User Account

All Pages

What is stock value at year-end on the fifo basis

Assignment Help Financial Accounting
Reference no: EM132757794

Problem 1: A company has a LIFO stock value of R9 000 at the beginning of the year and R12 000 at the end of the year. The sales figure is R80 000 and gross profit is R30 000. The LIFO reserve at the end of the year is R500. The LIFO reserve at the end of the previous year was R400. What is the stock value at year-end on the FIFO basis?

a) R12 500
b) R12 000
c) R11 500
d) R12 40

Reference no: EM132757794

Questions Cloud

What was in the company previous year statement : During the year, R156 000 was received. What was in the company's previous year's Statement of Financial Position concerning this tenant?
What will the depreciation charge be for the year : company policy is to depreciate buildings at 20% per annum on a straight-line basis. What will the depreciation charge be for the year ending 30 June 2020?
What is the cost of sales on a fifo basis : What is the cost of sales on a FIFO basis? The LIFO reserve at the end of the year is R500. The LIFO reserve at the end of the previous year was R400.
What is the cost of sales on a lifo basis : What is the cost of sales on a LIFO basis? The LIFO reserve at the end of the year is R500. The LIFO reserve at the end of the previous year was R400.
What is stock value at year-end on the fifo basis : The LIFO reserve at the end of the year is R500. The LIFO reserve at the end of the previous year was R400. What is stock value at year-end on the FIFO basis
Compute how much is unadjusted total bank credit for month : Castaway Corporation has unadjusted cash in bank balances of P1,000,000 and P900,000. How much is the unadjusted total bank credit for the month?
Provide journal entries for the fair value change of calves : Elliott Ltd is an Australian pastoral company. Provide journal entries for the fair value change of the calves and the mature cattle as at 30 June 2024
Explain situation faced by eesb from the variance analysis : Explain the situation faced by EESB from the variance analysis perspective. Justify your answers whether EESB is in trouble or not.
Analyze the variable overhead spending variance : Analyze the Variable overhead spending variance. Safiyyah Sdn Bhd (SSB) manufactures women maxi dress for Malaysian market.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Estimate the amount of time needed to complete

Estimate the amount of time needed to complete - The work has a learning curve percentage of 92.The fourth plane

  Discuss the rights of common stockholders

List and discuss the Rights of common stockholders and Rights of preferred stockholders. Rockwell Industries purchased a plant asset to be used in its business. The expenditures included.

  How to classifying assets into current assets

Prepare the asset section of the balance sheet for this company, classifying assets into Current Assets, Property, Plant and Equipment (net), and Other Assets.

  What would estimate to be required rate of return for equity

What would you estimate to be the required rate of return for equity investors if a stock sells for $40 and will pay a $4.40 dividend that is expected to grow

  Prepare the journal entry to record Tanner-UNF investment

Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021 and interest on December 31, 2021, at the effective (market) rate

  How much money will receive for the case of wine at time

How much money will you receive for the case of wine at the time of its sale? How many years should you hold the case of wine before selling it?

  Fifo and lifo using a periodic system

Cost flow assumptions—FIFO and LIFO using a periodic system The beginning inventory was 600 units at a cost of $20 per unit. Goods available for sale during the year were 2,600 units at a total cost of $57,600. Calculate the number of units purchased..

  1 is it possible for the subsequent two situations to occur

1. is it possible for the subsequent two situations to occur at the similar time? a the sales mix variance is

  What is the value of cpi after the acquisition

What is the value of CPI after the acquisition? CPI Inc is acquiring JW for R470 000 in cash. CPI has 27000 shares outstanding at market value

  Materials cost and conversion cost per equivalent unit

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Using the weighted-average method, compute the direct materials cost and the conversion cost pe..

  At what price did wrigleys stock last trade

At what price did Wrigley's stock last trade? What is the 52-week range of Wrigley's stock? When was the last time Wrigley's stock hit a 52-week high?

  Calculate the cost of all e-bikes sold during the year

a) Calculate the cost of all e-bikes sold during the year ended 30 June 20x3, AND outline all necessary calculations.

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