Confectioners a chain of candy stores purchases its candy

Assignment Help Accounting Basics

Reference no: EM13598171

Group 1 consists of 2,500 pieces that are expected to sell for $0.25 each.
Group 2 consists of 5,500 pieces that are expected to sell for $0.60 each.
Group 3 consists of 500 pieces that are expected to sell for $1.20 each.

Using the relative sales value method, what is the cost per item in group 1?

Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. For a recent shipment, the company paid $3,000 and received 8,500 pieces of candy that are allocated among three groups. Group 1 consists of 2,500 pieces that are expected to sell for $0.25 each. Group 2 consists of 5,500 pieces that are expected to sell for $0.60 each. Group 3 consists of 500 pieces that are expected to sell for $1.20 each. Using the relative sales value method, what is the cost per item in group 1?

Reference no: EM13598171

Questions Cloud

Prepare the journal entries to record each of the partners : k. meissner s. cohen and e. hughes are forming a partnership. meissner is transferring 50000 of personal cash to the

An accountant must be familiar with the concepts involved : an accountant must be familiar with the concepts involved in determining earnings of a company. the amount of earnings

Issued 10000 shares of common stock for a building and land : problem 11-13 effects of stockholders equity transactions on the balance sheet.the following transactions occurred at

Express inc has a total of 80000 shares of common stock : express inc. has a total of 80000 shares of common stock outstanding and no preferred stock. total stockholders equity

Confectioners a chain of candy stores purchases its candy : confectioners a chain of candy stores purchases its candy in bulk from its suppliers. for a recent shipment the company

Camtech which expects to start operations on 1-1-2008 will : camtech which expects to start operations on 1-1-2008 will sell digital cameras in shopping malls. camtech has budgeted

When inventory declines in value below original historical : when inventory declines in value below original historical cost and this decline is considered other than temporary

Prepare a condensed income statement including earnings per : for the year ended december 31 global exports had net sales of 7750000 costs and other expenses including income tax of

The board of directors and executive officers of a : the board of directors and executive officers of a corporation have a fiduciary duty to safeguard the interests of

User Account

All Pages