Determine the inventory cost by the average cost method

Assignment Help Accounting Basics

Reference no: EM131527730

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

Jan. 1 Inventory 6 units at $28 Feb.

4 Purchase 12 units at $30 July

20 Purchase 14 units at $32 Dec.

30 Purchase 8 units at $33

There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by

(a) the first-in, first-out method,

(b) the last-in, first-out method, and

Reference no: EM131527730

Questions Cloud

Prepare a presentation about wireless attacks : Prepare a Presentation about Wireless attacks. Detailed description of the area researched, Technology involved in the area and Future trends in the area.

Negative view of central banks : Libertarian politicians and Austrian economists generally have a very negative view of central banks such as the Federal Reserve.

Examine the book-value balance sheet : Examine the following book-value balance sheet for University Products Inc. What is the market debt-to-value ratio of the firm?

Calculate the before-tax and after-tax IRR, and NPW : Calculate the before-tax and after-tax IRR, and NPW using manual solutions.

Determine the inventory cost by the average cost method : There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost.

Utility from consumption of tacos : 1. Suppose the utility from consumption of tacos (x) and pad thai (z) is. a. What are the demand functions (as a function of income and prices) for x and z?

Writes data from an array list to data basein proper format : Writes data from an array list to the data basein proper format. Add persistent data storage to your Week 5 Lab using the MySQL Database.

What is your dollar return for the past year : One year ago you bought Superior stock for $83.00 per share. What is your dollar return for the past year? What is the capital gains yield?

Develop a program that targets a younger audience : The United States military conducts annually cohort surveys in order to assess the effectiveness of previously instituted training and guidelines.

User Account

All Pages