What is the amount of inventory at the end of the year

Assignment Help Accounting Basics
Reference no: EM133033461

Problem - The following lots of a particular commodity were available for sale during the year:

Beginning inventory 10 units at $30

First purchase 25 units at $32

Second purchase 30 units at $34

Third purchase 10 units at $35

The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to nearest dollar according to the average cost method?

Reference no: EM133033461

Questions Cloud

What is the acid test ratio for the firm : What is the acid test ratio for the firm with the following data - Net worth: $5,000, COGS: $100,000 and Current bills: $10,000
Occurrence of cheating to the company ethics hotline : The SEC mentioned that not a single KPMG employee reported the occurrence of cheating to the company's ethics hotline. Based on your knowledge of moral disengag
Take the position of ishwardutt parulkar : Take the position of Ishwardutt Parulkar (project leader at Cisco India). Knowing full well that the Cisco process is unlikely to lead to approval of the necess
Define legal defensible selection tools : Explain the difference between Human Resource Management and Strategic Human and Resource Management.
What is the amount of inventory at the end of the year : The following lots of a particular commodity were available for sale during the year: Third purchase 10 units at $35. What is the amount of inventory
What does the speaker say about mindset : What does the speaker say about mindset? How many solutions should you be looking at, according to this speaker?
Effective strategy to survive : APAC GLOBAL has just changed to a new management team. Currently, APAC GLOBAL is facing business challenge due to competitors' cost cutting.
Main types of legal systems : a.) Compare two prevalent political systems between totalitarianism and democracy. Provide with suitable example.
Prevalent political systems between totalitarianism : a.) Compare two prevalent political systems between totalitarianism and democracy. Provide with suitable example.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the cost per box of dry fruits

Crabapples Inc. purchases and sells dry fruit boxes. If Crabapples sold 5,000 boxes of dry fruits during the year, what is the cost per box of dry fruits

  Assume that increasing the advertising budget by 20000 will

dutson company manufactures running shoes and tennis shoes. the projected income statments for the two products are as

  Discuss debt structure and the source of external financing

Discuss the debt structure and the source of external (i.e. non-equity) financing

  Identify the reconciling items

An addition to the cash balance according to the bank statement - Identify the reconciling items

  Discussing each slide and relevant visual aids

detailed speaker notes discussing each slide and relevant visual aids and/or multimedia that does the following

  Are additional laws likely to prevent corporate collapses

Provide an argument for the regulatory approach to standard setting, then,provide an argument for the free-market approach to standard setting.

  Summarize your findings in a memo for the tax research file

Research the facts from both the IRS and James's positions. Summarize your findings in a memo for the tax research file

  Sakura snack company manufacturers a line of snack foods

gain sharingsakura snack company manufacturers a line of snack foods such as cheese crackers granola bars and cookies.

  What amount of capital should be reported

Windburn began a service proprietorship, In September 30, 2020 financial statement, what amount of capital should be reported under the cash basis accounting?

  What are a and b bases for their partnership interests

B contributes $10,000 in exchange for a 20% partnership interest. What are A's and B's bases for their partnership interests

  Prepare the income statement of Harada Office Cleaning

Prepare the income statement of Harada Office Cleaning for the year ended December 31, 2020. List expenses in order from highest to lowest amount

  How much of the distribution will Enercio be taxed

Enercio contributes $100,000 in exchange for a 40% interest in the calendar year ABC LLC, On how much of the $10,000 distribution will Enercio be taxed

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