Shin company sells one product presented below is

Assignment Help Accounting Basics
Reference no: EM13392565

Shin Company sells one product. Presented below is information for January for Shin Company.

Jan. 1 Inventory 300 units at $10 each

4 Sale 240 units at $16 each

11 Purchase 450 units at $12 each

13 Sale 360 units at $17.50 each

20 Purchase 480 units at $14 each

27 Sale 300 units at $18 each

Shin uses the FIFO cost flow assumption. All purchases and sales are on account.

Instructions

(a) Assume Shin uses a periodic system. Prepare all necessary journal entries, including the end-ofmonth closing entry to record cost o goods sold. A physical count indicates that the ending inventory for January is 330 units.

(b) Compute gross profit using the periodic system.

(c) Assume Shin uses a perpetual system. Prepare all necessary journal entries.

(d) Compute gross profit using the perpetual system.

Reference no: EM13392565

Questions Cloud

Write down the problems with unemployment and what are the : what are the problems with unemployment and what are the problems with the way that the government measures
What level of revenue is needed to yield an after-tax : golf glider makes gasoline-powered golf carts. the selling price is 5000 each and costs are as followsgolf gliders
How much more expensive is stamp in 2009 than stamp in 1975 : the price of a first class stamp is .42 cents in 2009. the price of the same first class stamp in 1975 was .13 cents.
Recognize the positive and negative features of chaebols : lge is one of the leading global companies in the industry. it is composed of five divisions air conditioning business
Shin company sells one product presented below is : shin company sells one product. presented below is information for january for shin company.jan. 1 inventory 300 units
The starr co just paid a dividend of 215 per share on its : the starr co. just paid a dividend of 2.15 per share on its stock.nbsp the dividends are expected to grow at a constant
Burgess company makes following errors during 2014 ending : burgess company makes the following errors during 2014.1. ending inventory is understated but purchases are recorded
Under what situations are consumers better off besides : coffee prices in 1960 were .40 cents and are 1.65 in 2009. income in 1960 was 10000 and are 40000 in 2009. does this
If you barrow 4000 at 500 interest for one year what is : if you barrow 4000 at 500 interest for one year what is your effective interest rate for the following payment

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd