User Account

All Pages

Determine the inventory cost

Assignment Help Accounting Basics
Reference no: EM132702438

Question - Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 17 units at $48 $816

Aug. 13 Purchase 16 units at $51 816

Nov. 30 Purchase 5 units at $52 260

Available for sale 38 units $1,892

There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method.

Reference no: EM132702438

Questions Cloud

Compute the estimated accounts receivable balance : Kiwi Ltd. has the following sales budget for the last six months of 20X3: Compute the estimated accounts receivable balance at the beginning of October
Calculate the estimated price and demand schedules : The project is expected to end in five years. Calculate the estimated price, demand schedules and other information during each of the next five years
Penetration testing is simulated cyberattack : Penetration testing is a simulated cyberattack against a computer or network that checks for exploitable vulnerabilities.
Which alternative can maximize expected economic benefits : Develop a decision tree for alternatives and make recommendation to Indian government that which alternative can maximize expected economic benefits?
Determine the inventory cost : Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method
Explain the controls that would be required to account : Explain the controls that would be required to account for inventory movements at the local store level and in head office
How much should be recognized in the profit or loss : How much should be recognized in the 2009 profit or loss as a result of the transfer from owner-occupied to investment property
Prepare the journal entries to be recorded by Kangaroo Ltd : Kangaroo Ltd must provide maintenance for the Inventory for the first 12 months. Prepare the journal entries to be recorded by Kangaroo Ltd
What is the rate of return realized by Mary from the sale : Mary then sold the T-bill 30 days later on June 21st when the rate was at 2.05%. What is the rate of return realized by Mary from the sale

Reviews

Write a Review

Accounting Basics Questions & Answers

  What income tax consequences ensue from tim

What income tax consequences ensue from Tim's suggested approach? Compare this result with what would happen if Tim merely transferred

  Manufactures airplanes for use in stunt shows

Maverick Wings, Inc. manufactures airplanes for use in stunt shows. Maverick's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has dif..

  Analyze the audit report that the cpa firm issued

Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common.

  Prepare an incremental analysis for the special order

"Haslett Inc. manufactures basketballs for the National Basketball Association (NBA). Prepare an incremental analysis for the special order

  How much of loss can jon deduct on his personal income tax

On January 1, 2010, Jon purchased 50% of Waite, an S corporation, for $75,000. At the end of 2010, Waite incurred an ordinary loss of $1600. How much of the loss can Jon deduct on his personal income tax return for 2010?

  Marjlee company began construction of an office building

Calculate the amount of interest capitalized in 2016 for the building using the specific interest method.

  What is ricks distributive share of income

What is Rick's distributive share of income, gain, and loss for the current year

  Nick and jolene are married nick is 61 and retired in 2011

nick and jolene are married. nick is 61 and retired in 2011 from his job with amalgamated company. jolene is 56 and

  What are the sources of pressure that change

What are the sources of pressure that change and influence the development of accounting principles and standards?

  A companys revenue function is 4330x and its budgeted cost

a companys revenue function is 43.30x and its budgeted cost function is 24.80x 91000. where x is the unit sales. if

  Account titles are accumulated depreciation dental equipment

Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Utilities Payable.

  How should the restaurant allocate its advertising budget

The value of the index for spot radio advertising is How should the restaurant allocate its advertising budget to maximize the value of total audience exposure?

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