Solution-Find cost of goods sold during the period

Find cost of goods sold during the period

Assignment Help Financial Accounting

Reference no: EM132988486

Swifty Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 335,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered.

Swifty has sent inventory costing $ 26,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31.
The company did not include in the count inventory (cost, $ 20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
The company did not include in the count inventory (cost, $ 14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Problem 1: Compute the correct December 31 inventory.

The accounting records of Metlock Electronics show the following data.

Beginning inventory 2,000 units at$ 4

Purchases 8,000 units at$ 6

Sales 9,400 units at$ 10

Problem 2: Determine cost of goods sold during the period under a periodic inventory system using the FIFO method.

Reference no: EM132988486

Questions Cloud

What is the purpose of npv analysis : What are the similarities between the time value of money formulas and the NPV analysis? What is the purpose of NPV analysis?

What is the probability of exactly seven defects : We work at the Carlton Carpet Company. The average number of defects on a 10' x 10' piece of carpet is, What is the probability of exactly 7 defects?

What are differences between future value and present value : What are the differences between simple interest and compound interest? What are the differences between future value and present value?

Estimate the weighted average cost of capital for cola : Estimate the weighted average cost of capital (WACC) for Cola Beverage Co. The Cola Beverage Co. common stock is currently trading on the NASDAQ

Find cost of goods sold during the period : Compute the correct December 31 inventory. Determine cost of goods sold during the period under a periodic inventory system using the FIFO method.

Estimate the cost of common equity capital for cola beverage : Estimate the cost of common equity capital for Cola Beverage Co. using the capital asset pricing model (CAPM). Estimate the weighted average cost of capital

What is the firm taxable income for talley corporation : What is the firm's taxable income? The Talley Corporation had taxable operating income of $440,000 (i.e., earnings from operating revenues)

What is the additional tax on the interest income : Assume the firm receives an additional $4 million of interest income from some bonds it owns. What is the additional tax on this interest income?

How investors assess the future prospects of the companies : What do these ratios tell you about how investors assess the future prospects of these companies? Financial analysis can be defined as the process of assessing

User Account

All Pages

Find cost of goods sold during the period

Reference no: EM132988486

Reference no: EM132988486

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT