What is the amount transferred to the cost of goods sold

Assignment Help Financial Accounting
Reference no: EM132892483

Problem - During the months of November and December 2014, Comfy Home had the following transactions related to holiday candles:

November 1, 2014 - purchased 200 candles for $5 each

Between November 2-30, 2014 - sold 120 candles for a sales price of $15 each

December 1, 2014 - purchased 250 candles for $6 each

Between December 2-31, 2014 - sold 300 candles for a sales price of $15 each

Comfy Home uses a perpetual inventory system. If Comfy Home uses the FIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account during the month of December 2014?

Reference no: EM132892483

Questions Cloud

What amount of income should praise company report : Tangible asset with a remaining useful life of 20 years, what amount of income should Praise Company report in its 2020 profit or loss on this investment?
Calculate basic and diluted earnings per share : Net income for fiscal year 2020 was $1,512,000 and the average income tax rate was 25%. Calculate basic and diluted earnings per share
Planning a sales analysis system : In planning a sales analysis system, one must consider that information needs vary from district sales manager to regional sales manager to vice president of sa
What is the carrying value of only investment in one company : What is the carrying value of Only's Investment in One Company account on December 31, 2020? Only Company acquired 30% of the outstanding ordinary
What is the amount transferred to the cost of goods sold : If Comfy Home uses the FIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account
Differences between kant and bentham on topic of punishment : What the key differences between Kant and Bentham on the topic of punishment.
What will be the rate of return on investment : Now suppose the price of ABC company rises by 10% next year. What will be the rate of return on your investment? (Assume stock does not pay dividend)
Hedge the exchange rate exposure : A mining company in Australia has entered into a contract to export iron ore into China with delivery in three months' time.
What is the irr of an investment : Question - What is the IRR of an investment of 2 million with a yearly savings of 500,000 for 10 years and a cost of capital of 14%

Reviews

Write a Review

Financial Accounting Questions & Answers

  The gross profit percentage is closest

Company X has net sales revenue of $810,000, cost of goods sold of $343,800, and all other expenses of $327,900. The gross profit percentage is closest to:

  Make the required adjustment in kk consolidated statement

Prepare the journal entries to make the required adjustment in KK's consolidated financial statements for the year ended 30 September 2013

  Evaluate the net sales revenue

Evaluate the following for Les Fleurs during 20X2 Net sales revenue, Cost of goods sold and Gross profit

  Firm with high operating leverage

Which of the following is not true for a firm with high operating leverage?

  Cost assigned to the units

How much cost, in total, was assigned to the units transferred out to the next department during the month

  Estimate of production and materials requirements

Tube-Magic Company makes a line of specialized plastic tubing items. During each of the next two years, it expects to sell 325,000 units. The beginning finished-goods inventory is 80,000 units. However, the target ending finished-goods inventory for ..

  Explain which company is giving back to the community

Explain what some ways in which company is "giving back" to the community? How do you think this will impact the company's earnings in the longer term?

  What is book value of device before and after modification

What is book value of the device before and after the modification? What will be annual straight-line depreciation expense for the device after the modification?

  Prepare trasks statement of retained earnings for the year

As of December 31, 20x4, Trask had 4,000,000 authorized shares of $5 par value common stock – 1,575,000 shares had been issued, of this 75,000 were held in the treasury. The treasury shares were accounted for using the cost method. Prepare all journa..

  Market-based or negotiated transfer prices

The production process at Premium Castings includes eight processes, each of which is currently treated as a cost center with a specific set of operations to perform on each casting produced.  Is Premium a candidate for using transfer prices? Should ..

  Straight-line and double-declining balance

Depreciation Methods A delivery truck costing $20,000 is expected to have a $2,000 salvage value at the end of its useful life of four years or 100,000 miles. Assume that the truck was purchased on January 2. Calculate the depreciation expense for th..

  At what amount should patent be reported on the december 31

At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?

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