What is the cost of goods sold if staff reports after close

Assignment Help Financial Accounting
Reference no: EM133007367

For the month of September, your company made the following purchases:

100 pounds on 9/1 for $900

200 pounds on 9/20 for $2,400

Problem 1: Your Company buys roasted coffee beans for resale to retail customers. Your company started business on Sept 1 using aperiodic inventory method and LIFO (Last in First out) cost flow assumption, what is the cost of goods sold if your staff reports that on the 30th after close of business you had 50 pounds left?

A. $450

B. $2,700

C. $2,850

D. $3,300

Reference no: EM133007367

Questions Cloud

Prepare the journal entries to record the deferred tax asset : Prepare the journal entries to record the deferred tax assets, deferred tax liability, and the current income tax for the year ended 30 June 2021.
Suggest five external sources : Suggest five external sources from which ideas might feed into team activities?
Business strategy for the healthcare organization : As a healthcare manager, you work with other teams to develop a business strategy for the healthcare organization. Analysis of strengths, weaknesses, opportunit
Program design, implementation and evaluation : Develop an evidence-based Program and evaluation plan for the implementation and evaluation of a public health Program
What is the cost of goods sold if staff reports after close : Your Company buys roasted coffee beans, What is the cost of goods sold if your staff reports that on the 30th after close of business you had 50 pounds left?
Discuss the risks associated with external recruiting : 1. Discuss the advantages and disadvantages of recruiting from within the organization. Identify and describe the three tools that are used in this process.
Assignment on tourism course : 1. Based on the course description and course outcomes, how do you think this course will help you achieve your goals as a future professional in your chosen fi
Implication of organization renewal for today organization : 1. What lessons can future shock provide for organization?
Master degree in human resource management : You are a student who is finishing your master's degree in Human Resource Management. You have never worked in HR before.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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