Determine the ending inventory and cost of goods sold

Assignment Help Financial Accounting
Reference no: EM133151615

Question - During March, the following sales and purchases of inventories were made by Noor Company:

 

Number of Units

Cost per Unit

Total Cost

March 1 inventory

100

$13.20

$1,320

March 15 purchase

260

15.00

3,900

March 29 purchase

160

16.00

2,560

March 30 sale

335

 

 

Required - Determine the ending inventory and cost of goods sold for Noor Company under the following cost flow assumptions: a. FIFO b. LIFO c. Average cost

Reference no: EM133151615

Questions Cloud

Differences between financial and managerial accounting : Discuss what Susan should know about managerial accounting. Explain the similarities and differences between financial and managerial accounting.
Determine the total compensation cost : The common shares have a market price of $12.00 per share on grant date. Management's policy is to estimate forfeltures. Determine the total compensation cost
Judgement in measuring costs reflection : Much of cost accounting requires individuals to use their own judgment.
Prepare the journal entries for June and August : The selling price was $10,000 and the cost to build the furniture was $2,800. Prepare the journal entries for June 1st and August 1st
Determine the ending inventory and cost of goods sold : Determine the ending inventory and cost of goods sold for Noor Company under the following cost flow assumptions: a. FIFO b. LIFO c. Average cost
Difference between primary and secondary customers : 1. Describe the difference between primary and secondary customers?
Improve productivity in department or division : Identify at least five activities that can be done to improve productivity in the department or division where you work.
Influence strategic planning for tesla inc : What might be in the some external, general, or industry environment that would influence strategic planning for Tesla Inc.?
What is the amount of gross profit : Using the following information - Merchandise inventory, September 1 5,900 and Administrative expense 1,210, what is the amount of gross profit

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine whether hydro reporting is appropriate

Investigate the financial reporting standards associated with accounting for variable interest entities and determine whether Hydro's reporting is appropriate.

  Prepare journal entries to record the unrelated scenarios

Prepare journal entries to record the unrelated scenarios. Partner X sells his interest to new partner T for $25,000. Partner X sells his interest to partner Y

  What the bond amortization recorded on june

The bond had been issued at a discount rate of 16% and matures on December 31, 2012. The bond amortization recorded on June 30, 2010 (rounded) would be

  What are the companys assets

What are the company's assets, including Property, plant and equipment and intangible assets? Do they have goodwill

  Find the price that this bond trades for will be closest to

Find the price that this bond trades for will be closest to? Assuming the appropriate YTM on Sisyphean bond is 7.5%. Coupon payments are to be made semiannually

  Explain the effect of accrued interest expense

Explain the effect of accrued interest expense towards the determination of accounting profit and taxable income in relation to MFRS112 Income Taxes

  What advice would give to natasha

Calculate the present value of the salary differential for completing the certification program. Subtract the cost of the program to get the NPV

  Confirmation of accounts receivable by direct communication

Green, CPA, was engaged to audit the financial statements of Essex Co. after its fiscal year had ended. The timing of Green's appointment and the start of fieldwork made confirmation of accounts receivable by direct communication with the customers n..

  Determine the total cost recovery deductions

Determine the total cost recovery deductions in calculating taxable income related to the machines for the calendar 2019 taxable year

  What is the budget procedure for this organization

Explain in your own word what is the budget procedure for this organization. Explain in your own word how organization set up control for purchasing budget

  Which choices will result in a greater future value

Which of the following choices will result in a greater future value. Each account earns an average of 10% per year. (The investments are end-of-year payments.)

  What net amount of remeasurement of the net defined

What net amount of remeasurement of the net defined benefit liability (asset) included in the defined benefit cost for 2002 would be?

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