User Account

All Pages

Cruz company uses lifo for inventory costing and reports

Assignment Help Managerial Accounting
Reference no: EM13905119

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.

1480_267-B-M-A-I (1906).png

1. Compute its current ratio, inventory turnover, and days sales in inventory for 2013 using

(a) LIFO numbers 

(b) FIFO numbers. (Round answers to one decimal.) 

2. Comment on and interpret the results of part1. 

Reference no: EM13905119

Questions Cloud

Formulate the null and alternative hypotheses : Formulate the null and alternative hypotheses. State the level of significance. Find the critical value (or values), and clearly show the rejection and nonrejection regions. Compute the test statistic
What is difference in pressure on bottom at opposite ends : A swimming pool is 50 meters long by 23 meters wide and is lees deep at one end than at the other. The depth at the shallow end is 1.22 meters, and the depth at the deep end is 4.35 meters. The slope is continuous (smooth) from one end to the othe..
Compute the lower of cost or market for ending inventory : 1. Martinez Company's ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to eachproduct.
What was the weight of the water in the tube : A water dispenser for pets has an inverted plastic bottle. When a certain amount of water is drunk from the bowl, more water flows automatically from the bottle into the bowl. The bowl never overflows. Explain the operation of the dispenser. Does ..
Cruz company uses lifo for inventory costing and reports : Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.
Prepare comparative income statements as in exhibit : In accounting for inventory, it made an error at the end of year 2012 that caused its year end 2012 inventory to appear on its statements as $ 230,000 rather than the correct $ 250,000.
At what depth will the gauge pressure read zero : A diver is 10m down in the ocean and the pressure gauge on an air tank reads 75kPa. At what depth will the gauge pressure read zero?
Write the quadratic equation whose roots are given : Write the quadratic equation whose roots are 5 and 4, and whose leading coefficient is 1.(Use the letter x to represent the variable.) Write the quadratic equation whose roots are 1 and 2, and whose leading coefficient is 2
What is the net minimum wing area needed : A small plane, having a mass of 3000 kg, is flying in air of density 1.0 kg/m^3. Air moves over the top and bottom surfaces of the wings at 160 m/s and 130 m/s, respectively. What is the net minimum wing area needed?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Prepare an income statement for last year

Hill Street Electronics has provided the following information for last year:

  Gazelle corporation, a merchandiser, recently completed

1.Gazelle Corporation, a merchandiser, recently completed its calendar- year 2013 operations. For the year,

  Process costing-solution set

The following information relates to activities in the mixing departments for June: Beginning WIP, June 1, 100,000 pounds. Cost in beginning WIP inventory were as follows:

  Determine the overhead for the year

Determine the overhead for the year and prepare a income statement 4 the year

  Make all journal entries necessary on ramus books

On December 31, 2008, and on January 1, 2009, the exchange rate is HK$8.0 = $1. Ramus uses a perpetual inventory system.

  Allocation of any underapplied or overapplied overhead

Allocation of any underapplied or overapplied overhead for the month is closest to - cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

  Depreciation is calculated using the straight-line method

Study the information given below and determine which of the two investment opportunities It should choose. Motivate your answer by comparing the net present value of each alternative.

  Shellhammer company is considering the purchase of a new

shellhammer company is considering the purchase of a new machine. the invoice price of the machine is 170000 freight

  Prepare explanations for each journal entry

From an analysis of the T-accounts, reconstruct the October transaction entries, and the adjusting journal entries that were made on October 31, 2012. Prepare explanations for each journal entry.

  Question consider the following potential investment which

question consider the following potential investment which has the same risk as the firms other projectstimecash

  Evaluate the cost of the raw materials used in production

Evaluate the cost of the raw materials used in production during the year - accounting records of Karlana Corporation for the just-completed year.

  Jeffrey vaughn president of frame-it company was just

jeffrey vaughn president of frame-it company was just concluding a budget meeting with his senior staff. it was

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