Reference no: EM131286294
Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Instructions 1. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar. 4. Compare the gross profit and June 30, 2016, inventories.
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Assets available for unsecured creditors
: A Company that was formed to be liquidated had the following liabilities: Assets available for Unsecured Creditors after payment of liabilities with priorty are calculated to be what amount?
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The estimate of uncollectible accounts
: At the end of January, $4,500 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receiva..
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Decrease in market-wide interest rates will result
: When a debt covenant is violated, the related debt must be classified as current if it is probable that the borrower: In a study of discretionary accounting accruals, it was found that abnormal accruals in the year prior to reporting covenant violati..
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Activities of the statement of cash flows
: Could you please research and explain if the expenses from running the business are included in all the activities of the statement of cash flows (operating, investing and financing)? Be specific in providing your explanation.
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First-out method and the periodic inventory system
: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28. Determin..
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Partnership and bankruptcy
: Cleary, Wesser, and Nolan formed a partnership on January 1, 2012, with investments of $ 100,000, $ 150,000, and $ 200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annua..
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When a division is operating at capacity
: When a division is operating at? capacity, the transfer price should be? ________. On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)
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Taxable corporate bond
: If Tom invests $30,000 in a taxable corporate bond that provides a 6 percent before-tax return, how much will Tom's investment be worth in either 8 or 20 years from now when the bond matures? Assume Tom's marginal tax rate is 35 percent.
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Prepare journal entry to record the estimated uncollectibles
: During its first year of operations, Sandhill Co. had credit sales of $3,208,100, of which $434,300 remained uncollected at year-end. The credit manager estimates that $19,120 of these receivables will become uncollectible. Prepare the journal entry ..
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