Estimate the 2011 ending inventory and cost of goods sold

Assignment Help Accounting Basics
Reference no: EM131000050

On January 1, 2011, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2011 and 2012 are as follows:

Required:

1. Estimate the 2011 and 2012 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

2. Estimate the 2011 ending inventory and cost of goods sold using the average cost method.

3. Estimate the 2011 ending inventory and cost of goods sold using the conventional retail method (average, LCM).

Reference no: EM131000050

Questions Cloud

Variety of punishments that are more restrictive : An intermediate sanction includes a variety of punishments that are more restrictive than traditional probation but less severe and costly than incarceration
Define e-commerce and describe how differs from e-business : Define e-commerce and describe how it differs from e-business. What are the Eight Key Elements of a Business Model and discuss value preposition.
Leave her consumption unchanged : Mallory consumes a bundle of candy and cookies, spending all of her income. The price of candy is $1 and the price of a cookie is $0.50. At her current bundle, the marginal utility of the next bar of candy she could purchase is 12 utils and the margi..
Article on enterprise risk management : What are some of key points that Jane should integrate into her article on enterprise risk management? What are the main idea she would want to communicate in her article?
Estimate the 2011 ending inventory and cost of goods sold : Estimate the 2011 ending inventory and cost of goods sold using the conventional retail method (average, LCM).
Non exchangeable and non transferable ticket : Van has plans to go to an opera and already has a $100 non refundable, non exchangeable, and non transferable ticket. Now Amy, whom Van has wanted to date for a long time, asks him to a party. Van would prefer to go to the party with Amy and forgo th..
Amortization and depletion entries : Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
Represents the equation for the average cost : Which of the following represents the equation for the Average Cost (AC)?
When it comes to finding the utility maximizing bundle : Kelli likes to bake cookies and doesn't care whether she uses corn or safflower oil in her recipes. To her, they provide the same function and the same taste in her cakes and cookies. What do Kelli's indifference curves look like for corn oil and saf..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Total material variance and material variance

Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can.

  Garcia corporation purchased a truck by issuing an 108000

1.garcia corporation purchased a truck by issuing an 108000 4-year zero-interest-bearing note to equinox inc. the

  Expenses incurred and retained earnings relationships

Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.

  Cost-volume-profit analysis

Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.

  On july 31 2014 mexico company paid 3065200 to acquire all

on july 31 2014 mexico company paid 3065200 to acquire all of the common stock of conchita incorporated which became a

  Assume the significinat driver is equipment hours determine

assume the significinat driver is equipment hours. identify the expenses that would likely be traced to jobs using this

  Accounting irregularities at xerox cases

Review SOX mandates, and determine what protections are currently in place to protect whistle-blowers. Take a position on whether more employees would be willing to blow the whistle on corporate misbehavior due to the provisions for whistle-blower..

  During the second quarter of operations

During the second quarter of operations, JT again manufactured 30,000 units but sold 35,000 units. Prepare income statements for the second quarter using both variable-and absorption- costing methods.

  Weighted mean price of a book-weighted mean hourly wage

The Loris Healthcare System employs 200 persons on the nursing staff. Fifty are nurse's aides, 50 are practical nurses, and 100 are registered nurses. Nurse's aides receive $8 an hour, practical nurses $15 an hour, and registered nurses $24 an hou..

  Barnes manufactures a specialty food product that can

barnes manufactures a specialty food product that can currently be sold for 22 per unit and has a 20000 units on hand.

  Rhetorical strategies and fallacies worksheet

The following are some common rhetorical strategies:

  Prepare a report that shows the effect on the companys

rosiek corporation uses part a55 in one of its products. the companys accounting department reports the following costs

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd