Determine the cost of the inventory on december

Assignment Help Financial Accounting

Reference no: EM13172047

Details regarding the inventory of appliances at January 1, 2010, purchases invoices during the year, and the inventory count at December 31, 2010, of Arctic

Appliances are summarized as follows:

2349_cost of the inventory.PNG

Instructions

1. Determine the cost of the inventory on December 31, 2010, by the first-in, first out method. Present data in columnar form, using the following headings:

Model............. Quantity.............. Unit Cost............. Total Cost

If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.

2. Determine the cost of the inventory on December 31, 2010, by the last-in, first out method, following the procedures indicated in (1).

3. Determine the cost of the inventory on December 31, 2010, by the average cost method, using the columnar headings indicated in (1).

4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) decliningprices.

Reference no: EM13172047

Questions Cloud

Determining the enthalpy of reaction between citric acid : detailed procedure of determining the enthalpy of reaction between citric acid (H3Cit) and sodium hydroxide (NaOH). Calculate what volume of each .50M solution should be mixed to give a total volume of 50.0mL and the reactants in the correct stoic..

State the combustion of one mole of oxalic acid : Calculate ?Sºf for oxalic acid and ?Sº for the combustion of one mole of oxalic acid. c) Calculate ?Gºf for oxalic acid and ?Gº for the combustion of one mole of oxalic acid.

Calculate the total kinetic energy of the gaseous mixture : A 100.-L flask contains a mixture of methane (CH4) and argon gases at 25 degrees Celsius. The mass of argon present is 228 g and the mole fraction of methane in the mixture is 0.650. Calculate the total kinetic energy of the gaseous mixture.

Prepare a statement of partnership liquidation : Prepare a statement of partnership liquidation, indicating and the sale of assets and division of loss.

Determine the cost of the inventory on december : Determine the cost of the inventory on December 31, 2010, by the last-in, first out method, following the procedures indicated in.

What is the empirical formula of lysine : What is the empirical formula of lysine? If the approximate MM of lysine is 150 g/mol, what is the molecular formula?

How many moles of naf are in the tube : toothpaste contains 0.24% by mass sodium flouride used to prevent dental cavities. One tube contains 119g of toothpaste. How many moles of NaF are in the tube?

What is the concentration of koh for the final solution : What is the concentration of KOH for the final solution?

How many distinct terminal alkynes exist with molecular : How many distinct terminal alkynes exist with molecular formula C5H8?

User Account

All Pages