User Account

All Pages

How much gross profit would the company report

Assignment Help Accounting Basics
Reference no: EM132562515

Question - You have the following information for Tamarisk, Inc.. Tamarisk, Inc. uses the periodic method of accounting for its inventory transactions. Tamarisk, Inc. only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost.

March 1 Beginning inventory 137 diamonds at a cost of $328 per diamond.

March 3 Purchased 202 diamonds at a cost of $382 each.

March 5 Sold 190 diamonds for $611 each.

March 10 Purchased 354 diamonds at a cost of $385 each.

March 25 Sold 408 diamonds for $679 each.

Assume that Tamarisk, Inc. uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption?

Assume that Tamarisk, Inc. uses the LIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report under this cost flow assumption?

Reference no: EM132562515

Questions Cloud

What are the balances of the deferred tax asset : At 30 June 2019, Beta Ltd had the following deferred tax balances: What are the balances of the deferred tax liability and deferred tax asset at 30 June 2020
The role of strategic and tactical intelligence : The role of strategic and tactical intelligence. Common mistakes made on executive protection missions and how the protectee can help avoid those mistakes.
What would be the effect on GNR investment in NMX account : Assuming that GNR owned 80% of NXR instead of 100%, what would be the effect on GNR's investment in NMX account under the Equity Method
What are the equivalent units of direct material started : What are the equivalent units of direct material started during June, using the FIFO method? What are the equivalent units of conversion started during June
How much gross profit would the company report : Assume that Tamarisk, Inc. uses the FIFO cost flow assumption. Calculate cost of goods sold. How much gross profit would the company report
How has the revolution in information technology : How has the revolution in information technology impacted business opportunities and risks in the global market place.
Prepare cost of goods sold statement and income statement : Prepare Cost of goods sold statement. Prepare income statement. Salaries expense (50% admin, 50% Marketing),Advertisement expense
Record these three transactions in the revenue journal : Jan.3. Issued Invoice No. 56 to Cameron Company for services provided on account, $440. Record these three transactions in the revenue journal
Rapid advancements in technology : Given the rapid advancements in technology in developed countries and fast pace of globalization, it is not possible to bridge the global digital divide.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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