User Account

All Pages

Compute the ending inventory value using the lifo method

Assignment Help Financial Accounting
Reference no: EM132626153

PT. Covid 19 conducts treatment (purchase, sale) of inventory in 2020 as follows :

DATE 2 JAN; DESCRIPTION: INITIAL INVENTORIES ; QUANTITY: 250 UNITS ;PRICE: IDR 10,000

DATE 10 march; DESCRIPTION: PURCHASE ; QUANTITY: 350 UNITS ;PRICE: IDR 11,000

DATE 5 april; DESCRIPTION: SALES ; QUANTITY: 250 UNITS ;PRICE: IDR 16,000

DATE 7 may; DESCRIPTION: SALES ; QUANTITY: 150 UNITS ;PRICE: IDR 16,000

DATE 21 september; DESCRIPTION: PURCHASE ; QUANTITY: 450 UNITS ;PRICE: IDR 12,000

DATE 18 november; DESCRIPTION: PURCHASE ; QUANTITY: 150 UNITS ;PRICE: IDR 13,000

DATE 20 november; DESCRIPTION: SALES ; QUANTITY: 250 UNITS ;PRICE: IDR 18,000

DATE 10 december; DESCRIPTION: SALES ; QUANTITY: 250 UNITS ;PRICE: IDR 19,000

Requested:

Question 1. Compute the ending inventory value using the LIFO method

Question 2. Calculate Gross Profit and Cost of Goods Sold.

Reference no: EM132626153

Questions Cloud

Do still perform eliminating entries for parent : Harper company has a 90% voting stock control subsidiary, S1. S1 sells to Parent product with a markup. Do still perform eliminating entries for Parent and S1?
Develop list of changes for the operations function : Develop a list of changes for the operations function that should be considered by the bank.
Prepare the journal entry for the December : Prepare the journal entry(s) for the December 31, 2019 interest payment by Legoria Co., assuming that Legoria Co. uses straight-line amortization
What types of trauma are most likely to lead to ptsd : What types of trauma are most likely to lead to PTSD, and why do some people experience PTSD following a terrible event and some do not?
Compute the ending inventory value using the lifo method : Compute the ending inventory value using the LIFO method. DATE 2 JAN; DESCRIPTION: INITIAL INVENTORIES ; QUANTITY: 250 UNITS ;PRICE: IDR 10,000
Why do you think sexual abuse is so prevalent : About one in four girls and one in six boys are sexually abused by the time they reach 18 years old. Why do you think sexual abuse is so prevalent?
Ethical decision making debate : This is a team assignment. Select an ethical dilemma related to a professional competence- ethical dilemma must be related to something a psychologist
Developing a vision statement : Developing a vision statement - Do not get hung up on past accomplishments and future plans, and do not worry about barriers. Use some of these questions
What effect would this have on the investment account : Investor Inc. owns 40 percent of Alimand Corporation. What effect would this have on the investment account, net earnings, and retained earnings, respectively

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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