Fifo and lifo inventory cost flow methods

Assignment Help Financial Accounting

Reference no: EM131220517

The management of Tinker Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014, the accounting records show these data. Inventory, January 1 (10,000 units) $ 35,000 Cost of 120,000 units purchased 471,790 Selling price of 97,600 units sold 749,800 Operating expenses 126,000 Units purchased consisted of 35,500 units at $3.70 on May 10; 60,100 units at $4.00 on August 15; and 24,400 units at $4.10 on November 20. Income taxes are 30%.

Reference no: EM131220517

Questions Cloud

How might you best combine the benefits of online learning : Reflect on the hybrid learning environment. As a nurse educator, how might you best combine the benefits of both the on-site and online learning environment to achieve and reinforce learning objectives?

Estimate of the ending balance of accounts receivable : Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $2,655 per month, has just purchased a new Acura. You decided to test the accuracy of the accounts receivable balance of $207,090 as shown in the ledger. Compute an estimate of ..

Design a discrete time matched filter for the cosine signal : Design a discrete-time matched filter for the cosine signal. - Filter the signal plus noise sequence with the matched filter.

Computers and the future : What do you think the future of computer technology will be 5 to 10 years from now. For example in the 1960's Star Trek have the flip communicator and then in the 1990's we have the motorola flip cell phone.

Fifo and lifo inventory cost flow methods : The management of Tinker Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014, the accounting records show these data.

Variables of the type float called numerator : The class name is 'Calculator'. Has public variables of the type float called numerator, denominator and total. Has a method called 'Add' that returns the sum of numerator and denominator and sets the total variable.

Find the discrete time pure prediction wiener filter : Find the discrete-time, pure prediction Wiener filter. - Determine and plot the PSD for the random sequence and the power transfer function.

Presently leases a copy machine under an agreement : Swanson and Associates presently leases a copy machine under an agreement that calls for a fixed fee each month and a charge for each copy made. Swanson made 7,000 copies and paid a total of $360 in March; in May, the firm paid $280 for 5,000 copies...

Prepare a capital projects fund balance sheet : A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund. Prepare a Capital Projects Fun..

User Account

All Pages