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A company purchases inventory during the year in four batches, with unit and price amounts shown below: Batch 1 – 9,500 units @ $2.10 per unit Batch 2 – 4,300 units @ $2.08 per unit Batch 3 – 3,600 units @ $2.04 per unit Batch 4 – 7,200 units @ $2.01 per unit 10,800 units were sold after Batch 2 was purchased, while 3,400 units were sold after Batch 3 was purchased. Required: -1. Calculate cost of goods sold and ending inventory under the LIFO method, using the perpetual inventory system. -2. Calculate cost of goods sold and ending inventory under the LIFO method, using the periodic inventory system.
1. the standard cost is how much a product should cost to manufacture.2. because accountants have financial expertise
On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 84,000 shares issued) $4,200,000 Paid-In Capital in Excess o..
Bonnie's charitable contributions and AGI for the past four years were as follows: 2007 2008 2009 2010 AGI $50,000 $55,000 $58,000 $60,000 Contributions subject to the 50% limitation 40,000 29,000 25,000 10,000. What is the amount of the charitable d..
Direct materials, direct labor, and factory overhead cost variance analysis Specialty Polymers, Inc., processes a base chemical into plastic. Determine (a) the price variance, quantity variance, and total direct materials cost variance; the rate vari..
Prepare a merchandise purchases budget for the months of JUL
Additional facts are available for preparing adjustments on March 31 prior to financial statement preparation - the March 31 amount of computer supplies still available totals $2,015 and three more months have expired since the company purchased its..
Prepare the end-of-month closing entries. Record these entries in the general journal and post them to the general ledger. Update balances in the general ledger accounts.
U&I Transportation System has integrated transport networks in three different regions in a developing country. These three markets have vast regional differences. To meet this goal in the three regions, should U&I Transportation System’s management ..
Frick Company estimates uncollectible accounts using the percentage-of-receivables method and expects that 5 percent of outstanding receivables will be uncollectible for 2010. The balance in Accounts Receivable is $200,000, and the allowance account ..
Compare the two numbers. What do you think is causing this difference and eExplain whether you believe the company has invested in the appropriate types of assets for this company
Assume the company is considering investing in a new machine that will increase its fixed cost by $40,500 per year and decrease its variable costs of $9 per unit. Prepare a forecasted contribution margin income statement for 2016 assuming the compani..
The DRM only has Operations and Maintenance, Army (OMA) funds to purchase the system. The DRM must spend less than what amount to use Operations and Maintenance, Army appropriations for the computer system?
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