Cost of goods sold, The company uses the first in, first

Cost of goods sold

Assignment Help Financial Accounting

Reference no: EM13918584

Please let me know which accounts need to be credited and debited and the amounts,

What is the adjustment journal entry that needs to be made?

The company uses the first in, first out method on a periodic basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand and cost of goods sold. As the result of a physical count, year-end merchandise inventory was determined to be $546,300.

Unadjusted trial balance Dec 31, 2014.

Purchases: DR.$853,000.00

Merchandise Inventory: DR. $449,300.00

COGS: $0

Reference no: EM13918584

Questions Cloud

Description of the product or service that will be provided : How could my firm succeed in foreign markets by applying any of the global strategies? Select a country or countries (or a region) to focus on and explain why that market would be best for my business idea. Remember to discuss institutions.

Disarm code consists of four digits : Problem 1: A burglar alarm key pad contains ten digits. The disarm code consists of four digits.

What type of pattern exists in the given data : Construct a time series plot. What type of pattern exists in the data? Discuss some of the factors that may have resulted in the pattern exhibited in the time series plot for this time series.

The exercise price of the options is per share : The exercise price of the options is $101 per share, all options are European and the stock does not pay any dividend. The call price is $12 per share and the put price is $5 per share. Both options mature in 1 year. Finally the annual rate of intere..

Cost of goods sold : The company uses the first in, first out method on a periodic basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand and cost of goods sold.

Company is offering a new policy to its customer : An insurance company is offering a new policy to its customers. Typically the policy is bought by a parent or grandparent for a child at the child’s birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following ..

Ending inventory at cost and at lower : Corrs Company began operations in 2013 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2013, and December 31, 2014. This information is presented below.

Denote the set of positive integers : In this assignment, N will denote the set of positive integers, Z the set of all integers, Q the set of all rational numbers, and R the set of all real numbers. After any problem statement, feel free to hit the Enter key as often as you need to mak..

Compute the firms wacc for capital budgeting purposes : Falcon Ridge Developers wants to compute the firm’s WACC for capital budgeting purposes. The firm uses 30% debt, 10% preferred stock and the remainder is in equity. The YTM on the firm’s debt is currently 4.5% and the firm’s marginal tax rate is 40%.

User Account

All Pages