User Account

All Pages

Determine the inventory cost using FIFO method

Assignment Help Accounting Basics
Reference no: EM132007016

Question - Periodic inventory using FIFO, LIFO, average cost methods. The units of an item available for sale during the year were as follows:

Jan 1 Inventory 12 units at $45 $540

July 7 Purchase 18 units at $50 900

Nov 23 Purchase 15 units at $54 810

Available for sale 45 units $ 2250

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

Determine the inventory cost using a) the first-in, first-out (FIFO) method; b) the last-in, first-out (LIFO) method; and c) the average cost method.

Reference no: EM132007016

Questions Cloud

What are they ways that international banks : What are they ways that international banks can use to protect themselves against risk such as currency risk and interest rate risk?
Calculate the amount of sales necessary : In the above (8) example, Calculate the amount of sales necessary in order to realized a desired profit of $6,000.00.
Massachusetts law requires motorists to maintain liability : Massachusetts law requires motorists to maintain liability limits of 20/40/15.
Return on invested capital of cary industries : Cary Industries has been provided by its lenders and owners with $42,500,000 to purchase assets.
Determine the inventory cost using FIFO method : Determine the inventory cost using a) the first-in, first-out (FIFO) method; b) the last-in, first-out (LIFO) method; and c) the average cost method
Expected to be constant over the project life : Operating cash flows are expected to be constant over the project's life. What is the project's NPV?
Determining the roa of berkeley corporation : Berkeley Corporation showed a profit margin of 6.2% last year on sales of $45,000,000. If its total asset level was $37,000,000 and total debt
Develop sequence diagrams for two use-case scenarios : Identifying Market - Extend your class diagram by including associations, indicating the object role and multiplicity on each end of your associations
What was economic value added : What was Economic Value Added (EVA) for the year?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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