User Account

All Pages

What is the value of the ending inventory at lifo

Assignment Help Accounting Basics
Reference no: EM131894085

Question - Inventory information for Part 311 of Kingbird Corp. discloses the following information for the month of June.

June 1 Balance 298 units @ $10 June 10 Sold 199 units @ $24

June 11 Purchased 797 units @ $12 15 Sold 497 units @ $26

June 20 Purchased 505 units @ $13 27 Sold 295 units @ $28

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Reference no: EM131894085

Questions Cloud

Describe the implications for healthcare organizations : Describe the implications for healthcare organizations as a result of the disaster. Discuss at least of two of the policy implications that are outlined.
Determine the vital techniques you will use to manage : The rest of the project team and the product owner are in Herndon, VA. The team members were unfamiliar with each other.
Major wars against the arabs : Israel fought major wars against the Arabs in 1948, 1956, 1967, and 1973.
Contribution margin per unit and total contribution margin : Based on the Break-Even Analysis just performed, what is the contribution margin per unit and the total contribution margin?
What is the value of the ending inventory at lifo : Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO
What is the probable etiological agent in each given case : Explain whether each of the following examples is a food infection or intoxication. What is the probable etiological agent in each case?
East asia within the regions of china : Explain the role of women in East Asia within the regions of China, Korea, and Japan. Then compare and contrast their roles in society, economics
Describe the core conflict represented in the story : Describe the core conflict represented in the story and Describe the theme of the story - Explain how the elements/techniques illustrate the theme and conflict
Religious and philosophical thought of confucianism : Compare and contrast the basics of religious and philosophical thought of Confucianism, Daosim, Zen Buddhism, and Neo-Confucianism.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd