What is the inventory cost of part at May

Assignment Help Accounting Basics
Reference no: EM132473365

Question - Howe Corp. had 1,500 units on hand of part 54169 on May 1, 2020, with a cost of $30 per unit. Howe uses a periodic inventory system. Purchases of part 54169 during May were as follows:

 

Units

Unit Cost

May 9

2,000

$31

May 17

3,500

32

May 26

1,000

33

A physical count on May 31, 2020, shows 2,000 units of part 54169 on hand.

Required - Using the FIFO method, what is the inventory cost of part 54169 at May 31, 2020? Using the weighted average cost formula, what is the inventory cost?

Reference no: EM132473365

Questions Cloud

Journalize the transactions for watson company : Journalize the transactions for Watson Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system
Compute the Grinding Department cost of units transferred : Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May
Calculate the price elasticity coefficient for price level : Using the midpoints formula presented in the textbook, calculate the price elasticity coefficient for each price level, starting with the coefficient
What is the cash balance at the end of december : What is the cash balance at the end of December? Does the drop in cash during December mean that DER is heading for insolvency in the near future
What is the inventory cost of part at May : Using the FIFO method, what is the inventory cost of part 54169 at May 31, 2020? Using the weighted average cost formula, what is the inventory cost
Graph jerry demand function : What is the profit-maximizing price Jerry should charge for his services? How many sessions will he do at this price? Show this point on the graph and shade
What would be the appropriate revaluation entries : If the asset is assessed as having a fair value of S280 000, what would be the appropriate revaluation entries? Assume an entity has an item of plant
Transactions using the expenditure approach : Calculate the contributions to Exegol's GDP of current year transactions using the expenditure approach. Detail which components of GDP are affected
Determine the amount of the ending inventory : Concord Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. Determine the amount of the ending inventory

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is best estimate of the company net operating income

Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $142,000

  Review case study of the capacity management

Capacity management, denominator-level capacity concepts. Match each of the following numbered descriptions with one or more of the denominator-level capacity.

  The gross pay and deductions for payroll to the general ledg

The gross pay and deductions for payroll to the general ledger

  What is the estimated internal rate of return

What is the estimated Internal Rate of Return (IRR) of the project? Should the project be accepted based on the IRR criterion? Why

  Compare the vertical analysis results with the industry

Compare the vertical analysis results with the industry average information provided and identify any areas that you believe merit further investigation

  Calculate days sales in receivables

Net sales total $ 803,000 Beginning and ending accounts receivable are $ 80,000 and $ 74,000, respectively. Calculate days' sales in receivables

  Question 1 in the context of this course you will be asked

question 1 in the context of this course you will be asked to address the issuesquestions below for the container store

  Richard owns and manages an apartment building this is

richard owns and manages an apartment building. this is richards only passive activity. the building generated a loss

  Set up separate accounts for distinct types of intangibles

Powerglide Company, organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012.

  How should Alex Ltd account for the omitted purchase invoice

How should Alex Ltd account for the omitted purchase invoice that was discovered on 31 August 2019 in their financial statements for the period ending 30 June

  Prepare a performance report for the west coast plant

beverage products llc manufactures metal beverage containers. the division that manufactures soft-drink beverage cans

  Show numerically how operating income would improve

Show numerically how operating income would improve by $680,000 just by classifying the preceding costs as product costs instead of period expenses.

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