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Computing ending inventory and cost of goods sold under FIFO and LIFO cost-flow assumptions.
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2009 were as follows:
Blowers
Mowers
Jan 21
20@200
Feb 3
40@195
Feb 28
30 @190
Mar 13
20@190
Apr 6
20@120
May 22
40@215
Jun 3
40@220
Jun 20
60@230
Aug 15
20@215
Sep 20
20@210
Nov 7
In inventory at Dec 31, 2009, 10 blowers and 25 mowers. Assume the coy uses a period inventory system. What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions? Hint: Compute ending inventory and cost of goods sold under each method, and then compare results.
What is the major theory behind compensation schemes? Compensation should be perfectly correlated with outcomes. Do you agree or disagree with this statement? Under what circumstances may it be (in)appropriate?
Rice Co. exchanged merchandise that cost $24,000 and normally sold for $36,000 for a new delivery truck with a list price of $40,000. The delivery truck should be recorded on Rice's books
Determine the required sales in dollars to meet the target net income during 2011. List at least two ways Pitre Company could earn their target net income of $175,000:
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What is the present value of the tax savings related to depreciation of the equipment?
Describe how the analysis is to be performed and show all computations needed to arrive at the correct answer.
Determine the project's net present value (NPV)? What does it imply? Find the IRR of the project? What does it mean?
Create a forecast of the units and cost of raw material that will be required for February, March, and April. The expected cost per pound of raw material is expected to be $2 in February, $2.30 in March, and $2.40 in April.
Perpetual Inventory Using FIFO August 1 Inventory 50 units at $80 9 Sale 30 units 13 Purchase 40 units at $85 28 Sale 25 units Beginning inventory, purchases, and sales
Haden Inc. had cash sales of $300,000 and credit sales of $1,050,000. The accounts receivable balance increased $15,000 during the year. How much cash did Haden receive from its customers during the year?
below is budgeted production and sales information for fleming inc. for december. the unit selling price is 4.estimated
The company’s weighted average cost of capital is 12% and payments are made at the end of each month. Illustrate which is cheaper for the company: to buy or lease real estate? Show your computations.
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