User Account

All Pages

How do calculate the cost of the ending inventory

Assignment Help Managerial Accounting
Reference no: EM132605928

Crane Company reports the following for the month of June.

Date explanation                             units         unit cost           total cost

June 1 Inventory                          150                $4            $600

12 Purchase                                 450                  5            2,250

23 Purchase                                 400                 6                     2,400

30 Inventory 80

Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.

Question A. Calculate cost of goods available for sale.

Question B. Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)

June 1             $4

June 12        $4.75

June 15          $4.75  

June 23             $?

June 27          $?

Question C. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)

FIFO LIFO moving-average cost

The cost ending inventory ? ? ?

The cost of goods sold 4770 4930 ?

Reference no: EM132605928

Questions Cloud

How can an investor buy Samsung stock in the US : While Samsung is a hugely popular brand, holding its shares has never been easy for U.S. investors. How can an investor buy Samsung stock in the US?
Prepare journal entry to record the issuance of the shares : JET Industries issued 4.00 million of its $1 par common shares to its underwriters for $24,000,000. Prepare the journal entry to record the issuance of shares
Compute the ending inventory under moving-average cost : Compute the ending inventory under moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0)
School Safety and Bullying : Identify and discuss three (3) inadequacies you believe exist in the American school systems.
How do calculate the cost of the ending inventory : How do Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system.
Product safety issue : Give an example of a recently publicized product safety issue involving a global company related to ethical issues.
Businesses place small notices : Many businesses place small notices near their entryways warning that by entering the building you consent to video recording or by parking
What is the expected postretirement benefit obligation : What is the expected postretirement benefit obligation at the beginning of 2021? (Round your final answer to the nearest whole dollar amount.)
Explain dynamics of how self- esteem affects self- efficacy : Explain the dynamics of how self- esteem affects self- efficacy. Provide an example of an internal or external force that impacts your self-efficacy

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Calculate the net benefit of purchasing the new machine

Calculate the net benefit (cost) of purchasing the new machine. Health Scan, Inc. paid $50,000 for X-ray equipment four years ago.

  Solve the payback period in months

Solve the Payback period in months, Book rate of return on investment. The Templar Company has an investment opportunity costing P90,000

  Calculate and interpret the contribution margin ratio

Calculate how much the company's operating income would decline under either approach with a 10% decline in sales. Calculate and interpret contribution margin

  How could costly duplication of activities

How could costly duplication of activities occur in a decentralized operating environment?

  Describe the costs to wells fargo of this scandal

BUAD 5107 - Accounting Assignment, Raymond A. Mason School of Business, USA, Describe the costs to Wells Fargo of this scandal

  When is a process cost accounting system most appropriate

When is a process cost accounting system most appropriate? When mass-produced products are manufactured that are very similar in nature.

  Compute the cost and efficiency variance for direct material

Compute the cost and efficiency variance for direct materials and direct labor. Does the pattern of variances suggest Pro Fender's managers

  Which statements about incremental analysis is true

Which statements about incremental analysis is true? It cannot be used if more than two alternatives are available./It considers only cost factors, not revenue.

  How many boxes of jax would the company need to sell

The income tax rate is 28% and the selling price of a box of Jax is $23, how many boxes of Jax would the company need to sell to produce a net income of $19,000

  What setup costs assigned to model are

What Setup costs assigned to Model 22 are? Carriage Manufacturing uses an activity-based costing system. The company produces Model 21 and Model 22.

  Compute the cost of direct materials purchased

Compute the cost of direct materials purchased during the year and compute the predetermined overhead rate that was used during the past year.

  Compute the total and quantity variances for materials

Compute the total, price, and quantity variances for materials and labor. During the month of April, the company manufactures 230 units and incurs

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