Ending inventory cost by fifo-lifo and average cost

Assignment Help Financial Accounting

Reference no: EM13824088

The units of available for sale during the year were

Mar 1 inventory 16 units $30 $480

June 16 Purchase 30 units $35 $1050

Not 28 purchase 45 units $39 $1755

91 units. $3285

There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the both cost of good sold and ending inventory cost by a) FIFO b) lifo and c) average cost methods.

Reference no: EM13824088

Questions Cloud

Expected cost of direct materials purchased for month : Schuh, Inc. plans to produce 6,000 units in Month 1 and 7,000 units in Month 2. Each unit requires 3 pounds of direct materials that can be purchased for $2 per pound. At the beginning of Month 1 there are 2,000 pounds of direct materials on hand. Sc..

Prepare differential analysis involving opportunity costs : On August 1, Matrix Stores Inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store. Alternatively, the company could use the funds to invest in $150,000 of 6% U.S. Treasury bonds that mature in 16 years..

Describe control procedure-pretended or detected the fraud : Assume that Corey Jones, account payable clerk for Matthew Davidson Computers, stole $59,456 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the manes of the fictitious companies and cashed the checks at..

Percentage completion on profit-weighted average method : Tom Winthrop estimated that the units in the ending inventory in the final processing department were 30% complete with respect to the conversion costs of the final processing department. If this estimate of the percentage completion is used, what wo..

Ending inventory cost by fifo-lifo and average cost : There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the both cost of good sold and ending inventory cost by a) FIFO b) lifo and c) average cost methods.

Cost of inventory reported on balance sheet : Calculate the cost of inventory reported on the balance sheet. the total merchandise on hand at the end of the year as determined by taking a physical inventory is $62,000, $8,000 has been sold FOB destination and is awaiting pickup by the carrier.

Necessary to close the manufacturing overhead account : What journal entry(s) are necessary to close the Manufacturing Overhead account if the amount in the account ($90,000) is all materials?

Operating leverage analysis-how much profits would increase : Using an operating leverage analysis, determine how much profits would increase for each company if each experienced a 10% increase in sales.

Company incurs variable costs and fixed costs : Texas Company produces one product that it sells for $50 per unit. In producing that product, Texas Company incurs variable costs of $35 per unit and fixed costs of $400,000. How many units of the product will Texas Company have to produce and sell t..

User Account

All Pages