Lobster company had a beginning inventory on january 1 of

Reference no: EM13575254

Lobster Company had a beginning inventory on January 1 of 150 units of Product BU-54 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15, 400 units at $23 Sept. 4, 350 units at $26 July 20, 250 units at $24 Dec. 2, 100 units at $29
1,000 units were sold. Lobster Company uses a periodic inventory system.

Instructions
(a) Determine the cost of goods available for sale.

(1) the ending inventory, and

(2) the cost of goods sold under each of the assumed cost flow methods . Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.

(b) Which cost flow method results in

(1) the highest inventory amount for the balance sheet,
and

(2) the highest cost of goods sold for the income statement?

Reference no: EM13575254

Questions Cloud

Paul and karen are married and both are employed paul earns : paul and karen are married and both are employed paul earns 44000 and karen earns 9000 during 2013. paul and karen have

The management of clare co asks your help in determining : the management of clare co. asks your help in determining the comparative effects of the fifo and lifo inventory cost

Durell and earline are married file a joint return ad claim : durell and earline are married file a joint return ad claim dependency exemptions for their two children ages 5 years

Discuss the pros and cons of debt financing provide : discuss the pros and cons of debt financing. provide

Lobster company had a beginning inventory on january 1 of : lobster company had a beginning inventory on january 1 of 150 units of product bu-54 at a cost of 20 per unit. during

For which of the following itemized deductions is the tax : for which of the following itemized deductions is the tax treatment the same for regular income tax and amt

Rottino company purchased a new machine on october 1 2015 : rottino company purchased a new machine on october 1 2015 at a cost of 150000. the company estimated that the machine

Describe the ipo process then discuss the advantages and : describe the ipo process. then discuss the advantages and disadvantages of going public. provide

Discuss the use of wacc method in financial analysis and : discuss the use of wacc method in financial analysis and some of the problems that could arise when using this

User Account

All Pages