What is the cost of goods sold for the june sale

Assignment Help Financial Accounting
Reference no: EM132488461

Question 1: Olympic enterprises has the following inventory data: assuming average cost, what is the cost of goods sold for the june 14 sale?

Date            Quantity                    Unit Cost

June 1- beginning inventory 5              $52

June4- Purchase 10                         $55

June 7-  Sale 12

June 11-  Purchase 9                       $58

June 14- Sale 8

Reference no: EM132488461

Questions Cloud

How much of johns contribution is tax deductible : John donated appreciated capital stock that he has held over a year, with an adjusted basis of $20,000, How much of John's contribution is tax deductible
Downward sloping demand curve : The firm finds it optimal to charge a price of $24 for its output. What is its marginal cost at this level of output?
Determine which assumed inventory cost flow method : Determine Which assumed inventory cost flow method. divides cost of goods available for sale by total units available for sale to determine a unit cost?
Prepare the adjusting entry recorded on december : Conti Products owed $80,000 on account for inventory purchased on December 1, 2018. Prepare the adjusting entry recorded on December
What is the cost of goods sold for the june sale : Olympic enterprises has the following inventory data: assuming average cost, what is the cost of goods sold for the june 14 sale?
Estimating the price elasticity of demand : Suppose equilibrium price in the market is $30, and the marginal revenue is $20. What is the price elasticity of demand?
Noticing lines of customers : Your friend Tony opened a pizzeria. You helped him to advertise his pizza, which is in fact the best pizza in town.
Make a postcombination balance sheet for newtune : Assume that this combination is a statutory merger. Make a postcombination balance sheet for NewTune as of the acquisition date.
Determine the equilibrium price and quantity : For each event, identify which of the determinants of demand or supply is affected, how it influences demand or supply, and what happens to the equilibrium

Reviews

Write a Review

Financial Accounting Questions & Answers

  Accounting services office supplies account

The balances in Sanchez Accounting Services' office supplies account on February 1 and February 28 were $800 and $400, respectively. If the office supplies expense for the month is $1,000, what amount of office supplies was purchased during February?..

  Prepare the journal entry to apply factory overhead

The Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for..

  Sales price and an optional additional two-year

Rich Company sells yachts. The yachts have a standard two year warranty included in the sales price and an optional additional two-year extended warranty

  Balance sheet disclosures for preferred stock

Balance sheet disclosures for preferred stock include all of the following except:

  Paradox associated with hedging balance sheet exposure

Why might a company want to hedge its balance sheet exposure? What is the paradox associated with hedging balance sheet exposure? What are the two major conceptual issues that must be resolved in translating foreign currency financial statements? Do ..

  Depreciable units depreciation per unit depreciation expens

A machine costing $212,800 with a four-year life and an estimated $16,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 492,000 units of product during its life. It actuall..

  Evaluate level of sales required to attain a target profit

Evaluate the Level of Sales Required to Attain a Target Profit - Using the equation method, solve for the unit sales that are required to earn a target profit of $10,000.

  Describe the accounting for bonds that issued face value

Which of the following statements does not correctly describe the accounting for bonds that were issued at their face (maturity) value?

  What is the direct materials quantity variance

Bradford Company budgeted 4,750 pounds of material costing $6.5 per pound to produce 2,375 units. The company actually used 12,000 pounds that cost $6.6 per pound to produce 3,500 units. What is the direct materials quantity variance?

  Calculate depreciation expense per mile

Calculate depreciation expense per mile under units-of-activity method - depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized below.

  Effective internal control over financial reporting

Who provides an independent opinion as to whether management has maintained effective internal control over financial reporting? To whom should the independent auditors' report be directed?

  Calculate the loan proceeds made available to eeyore

On March 1, 2015, Eeyore Ltd. obtained a nine-month working capital loan from Travis Federal Credit Union. The face amount of the note signed by the treasurer was $300,000. The interest rate charged by the bank was 8%. Calculate the loan proceeds mad..

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