User Account

All Pages

Find the merchandise inventory by the fifo method

Assignment Help Cost Accounting
Reference no: EM132764459

Problem 1: From the information provided, it is requested to evaluate the merchandise inventory by the FIFO method, record the transactions in the Journal, calculate the cost of the materials used and the final inventory.

1/1 Inventory of materials .................. 500 units at $ 16.00

3/1 Purchase of materials ..................... 1,000 units at $ 18.00

5/1 Use of materials ........................... 850 units.

10/1 Purchase of merchandise ..................... 500 units at $ 20.

15/1 Use of materials .......................... 850 units.

Reference no: EM132764459

Questions Cloud

Explain to manager the concept involved : Explain to Manager the concept involved and how that could be a "negative net decision"?Manager walks into your office for your weekly meeting
How much should this lump sum deposit be : Alternatively, you decide to make one large lump sum deposit today instead of monthly deposits, how much should this lump sum deposit be
Discuss non controlling interests and goodwill : From 2019 Loblaw Companies Annual Report, outline the consolidation descriptions, Discuss non controlling interests, goodwill.
Find the amount and the present value of an annuity : Find the amount and the present value of an annuity of 1,500 every 3 months for 5 years if money is worth 8% compounded quarterly
Find the merchandise inventory by the fifo method : Find the merchandise inventory by the FIFO method, record the transactions in the Journal, calculate the cost of the materials used and the final inventory.
Explain why have chosen the companies that did : Give an example of a well-known company that might benefit from using a flexible budget, Explain why you have chosen the companies that you did.
Prepare the journal entry to record depreciation expense : It is expected that the cost of disposal will be $23,000. Prepare the journal entry (if any) to record depreciation expense for 2021
Find the current value and overall capitalization rate : Find the current value and overall capitalization rate of the firm using the Net Income Approach. Comment on the impact of increase in debentures
Explain the risk faced by the bank : As a representative dealer in a bank, you have just sold a European put option. Explain the risk faced by the bank if you do not hedge this option

Reviews

Write a Review

Cost Accounting Questions & Answers

  Determine the value of the companys inventory

Determine the value of the companys inventory under the lower-of-cost-or-market approach - Bardell Company sells three different categories of tools

  What is value of firm today if tax rate is twenty percent

If the current year free cash flow is 15 million, the cost of equity is 16%, What is the value of this firm today if the tax rate is 20%?

  Yuli-one copters is in the business of designing and

yuli-one copters is in the business of designing and manufacturing helicopters for commercial military and pleasure

  Calculate the flexed budget and the key variances

Calculate the flexed budget and the key variances between budgeted and actual results. Reconcile the original budget and present the relationship between the budgeted and the actual profit for the month November

  Find what were the equivalent units for conversion costs

Fabert Company uses the weighted-average method, What were the equivalent units for conversion costs in the Assembly Department for the month?

  What transfer price would you recommend

What transfer price would you recommend and why and what transfer price would you recommend if the Battery Division is now selling 1,000,000 batteries a year to retail outlets?

  What is the first cost for anodizing and the annual cost

What is (a) the first cost for anodizing, (b) the annual cost for powder coating, and (c) the resale (salvage) value of the anodized parts?

  What is the value to be subjected to estate tax

At that time the land was worth P450,000. Let's assume that the donation is a donation mortis cause, what is the value to be subjected to estate tax?

  Note that snyder department store uses a periodic system

At the end of Snyder Department Store's fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.

  Make a standard cost summary showing the standard unit cost

The normal capacity of the Malloy Company is 20,000 direct labor hours and 10,000 units. Make a standard cost summary showing the standard unit cost.

  Prepare the cost of goods manufactured statement

Denny Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production

  Statement through gross profit for the month of may 2012

Journalize the transactions using a perpetual inventory system and post the transactions to T accounts. Be sure to enter the beginning cash and common stock balances.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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