User Account

All Pages

Determine the ending inventory balance action

Assignment Help Managerial Accounting
Reference no: EM13932700

Action, Inc., had the following sales and purchase transactions during 2013. Beginning inventory consisted of 120 items at $80 each. Action uses the FIFO cost flow assumption and keeps perpetual inventory records.

2158_264-B-M-A-I (1858).png

Required: 

a. Record the inventory transactions in general journal format. 
b. Calculate the gross margin Action would report on the 2013 income statement. 
c. Determine the ending inventory balance Action would report on the December 31, 2013, balance sheet.

Reference no: EM13932700

Questions Cloud

How is this policy affecting your nursing practice : What have been the effects (adverse or positive) of this policy on health care cost, quality, and access? How is this policy affecting your nursing practice
Basis of cash expenditures related to fixed costs : Air Purifier Inc. computes its break-even point strictly on the basis of cash expenditures related to fixed costs. Its total fixed costs are $2,450,000, but 15 percent of this value is represented by depreciation. Its contribution margin (price minus..
How are the results affected by the change in x : How are the results affected by the change in x? How would the results be affected if each y-value were divided by 1000?
Analysis of the model-investment committee : After years of complaints from motorists living in Manly and on Sydney's Northern Beaches, the NSW Government has finally decided to improve traffic on one of Sydney's most congested roads.
Determine the ending inventory balance action : Determine the ending inventory balance Action would report on the December 31, 2013, balance sheet.
Identify odds ratio and the significance of the odds ratio : Identify the Odds Ratio and the significance of the Odds Ratio for each of the covariates. How has the relationship between Chole_Cat and Hypertension changed with the addition of the other variables?
Compute the net present value of this project : Northwest Industries is considering a project with the following cash flows: Initial Outlay=$2,800,000 After-tax operating cash flows for years 1-4=$850,000 per year, Additional after-tax terminal cash flow at end of Year 4=$125,000 Compute the net p..
Compute the break-even point in units : The Hartnett Corporation manufactures baseball bats with Pudge Rodriguez’s autograph stamped on them. Each bat sells for $35 and has a variable cost of $22. There are $97,500 in fixed costs involved in the production process. a. Compute the break-eve..
Calculate call value of owens corning warrants : When Owens Corning emerged from bankruptcy in 2006, the debt holders became the sole owners of the company. But the old stockholders were not left entirely empty handed. They were given warrants to buy the new common stock at any point in the next se..

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Calculate the cost of goods manufactured

GrandSlam, Inc., incurred the following costs during March:

  Discuss what some of the reports and ratios

Discuss what some of the reports and ratios are that the financial statements can help you develop and analyze the statements listed below, keep in mind that these statements are the foundation of financial accounting

  Prepare any journal entries needed as of month end

federal and state income taxes withheld were $2,000, union dues were $150 and state umployment taxes (employer tax) were $450 for that payroll. Prepare any journal entries needed as of month end.

  Calculate the amount of revenue or expense

For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Ryco Co. for the year ended December 31, 2013:

  Petty cash account

Which of the following would be the journal entery to replenish the petty cash account

  Concept of sunk cost and opportunity cost

Calculate the no. of package tours that must be sold to break even and calculate the revenue needed to earn a target operating income

  Use the indirect method to compute cash flow

Use the indirect method to compute cash flow from operating activities.

  What is the goal of the eoq model

What is the goal of the EOQ model and why does a firm hold "safety stock? and what costs are a firm trying to balance when it decides on how much safety stock to hold?

  Should betsy take the new job

Should Betsy take the new job - does your answer change if Betsy's utility function is U=Y0.9? Why?

  Conversion cycle and credit policy

Since easing the credit policy generally lengthens the collection period and worsens the aging schedule, why do firms ever ease their credit policies?

  1 a company purchased equipment for 20000 management

1. a company purchased equipment for 20000. management estimates that the equipment will have a useful life of five

  Saline solutions uses process costing

Saline Solutions uses process costing to account for production of its unique compound BG at its River Plant.

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