User Account

All Pages

Compute the number of units in ending inventory

Assignment Help Cost Accounting
Reference no: EM13498326

Venus Company uses a perpetual inventory system. It entered into the following calendar-year 2011 purchases and sales transactions.

Date Activities Units Acquired at Cost Units Sold at Retail

Jan. 1 Beginning inventory . . . . . . . 600 units @ $55/unit
Jan. 10 Purchase . . . . . . . . . . . . . . . 450units @ $56/unit
Feb. 13 Purchase . . . . . . . . . . . . . . . 200 units @ $57/unit
Feb. 15 Sales . . . . . . . . . . . . . . . . . . 430 units @ $90/unit
July. 21 Purchase . . . . . . . . . . . . . . . 230 units @ $58/unit
Aug. 5 Purchase . . . . . . . . . . . . . . . 345 units @ $59/unit
Aug. 10 Sales . . . . . . . . . . . . . . . . . . 335 units @ $90/unit
Totals . . . . . . . . . . . . . . . . . 1,825 units 765 units

1.Compute cost of goods available for sale and the number of units available for sale.

2.Compute the number of units in ending inventory.

3.Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification-units sold consist of 600 units from beginning inventory and 165 units from the February 13 purchase, and (d) weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.)

4.Compute gross profit earned by the company for each of the four costing methods in part 3.

Reference no: EM13498326

Questions Cloud

Explain ion-dipole forces and covalent bonds : Which attactive force(s) must be overcome in order to boil liquid ammonia, NH3. dispersion forces. ion-ion forces. hydrogen bonds. ion-dipole forces. covalent bonds
Calculate their wavelengths if the two have the same energy : Can a photon and an electron of the same momentum have the same wavelengths? Calculate their wavelengths if the two have the same energy
What is the energy of the proton beam : a "wien" velocity filter uses an electric field and a magnetic field that are at right angles to each other. what is the energy of the proton beam
Find the acceleration of the mass as it drops : A 1kg mass hangs from a cord wrapped around a solid disk pulley with a mass of 3kg and radius 25cm. Find the acceleration of the mass as it drops and the cord unwinds
Compute the number of units in ending inventory : Compute cost of goods available for sale and the number of units available for sale.
Explain what temperature in degrees celsius will food cook : The instruction booklet for your pressure cooker indicates that its highest setting is 11.6 . You know that standard atmospheric pressure is 14.7 , so the booklet must mean 11.6 above atmospheric pressure.
Saturated properties out of the evaporator : Assuming saturated properties out of the evaporator and condenser
Calculate the radius of the planet : A 11 kg satellite has a circular orbit with a period of 3.3 h and a radius of 3.6 × 106 m around a planet of unknown mass. what is the radius of the planet
Compute the focal length must the objective have : A compound microscope has a barrel whose length is 16.3 cm and an eyepiece whose focal length is 1.3 cm. What focal length must the objective have so the angular magnification of the microscope is -250

Reviews

Write a Review

Cost Accounting Questions & Answers

  Commencement of business1 what date did business

commencement of business1. what date did business commence?2.work out how much it will cost to commence business.3.the

  Even when objectives are clearly stated the reasons they

even when objectives are clearly stated the reasons they have not been met may not be easy to discern.the city on the

  Pass through agencies and gasb investment reportingsubmit

pass through agencies and gasb investment reportingsubmit your responses to the following questions in a 1-2 page

  Prepare contribution format income statements

Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased. Show an Amount column, a Per Unit column, and a Percent column on each statement

  Determine the budgeted factory overhead allocation rate

Determine the budgeted factory overhead allocation rate based on direct labour-hours and compute the amount of under-or-overallocated overheads.

  Prepare a schedule in good form

Prepare a schedule in Good Form that determines Citrine's taxable income for State X purposes and calculate the amount of Federal income tax, if any, for Repair Habitat and for Concrete Pour.  Show your calculation in good form.

  Prepare the companys direct labor budget

Prepare the companys direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. (Omit the "$" sign i..

  Find the job costing approach

Prepare a 1-2 page paper describing the seven-step approach to job costing and how you would use each step to detail the job costing approach.

  Prepare a purchases budget for the first quarter of 2011

Prepare a purchases budget for the first quarter of 2011 in units, in total, and in dollars and determine the budgeted payments for purchases of raw materials for each of the first three months of operations and for the quarter in total.

  Should paris accelerate recognition of this gain

Should Paris accelerate recognition of this gain from next year to this year, suppose a net capital loss carryforward in each of the subsequent amounts?

  Explain the auditors responsibility for detecting this fraud

Explain the auditors responsibility for detecting this fraud

  What are the u.s. tax consequences of hans u.s. activities

What are the U.S. tax consequences of Hans U.S. activities and compute Cholati s branch profi ts tax, and determine its branch interest withholding tax obligations. Assume that Cholati does not reside in a treaty country.

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