User Account

All Pages

Determine the amounts for December inventory

Assignment Help Financial Accounting
Reference no: EM132986740

Question - The following data is avaiable for one of the products sold by LBJ Company, which uses the periodic inventory system.

December 1 On hand, 10 units at $8.00 per unit $80

December 5 Purchased 30 units at $7. 80 per unit $234

December 18 Purchased 40 units at $8.15 per unit $326

December 24 Purchased 20 units at $8.25 per unit $165

Avaible for sale during December 100 units $805

At the end of December, LBJ had 25 units on hand. The 75 units sold during December were all sold at a per unit price of $13. Determine the amounts for:

a) December 31 inventory

b) The costs of good sold per December

c) The gross margin for the month of December for each of the:

-Weighted average

-Fifo inventory costing

-Lifo inventory costing

Reference no: EM132986740

Questions Cloud

Knowledge discovery in databases : What is knowledge discovery in databases (KDD)? Review various motivating challenges of Data Mining. Select one and note what it is it and why it is a challenge
What is the total cash received on the issue date : The bonds are dated January 1, 2025, and pay interest on June 30 and December 31. What is the total cash received on the issue date?
What will be the accounting entry at the end of the year : If we assume that the end of the reporting period falls on a Wednesday, what will be the accounting entry at the end of the accounting year
What is the effect on net income for leland corporation : What is the effect on 2025 Net Income? Leland Corporation sells DVD players. The corporation also offers its customers a 4-year service-type warranty contract.
Determine the amounts for December inventory : The 75 units sold during December were all sold at a per unit price of $13. Determine the amounts for December 31 inventory
Which characteristics of a well-designed : Which Characteristics of a well-designed, effective intervention include? free and informed choice./ internal commitment./ valid information
Machine learning and deep learning : Discuss the process that generates the power of AI and discuss the differences between machine learning and deep learning.
Pine valley furniture : Pine Valley Furniture wants to use Internet systems to provide value to its customers and staff.
Why paperless office matters matters : Why paperless office matters matters, why you're looking into it and the scope of the paperless office? Summarises the issue or problem of office with paper

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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