Determine the cost of goods available for sale

Assignment Help Accounting Basics
Reference no: EM131779517

Problem - Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,540 Clooney CDs with a unit cost of $8.30. During March Glanville made the following purchases of Clooney CDs.

March 5

3,040 @ $9.30


March 21

4,040 @ $11.30

March 13

5,540 @ $10.30


March 26

2,040 @ $12.30

Determine the cost of goods available for sale.

Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. 

Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

Reference no: EM131779517

Questions Cloud

What is the full product cost for the year : What is the full product cost for the year, Our company is a price-taker and has the following information available for the current year
After day-long workshop on leadership in the workforce : After a day-long workshop on leadership in the workforce, one of the participants began to rethink his view of an effective leader.
Government impact the distribution of income : In what ways can government impact the distribution of income?. Are state (and local) tax systems generally progressive or not?.
Determine the amount of cash wildhorse received from loan : Determine the amount of cash Wildhorse received from the loan on December 31, 2017. (Round present value factors to 5 decimal places, e.g. 0.52513.
Determine the cost of goods available for sale : Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. Determine the cost of goods available for sale
Diversity-conscious leaders are intellectually brilliant : Diversity-conscious leaders are naturally "people persons." Diversity-conscious leaders are intellectually brilliant.
Bonus from your company : If you will receive $1000 in one year (maybe a bonus from your company) and in two years you will receive $1500 ( a second bonus).
Prepare a note amortization schedule for sheffield bank : On December 31, 2017, Wildhorse Company signed a $1,105,800 note to Sheffield Bank. The market interest rate at that time was 11%.
Evaluate teddy bower stockout probability : Evaluate Teddy Bower’s stockout probability. How many parkas should Teddy Bower buy from TeddySports to maximize expected profit?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What factors should be considered in determining whether

the financial accounting standards board issued accounting guidance to clarify accounting methods and procedures with

  What are some nonfinancial performance measures

What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations?

  Kolinchak companys expected gross payroll for the period

kolinchak companys expected gross payroll for the period is 300000. assuming that its fica rate is 7.65 its futa rate

  Prepare the companys responsibilty income statement for the

a company has two product lines shoes and hats. costand revenue for each line for the current month

  What is simon basis in the accounts receivable

Simon is purchasing Tina's business for $9,000. The FMV of the assets are as follows: What is Simon's basis in the Accounts Receivable

  Prepare a trial balance on the work sheet

The steps in using a worksheet are presented in random order below. List the steps in the proper order by placing numbers 1-5 in the blank spaces.

  Estimated economic life of the automobile is 5 years

How you advised your client to account for this lease. Explain every journal entry that you believe is necessary to record this lease properly on the client's books.

  Company balance sheet and income statement

Analyze the information contained in the company's balance sheet and income statement to answer the following questions,

  A company issued 10-year 9 bonds with a par value of 500000

a company issued 10-year 9 bonds with a par value of 500000 when the market rate was 9.5. the issuer received 484087 in

  Describe why it is true that there may be two authorizations

Describe why it is true that there may be two authorizations related to sales, revenue, and conversion processes before they are posted to the general ledger.

  What amount of shipping costs should bread co record

What amount of shipping costs should Bread Co. record as selling costs and NOT include in ending inventory or cost of sales

  The appropriate section in the statement of cash flows

The appropriate section in the statement of cash flows for reporting the receipt of cash dividends from investments in securities is: ?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd