to record the deprecation at Dec 31 2018

Servant leadership and authentic leadership : Examine the differences between servant leadership and authentic leadership.

Prepare the march journal entry to record payment : Prepare the march 15, 2016 journal entry to record payment to the receiver general for Canada for the Feb statutory payroll dedications

Contingencies for working with the black box technology : Performance Readiness can be quickly diagnosed by combining the indicators of ability and willingness into a single

Compute the ending inventory : Sales during the year were 2,700 units at $5.00. If Hefty used the first-in first-out method, compute the ending inventory

Prepare journal entry to record the depreciation on may : Prepare journal entry to record the depreciation on May 8 2017. Prepare journal entry to record the sale of the machine on May 8 2017

Business approach viable globally in the long run : This goes along with the old saying that "do first, ask questions later." Is this business approach viable globally in the long run?

Banning uber outright from operating in community : Are cities around the world doing a disservice to their citizens or their visitors, or both, by banning Uber outright from operating

Calculate the gross pay and deductions amounts : Calculate the Gross Pay and Deductions amounts for bi weekly period ending Jan 15 assuming is sales for the period were 90,000

User Account

All Pages

Compute the ending inventory

Reference no: EM132557596

Reference no: EM132557596

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Obtain the relevant authoritative literature on stock

Visuals in the text of a document

Identify the essential elements of a contingent liability

Describe two analytical procedures that jing could perform

Are the implications of the two theories

Determine the appropriate discount factor

What is the break-even point in unit sales

Accounting for personal income taxes

Discuss why you have negative opinion about the theory

The bank also requires you to maintain a compensating

Journalize the transactions in the books of abrar

Make journal entries for these adjustments

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT