User Account

All Pages

Prepare the inventory analysis for january

Assignment Help Accounting Basics
Reference no: EM132705373

JackJoe, Inc. sells toy mice to high-end toy stores. JackJoe uses a periodic inventory system and uses LIFO to value ending inventory.Following is JackJoe's inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1. Select a variable (X) for the January 28th sale, a number between 10 and 75.

Date   Purchases    Sales   Units on Hand 1-Jan50

5-Jan150 units @ $2 each200

16-Jan150 units @ $100 each50

23-Jan50 units @ $3 each100

28-JanX units @ $100 each?

Question (a) Prepare the inventory analysis for January and write the adjusting journal entry for inventory. How much is gross profit for January?

Question (b) If JackJoe used FIFO, would gross profit be greater, equal or less than gross profit using LIFO? Why?

Reference no: EM132705373

Questions Cloud

What is jackjoe total expense of payroll taxes futa : Complete YanYu's paycheck. What is JackJoe's (employer cost) total expense of payroll taxes FUTA/SUTA and FICA for employing YanYu for the year?
What is the net income Margaret should show : Transportation 5,725 miles, using standard mileage method. What is the net income Margaret should show on her Schedule C
AMIM700 International Marketing Assignment : AMIM700 International Marketing Assignment Help and Solution, Ara Institute of Canterbury Ltd - Assessment Writing Service - Critically evaluate global market
Prepare journal entries to record the asset acquisition : Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $99,000 on Jan 1, X6
Prepare the inventory analysis for january : Prepare the inventory analysis for January and write the adjusting journal entry for inventory. How much is gross profit for January?
What is the impact on taxable income for Stewie and Brian : Neither Stewie nor Brian itemize, but both have other forms of taxable income. What is the impact on taxable income for Stewie and Brian from these activities
Prepare the origination and accrual and settlement : Prepare the origination, accrual and settlement journal entries for JackJoe, Inc (5 points) and Lizzie Inc., 6 entries in total, assuming the note is paid
What amount of rent and utilities expense may Carol deduct : What amount of the rent and utilities expense may Carol deduct in the current year in computing her net income or loss from the dressmaking business
How will the accounts receivable and allowance appear on dec : Create an account analysis for both Accounts receivable. How will the accounts receivable and allowance appear on the Dec 31, X1 Balance sheet?

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