User Account

All Pages

How do find what is the value of the ending inventory

Assignment Help Financial Accounting
Reference no: EM132711515

Sheridan Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:

                                       Units          Per unit price             Total

Balance, 1/1/2022         250            $4.00                   $1000
Purchase, 1/15/2022      130          4.50                        585
Purchase, 1/28/2022     130          4.60                        598

Problem 1: An end of the month (1/31/2022) inventory showed that 200 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

A. $874
B. $800
C. $913
D. $1383

Reference no: EM132711515

Questions Cloud

How the reduction in supply from the reduced fishing waters : How the reduction in supply from the reduced fishing waters either increased or decreased consumer surplus and producer surplus
Ethics of cloning : Cloning is the process of producing genetically identical individuals. Some organisms, such as bacteria, insects, or plants reproduce asexually,
What is your biology fun fact : You will be working with a partner for this project. Prepare a slide (similar to the daily intro) about something you have studied, read, heard, thought,
Project payback period-woodgate inc : Woodgate Inc. is considering a project that has the following after-tax operating cash flows (in millions of dollars):
How do find what is the value of the ending inventory : An end of the month (1/31/2022) inventory showed that 200 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
Prepare t-accounts for each inventory account : Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts
What does a negative-yielding bond mean : What does a negative-yielding bond mean? Why would investors buy a negative-yielding bond? What would you choose if you were an investor in the market?
What is the gross profit for the month for sunland company : Inventory showed that 230 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?
How does asymmetric information cause problems : How does asymmetric information cause problems in the banking sector?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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