What is the ending inventory

Assignment Help Accounting Basics
Reference no: EM132097681

Question - If a company has 2 units in beginning inventory and it cost $4 each to make; so beginning inventory is $8. The company makes one more unit during the accounting period that costs $5 to make, so the Cost of Goods Manufactured (COGM) is $5, if the company is using Last-in First-out(LIFO) and the company sells one unit what is COGS? What is COGM an asset or expense? What is the ending inventory?

Reference no: EM132097681

Questions Cloud

Ideal relationship between hrm professional-legal counsel : Describe the ideal relationship between an HRM professional and legal counsel?
Why does it decrease as the sample size increases : When calculating margin of error, why does it decrease as the sample size increases?
Medication reduces headache pain : To determine if a new medication reduces headache pain, some patients are given the new medication and others are given a placebo
Optimum strategy for meeting demand for forms at least cost : Formulate a linear program that will give the optimum strategy for meeting the demand for forms at least cost.
What is the ending inventory : If a company has 2 units in beginning inventory and it cost $4 each to make; What is the ending inventory
Determine the probability that event b occurs : Consider two independent events, A and B, where the P(A) is 0.45 and the probability that A does not occur or B occurs is 0.70.
Calculate the projected transportation costs for the firm : Calculate the projected transportation costs for the firm for next year.
Determine the probability that event b occurs : Consider two independent events, A and B, where the P(A) is 0.45 and the probability that A does not occur or B occurs is 0.70. Determine the probability that e
Determine the equivalent unit of production for materials : Cost in beginning inventory materials cost 756, conversion cost 1508, Determine the equivalent unit of production for materials and conversion

Reviews

Write a Review

Accounting Basics Questions & Answers

  How rulings issed by irs benefit both irs and taxpayers

How do rulings issed by the IRS benefit both the IRS and taxpayers?

  Calculate the net budgetary impact

It was a cold drizzly morning in early March 2016 when Rory Lyons, Calculate the net budgetary impact for each of these options using the actual budget

  How much revenue would moore recognize for the current year

On December 1, the beginning of the new term, How much revenue would Moore recognize from this amount for the current year

  In 2007 bauxite mining company purchased a bauxite mine

in 2007 bauxite mining company purchased a bauxite mine for9000000. at the time of purchase bauxite estimated that

  Prepare a statement of cash flows for business solutions

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various.

  Indicate the statement presentation of the financing

Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.

  Define misstatement of uncollectible account expense

A manager of a small electronics stores would like to expand and also sell computers. The expansion would require seeking a loan from a local bank.

  Business model and strategic plan

Create a SWOTT table summarizing your findings. Your environmental analysis should consider, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your ..

  What are the purpose of a journal and a ledger

What are the purpose of a journal and a ledger? Give an example of a contra-asset, and explain how it is recorded on the ledger as a transaction.

  Prepare basic financial statements for reporting entities

This assessment task is designed to assess your understanding of topics 3 to 7, and your progress towards being able to: prepare basic financial statements

  In addition assume that beerbev sold 43000 barrels of beer

beerbev inc. reported the following operating information for a recent yearnet sales6880000cost of goods

  Compute the unit costs for materials and conversion costs

Production costs chargeable to the Finishing Department in June in Cascio Company are materials

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