User Account

All Pages

Determine the cost of goods sold on october

Assignment Help Financial Accounting
Reference no: EM132945290

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1 Inventory44 units @ $22

Oct 7 Sale36 units

Oct 15 Purchase51 units @ $26

Oct 24 Sale13 units

Problem 1: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.

Reference no: EM132945290

Questions Cloud

Write the relevant safety assessment report : Write the relevant safety assessment report. To ensure successful completion of this step, your report must include the information Existing hazards
What is the total cost of ending inventory according to fifo : What is the total cost of the ending inventory according to FIFO? The units of an item were available for sale during the year, FIFO and LIFO Costs.
Training and testing in your vocational work placement : Write down how and where they can avail of this training and testing in your vocational work placement.
How much was the insurance expense incurred : How much was the insurance expense incurred for the year ended December 31, 2019 if there was no balance in the insurance expense account
Determine the cost of goods sold on october : Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the cost of goods sold on October 24
Identify hazards in an early childhood education : Identify hazards in an Early Childhood Education and Care service and Describe two (2) workplace procedures for hazard identification
Find what is the ending inventory balance at end of the year : Beginning inventory8 units at $51, What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method?
What is the opportunity cost for bodden truck company : What is the opportunity cost? To reduce production start-up costs, Bodden Truck Company may manufacture longer runs of the same truck.
Identify three key sales management issues : Watch the movie "The Founder", which is a true story. The movie is available on Netflix for free.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What are thoughts about how the phrase could still be true

What are thoughts about how the phrase could still be true? why do you suppose accounting would be considered the language of business?

  Determine the reporting of differed tax accounts

At 12/31/x2 a firm had the following ending account balances: _______$30,000 prepaid rent covering 20x3-20x5 ($10,000/year for 3 years). _______$120,000 estimated warranty liability for a four-year warranty program through 20x6 ($30,000 estimated cla..

  What amount should be reported as dividend income

Prevailing market price of the trading security is at ?49 per share. What amount should be reported as dividend income on the December 31, 2020 income statement

  The functional currency

USAco, a domestic corporation, sells widgets in the United States. USAco has a French subsidiary, FRANco, which sell widgets only in France. FRANco is paid in euros for 90% of its sales, and is paid in British pounds for the remaining 10% of its sale..

  How much is fessler contribution margin ratio

Norman Company sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $90,000. How many MP3 players must Norman sell to earn net income of $210,000?

  What the amount of income taxes

Furniture market value: $4,000, Stocks and bonds: $15,000. What the amount of income taxes that they actually pay is based upon their

  The pros and cons of drawing up partnership agreement

Imagine that one of your colleagues has offered you the opportunity to become a partner in a new business venture. The colleague stipulates that due to your past relationship, there is no reason to draw up a partnership agreement. Discuss the pros an..

  How many years would the company need to have

IRR is 9% compounded annually. How many years would the company need to have the machine to make it worth the investment

  Gain treated as long-term capital gain

Near the end of 2016, Heather calculates her gains and losses from 2016 dispositions of section 1231 assets. She determines that she has a net section 1231 gain of $30,000. Heather has section 1231 lookback losses of $17,000. What would increase Heat..

  Explain to mendoza whether the behavior was ethical

Explain to Mendoza whether the behavior was ethical -  How do you explain your findings to the average potential investor?

  Determine the balance in rita account after five years

Rita will receive the money, plus interest, if she finishes her high school at the end of the 5 years. Determine the balance in Rita's account after 5 years.

  T accounts-cash-accounts receivable-prepaid insurance

Record the above transactions (in chronological order) directly in the following T accounts, without journalizing. Cash, Accounts Receivable, Supplies, Prepaid Insurance, Automobiles, Equipment, Notes Payable, Accounts Payable, Capital Stock, Profess..

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