User Account

All Pages

Discuss ending inventory using a perpetual inventory system

Assignment Help Accounting Basics
Reference no: EM131772436

Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases and sales of Xpert snowboards during September is shown below. During the same month, 208 Xpert snowboards were sold. Additional data regarding Elsa's sales of Xpert snowboards are provided below. Elsa's uses a perpetual inventory system.

Date Explanation Units Unit Cost Total Cost

Sept. 1 Inventory 45 $101 $ 4,545
Sept. 12 Purchases 77 104 8,008
Sept. 19 Purchases 34 109 3,706
Sept. 26 Purchases 86 114 9,804
Totals 242 $26,063

Date Units Unit Price Total Revenue
Sept. 5 Sale 21 $195 $4,095
Sept. 16 Sale 86 195 16,770
Sept. 29 Sale 101 210 21,210
Totals
208
$42,075

Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system.

Ending Inventory FIFO

Perpetual: Periodic:

Ending Inventory LIFO

Perpetual: Periodic:

Reference no: EM131772436

Questions Cloud

Describe the gambler fallacy in brief : Suppose a friend reports that she has just had a string of "bad luck" with her car. She had three major problems in as many months and now has replaced.
Explain the tax consequences if the shares are held by trust : Explain the tax consequences if the shares are held by the trust at the time Mrs. B dies
What version of ssh is the target running : What version of SSH is the target running? What version of FTP is the target running? What is port 5900 used for on the target? What OS is running on target?
Calculating the yearly accident probability : Find out your yearly car insurance cost. If you don't have a car, find out the yearly cost for a friend or relative.
Discuss ending inventory using a perpetual inventory system : Compare ending inventory using a perpetual inventory system to ending inventory using a periodic inventory system
Determining the defense attorney to convince the jury : Suppose a defense attorney is trying to convince the jury that his client's wallet, found at the scene of the crime, was actually planted there by his client's.
Discuss estate incurs funeral and administrative expenses : Eric dies in the current year and has a gross estate valued at $6,500,000. The estate incurs funeral and administrative expenses
How change can be implemented based on your evaluation : Discuss your own point of view on how change can be implemented based on your evaluation. Relate your critical analysis to any of the theoretical models of chan
Discuss about typical contributions in given range : A telephone solicitor recently contacted the author to ask for money for a charity in which typical contributions are in the range of $25 to $50.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the principles and nature of accounting treatment

You are Required to: Discuss the principles and the nature of the accounting treatment of the given plans

  Should the firms recognize liability in amount of receivable

Should the firms recognize a liability in the amount of the cash received for the receivables? Describe the applicable criteria to determine whether the transfer of receivables can be recorded as a sale.

  Nelson and a few friends invest 50000 to open genie car

nelson and a few friends invest 50000 to open genie car wash and the business issues common stock to the stockholders.

  What is the cost of goods manufactured

Question - Suppose a bakery reports this information: What is the cost of goods manufactured

  Concludes the controls related to accounts receivable

Assume the auditor concludes the controls related to accounts receivable are operating effectively based on inquiry and other appropriate tests. Which of the following is a correct inference regarding the auditor's conclusion?

  Net income

Triple J's net income for the year ended December 31, 2012 was $278,000. It also had stock warrants issued on September 30, 2012, that could be converted into 24,000 shares of common stock, beginning in 2015.

  The new manager of the cpu assembly department was asked to

bell computers ltd. located in liverpool england assembles a standardized personal computer from parts it purchases

  When are auditors required to audit through the computer

Distinguish between auditing through the computer and auditing with the computer. When are auditors required to audit through the computer as opposed to auditing around the computer?

  A fertilizer manufacturing company wants to relocate to

a fertilizer manufacturing company wants to relocate to jones county. a report from a fired researcher at the company

  If sales of pear corporation totaled 500000 for the

if sales of pear corporation totaled 500000 for the current year 50000 units at 10 each and planned sales were 405000

  Brian and charlie are brothersanswer each of the following

jbc corporation is owned 20 percent by john 30 percent by bryan 30 percent by charlie and 20 percent by zcorporation. z

  Calculate the annual difference

Calculate the annual difference between the cash flow and the deductibility for tax purposes of the purchase of $10,000 of office furniture.

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