Hazelton corporation uses a periodic inventory system and

Reference no: EM13589411

Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers:

4000 units @ 6 = 24,000
6000 units @ 7 = 35,000
total 59,000

During 2013, 6,000 units were purchased at $8 per unit and during 2014, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2013 and 2014, respectively.

Required:

1. Calculate cost of goods sold for 2013 and 2014.
2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for 2013 and 2014.

Reference no: EM13589411

Questions Cloud

Doherty inc is authorized to issue 1000000 shares of 1 par : doherty inc. is authorized to issue 1000000 shares of 1 par value common stock and 400000 shares of 100 par preferred

Tara company owns 80 percent of the common stock of stodd : tara company owns 80 percent of the common stock of stodd inc. in the current year tara reports sales of 5000000 and

Fine pottery processors manufactures two products platters : fine pottery processors manufactures two products platters and tureens from a joint process. platters are allocated

Burgoon uses an economic order quantity model and has : burgoon uses an economic order quantity model and has determined an optimal order size of 500 units. annual demand is

Hazelton corporation uses a periodic inventory system and : hazelton corporation uses a periodic inventory system and the lifo method to value its inventory. the company began

The rosemont country club and tennis courts has a favorable : rosemont tennis is planning for the coming year. investors would like to earn a 12 return on the companys 21250521

The ski shop began february with an inventory of 50 ski : the ski shop began february with an inventory of 50 ski vests that cost a total of 1500 with each costing 30. the

The entropy increase after mixing 2 moles of oxygen 1 mole : question the entropy increase after mixing 2 moles of oxygen 1 mole of nitrogen which were prepared at the same

Dublin medical dm a large established corporation with no : dublin medical dm a large established corporation with no growth in its real earnings is considering acquiring 100 of

User Account

All Pages