Ending inventory and cost of goods sold

Assignment Help Accounting Basics

Reference no: EM13257663

Cyclone Co. uses the periodic inventory system. The following information about their inventory of Model XX Mountain Bicycles is available: please show work

Date	Transaction	Number of Units	Cost per Unit
1/1	Beginning Inventory	50	$800
4/12	Purchase	80	$820
7/8	Purchase	75	$840
9/22	Purchase	90	$850

During the year, 235 bicycles were sold at a price of $1,500 each. Other operating costs equaled $80,000 and their tax rateis 30%. Round final answers to the nearest dollar.

a) What was ending inventory and cost of goods sold on 12/31 under the FIFO cost flow assumption?

b) What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?

c) What was ending inventory and cost of goods sold on 12/31 under the weighted average cost flow assumption?

d) How much is gross margin under the FIFO method for the year ended 12/31?

e) How much is income tax expense under the LIFO method as of12/31?

f) How much tax is saved using LIFO instead of FIFO costing asof 12/31?

Reference no: EM13257663

Questions Cloud

What is the projects irr : You have now been tasked with providing a recommendation for the project based on the results of a Net Present Value Analysis. Assuming that the required rate of return is 15% and the initial cost of the machine is $3,500,000.

Current liabilities section of the balance sheet : Prepare the current liabilities section of the balance sheet for Rock On Magazine Co. on March 31, 2009.

Who is general mills auditor : Who is General Mills auditor? On what date did the auditor completeits audit work?

Construct payoff and profit diagrams for the purchase : Construct payoff and profit diagrams for the purchase of a 950-strike S&R call and sale of a 1000-strike S&R call. Verify that you obtain exactly the same profit diagram for the purchase of a 950-strike S&R put and sale of a 1000-strike S&R

Ending inventory and cost of goods sold : What was ending inventory and cost of goods sold on 12/31 under the FIFO cost flow assumption? What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?

Define the admittance of the circuit in complex fork : 1.explain what is the instantaneous values of AC AND phase shift angle are. Explain what the effective and average values of AC are. How are they related with amplitude. 2.Draw a calculated conductivities triangle for the circuit with a parallel co..

Why should the option premium increase with the strike price : Consider your payoff diagram with all three options graphed together. Intuitively, why should the option premium increase with the strike price?

Problem related to productivity gain : last year the nursing home prepared 200,000 standard meals, 40,000 low-sodium meals, and 50,000 other special meals, this year, they prepared meals, 60,000 other special meals, the total time for the foodworkers this year was 76,500 hours using a ..

What is the present value of an annuity : What is the present value of an annuity of $6,000 per year, with the first cash flow received 3 years from today and the last one received 25 years from today? Use a discount rate of 7 percent.

User Account

All Pages