User Account

All Pages

What the cost of goods sold for each sale is

Assignment Help Financial Accounting
Reference no: EM132745831

During July, the following purchases and sales were made by PT Company. There was no beginning inventory. PT Company uses a perpetual inventory system.

                                     Purchases                  Sales

July 3                 40 units @ $14 July         13 @ 50 units

11                     40 units @ $15 22                  @ 20 units

20                            20 units @ $16

Problem 1: Under the FIFO method, the cost of goods sold for each sale is:

Option 1: $710 ; $300

Option 2: $700 ; $280

Option 3: $800 ; $320

Option 4: $710 ; $320

Reference no: EM132745831

Questions Cloud

What the amount to be recorded as depreciation expense : A company purchased factory equipment, Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2017 is
Describe the life of the bond is : On January 1, 2017, Babb Trailers Inc. issued $6,500,000 of par value bonds for $6,200,000. The bonds pay interest semiannually on January 1 and July 1.
How much should be deposited at the end of each quarter : In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,320,000 is available at the end
How much is the cash paid for merchandise purchased : Question - A company reported cost of goods sold of $1,760,000 for the year. How much is the cash paid for merchandise purchased during the year
What the cost of goods sold for each sale is : Under the FIFO method, the cost of goods sold for each sale is? During July, the following purchases and sales were made by PT Company.
How much are total assets : Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable.
How much total capital appear in consolidated balance sheet : ZB Inc. acquired 100% stake in KD Inc. on January 1, 2013 by issuing 30,000 shares of common stock. The shares have a fair value of $15 per share.
How much is the translated balance of cost of goods sold : The weighted average rate for the full year 2015 was €1 = $1.20, how much is the translated balance of cost of goods sold in U.S. $ at year-end
Significant impact on digital forensics : Describe the plain view doctrine, and why it has such a significant impact on digital forensics?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Chatter corporation operates in an industry that has a high

chatter corporation operates in an industry that has a high rate of bad debts. before any year-end adjustments the

  What the dollar-weighted return on investment is

What the dollar-weighted return on investment is? Suppose you purchase one share of the stock of Cereal Correlation Company at the beginning of year

  Prepare journal entries to record bond-related transactions

Prepare an amortization table through the first two interest periods using the effective-interest method and prepare journal entries to record bond-related transactions

  Write down solutions of ending inventory

Calculate and write down solutions (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, under each of the FIFO and LIFO methods

  Tax law provides methods of cost recovery for assets

The tax law provides four methods of cost recovery for assets: 1) immediate deduction of the total cost when paid or incurred; 2) deferral of cost until the property is sold or otherwise disposed of; 3) deduction based on a percentage of income from ..

  Planning and evaluating the results of analytical procedures

You need to read the auditing article regarding “Analytical procedures” very carefully to write an acceptable comment on it. Comment should be detailed oriented. “Analytical procedures are an important aspect of not only understanding financial data,..

  Explain why the market value of common stock often differs

Explain why the market value of common stock often differs from its liquidation value or its book value. should the investor purchase this stock? Why?

  Prepare an income statement for a typical year

Sales of $50,000,000 and operating expenses (excluding depreciation expense) of $25,000,000. Prepare an income statement for a typical year

  Cash flow statement and statement stockholders equity

As an employee would you prefer to have stock options or ESPPs? Which do you think is better from a potential investor standpoint? What are the most effective tools to use when preparing a cost effective analysis? Why? Is an increase in treasury stoc..

  Find common stock outstanding

When a corporation has both preferred and common stock outstanding, earnings per share is computed by dividing net income

  Calculate the amount of gross profit or loss

1. Calculate the amount of gross profit or loss to be recognized in each of the three years.

  Post-balance-sheet events

(Post-Balance-Sheet Events) Madrasah Corporation issued its financial statements for the year ended December 31, 2014, on March 10, 2015. The following events took place early in 2015. On January 10, 10,000 shares of $5 par value common stock were is..

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