User Account

All Pages

Compute the ending inventory and cost of goods sold

Assignment Help Accounting Basics
Reference no: EM133078472

Question - The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $19

Nov. 4 Sold 10 units

Nov. 10 Purchased 30 units at $20

Nov. 17 Sold 20 units

Nov. 30 Purchased 10 units at $21

Required - Using a perpetual system compute the following:

1. Compute the Ending inventory and Cost of Goods Sold using the Weighted-average cost method?

2. Compute the Ending inventory and Cost of Goods Sold using the FIFO method?

3. Compute the Ending inventory and Cost of Goods Sold using the LIFO method?

Reference no: EM133078472

Questions Cloud

Underline a specific phrase of sentences : Based upon Smith's quote above, what motivates a business to help people? Underline a specific phrase of sentences in the passage that supports your conclusion.
Describe how culture affects the way of living : Describe how culture affects the way of living off people in a society during pandemic
Political and economic developments : Explain in detail why and how the political systems of your chosen countries differ. Discuss how the legal systems of your chosen countries differ.
Policy implications of the quantity theory of money : (a) Discuss the policy implications of the Quantity Theory of Money, the Liquidity Preference Theory and Friedman's Restatement of Quantity Theory of Money.
Compute the ending inventory and cost of goods sold : The inventory data for an item for November are: Compute the Ending inventory and Cost of Goods Sold using the Weighted-average cost method
Exogenous parameters and endogenous variables : What are the exogenous parameters and endogenous variables in the model?
What date is the cash discount valid until : The invoice amount is $35,000 less 25% and 10%, with terms 4/20, n/45. What date is the cash discount valid until
Prepare a schedules of expected collections from clients : Prepare a schedules of expected collections from clients for each month in the first quarter of 2022 and for the quarter in total
What is their textbook expense variance : The Santa Fe High School had an actual expense of $100,000 for textbooks for fall 2020. What is their textbook expense variance

Reviews

Write a Review

Accounting Basics Questions & Answers

  How social class is related to the criminal justice system

Explain how social class is related to the criminal justice system and how the criminal justice system is oppressive. Provide the example

  Multiple production department factory overhead rate method

If the budget estimates that a desk lamp will require 2 hours of finishing and 5 hours of production, what is the total amount of factory overhead the Kaumajet.

  Deciding to lease a new cutting machine

When deciding to lease a new cutting machine or continue using the old machine, the following costs are all relevant EXCEPT the:

  Identify a company that is using a multimarket strategy

identify a company that is using a multimarket strategy. post a one-two paragraph summary that describes the overall

  Jackson company is the publicly held corporation whose 1

jackson company is a publicly held corporation whose 1 par value stock is actively traded at 75 per share. the company

  How much total revenue shall be reported

Sales of Super OS amount to 400,000. How much total revenue shall be reported in Tech Co.'s statement of profit or loss for the year

  What is the nature of interest

One offers quarterly compounding and the other compounds on a semiannual basis. Which investment should she choose and why?

  Computation of deferred tax liability for multiple tax rates

At December 31, 2014, Higley Corporation has one temporary difference which will reverse and cause taxable amounts in 2015. In 2014, a new tax act set taxes.

  What are likely to be the two largest reconciling items

In essay fomrate please explain in your own words GASB Statement No. 34. What are likely to be the two largest reconciling items for most major cities? Why?

  Compute the amount of prior service cost amortization

Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, setting up appropriate schedules.

  Describe three major functions of the audit working papers

Describe three major functions of the audit working papers. Distinguish between the permanent working paper file and the current working paper file

  What is the operating income for both firms

The variable costs of production are $3 per unit. Both firms sell 30,000 units at a sale price of $4.00 per unit. What is the operating income for both firms

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd