User Account

All Pages

Compute what is the cost of the ending inventory

Assignment Help Financial Accounting
Reference no: EM132488231

A company had the following purchases during its first year of operations:

Purchases

January: 28 units at $111

February: 38 units at $122

May:      33 units at $134

September: 30 units at $142

November:  28 units at $152

Question 1: On December 31, there were 49 units remaining in ending inventory. These 49 units consisted of 10 from January, 11 from February, 6 from May, 9 from September, and 13 from November. Using the specific identification method, what is the cost of the ending inventory?

A company had the following purchases and sales during its first year of operations:

Purchases Sales

January:10 units at $1557 units

February:20 units at $1605 units

May:15 units at $1659 units

September:12 units at $1708 units

November:10 units at $17511 units

Question 2: On December 31, there were 27 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Reference no: EM132488231

Questions Cloud

Perform the appropriate hypothesis test : Assuming the burn-time for an individual fuse is normally distributed, perform the appropriate hypothesis test at a 5% significance level
How many additional appointments new physician need : Using the appropriate information above to find out how many additional appointments does the new physician need to have to make up the $30,000 loss?
Identify the type ii error : A waste management service attempts to design routes so that each of their trucks pick-up on average four tons of garbage or less
How the technology works to engage students : For each form of technology, include the following components: A detailed description and how the technology works to engage students and enhance math.
Compute what is the cost of the ending inventory : Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
How would you encourage a non-english speaker : How would you encourage a non-English speaker/reader to begin reading books either in English or their native tongue? Please Share two strategies.
How will a company contribution margin be affected : How will a company contribution margin be affected by an investment in equipment that increases fixed costs in order to achieve a reduction in direct labor cost
What is the joint probability that both a and b will occur : If A and B are independent events, what is the joint probability that both A and B will occur?
Discuss your opinion about parents expectations : After reading the "Mothers' Experiences" article, discuss your opinion about parent's expectations for completing high school. Parents often think.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Imperative functionality of the tally software

What is the imperative functionality of the Tally software in the field of financial accounting.

  Governments and not-for-profits entities operate

Governments and not-for-profits entities operate differently than for-profit business entities. Before you can understand governmental and not-for-profit accounting, you need to understand the differences in characteristics, financial reporting and u..

  The may 31 20xx post-closing trial balance for the lampl

the may 31 20xx post-closing trial balance for the lampl accounting firm appears below.during june the firm engaged in

  Explain the revenue principle and its implication

Explain the revenue principle and its implication on the financial statements. Define the matching principle and why it is critical in the preparation of the accrual-based financial statements.

  Charitable contributions expense

What amount of the above should be included in Yew's income statement as charitable contributions expense?

  Identify which tasks can be billed to the client

Identify which tasks can be billed to the client. Client Description of Services : Mary Jones Prepare draft of e-mail to client regarding date of hearing. Fred Smith Prepare draft of Deed of Trust, Promissory Note, Addendum to Deed of Trust, and lett..

  Why the fasb and the iasb are seeking to converge

Discuss the reasons why the FASB and the IASB are seeking to converge and improve their respective conceptual frameworks and why the project will to take a long time to complete.

  Predetermined overhead rate based on direct labor hours

Hutchins Company uses a predetermined overhead rate based on direct labor hours (DLHs) to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $200,000 and DLHs would be 20,000. The..

  What is the ratio of market value per share to book value

What is the ratio of market value per share to book value per share? (Do not round intermediate calculations. Round the final answer)

  Compute the profit margin ratios

Compute the ratios for 2020. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%)

  Evaluate the marginal cost per chair to xy

Evaluate the marginal cost per chair to XY of accepting the chair order from ABC? and What assumptions were made in calculating the marginal cost?

  How the financial performance of the business

Write a memo to the managing director of the worst performing company with recommendations of how the financial performance of the business can be improved - Outline the limitations of relying on financial ratios to interpret firm performance?

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