What amount will be reported as cost of goods sold

Assignment Help Accounting Basics
Reference no: EM133123949

Question - Leprechaun Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 11 units that were sold?

Reference no: EM133123949

Questions Cloud

Discuss five challenges facing kenya : Discuss five challenges facing Kenya is she tries to achieve the four agenda which are the pillars of the Jubilee government
Category of laptops or the macbook brand : What is more elastic, the category of laptops or the MacBook brand?
Explain the significance of findings : Southwest has hired you as their economist. Your first task is to estimate the price elasticity of demand for different flights (Seattle to Denver and Seattle t
Explain the matching principle in accounting : Question - Explain the matching principle in accounting and tell how adjusting journal entries support this concept
What amount will be reported as cost of goods sold : Leprechaun Company has inventory of 8 units at a cost of $200 each on October 1. What amount will be reported as cost of goods sold
Compute the payback period for the equipment : Compute the payback period for the equipment. If the company requires payback period of four years or less, would equipment be purchased
Explain why us system failed to solve covid-19 pandemic : Explain why US system failed to solve Covid - 19 pandemic effectively compared to China?
Application about international trade : Write a brief statement on what you have learned about International Trade. Cite some real-life application about International Trade that could benefit you in
What is the sales profit volume variance for the month : Quality Oy does not absorb production overheads using an overhead absorption rate. What is the sales profit volume variance for the month

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