What was the ending inventory and cost of goods sold

Assignment Help Accounting Basics
Reference no: EM133093238

Question - Factor Company had 20 tons of sand in inventory on January 1, 2019 valued at $50 per ton. On February 1, 2019 it acquired 40 tons valued at $60 per ton and an additional 60 tons at 570 tons on March 1, 2019. On June 1, 2019 it made its only sale of sand for the year amounting to 80 tons. What was the ending inventory and cost of goods sold value for the sand that should be recorded in 2019 using the average cost, FIFO and LIFO methods?

Reference no: EM133093238

Questions Cloud

Estimate the total manufacturing overhead costs : Estimate the total manufacturing overhead costs would DHI incur in the coming year if it were to operate at a level of 65,000 machine-hours
Idemitsu profile of the company : Idemitsu Kosan Co., Ltd. is a Japanese company which refines crude oil and distributes oil products. It was founded by Sazo Idemitsu in 1911 in Moji-City (Kitak
About Apple strategy : Does Apple's strategy seem to set it apart from rivals? What is there about Apple's strategy that can lead to sustainable competitive advantage?
Discuss in detail warehouse businesses : Discuss in detail warehouse businesses and how it works. (Pls don't just copy from website) Pls also provide references for further studies.
What was the ending inventory and cost of goods sold : On June 1, 2019 it made its only sale of sand for the year amounting to 80 tons. What was the ending inventory and cost of goods sold value
Analyse the performance of petronas : Analyse the performance of PETRONAS, the leader's actions during economic downturn as well as growth during this pandemic and provide recommendations, implement
Evidence of sex discrimination : Task assignments to employees are supposed to be done at random. On a certain day, all the best jobs, in order of desirability, were given to the men.
How much of his s corporation income is potentially subject : Assume that Justin B. materially participates in the S corporation. How much of his S corporation income is potentially subject to the net investment income tax
Identify which of the advantage does espn have : Few other sports networks observed the success of ESPN's X-Games and started to broadcast similar competitions. NBC, for example, developed its own version of t

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the maximum profit that the company can earn yearly

What is the current yearly operating income or loss? What is the current break-even point in units and in dollar sales? Assuming that the marketing studies are correct, what is the maximum profit that the company can earn yearly? At how many units an..

  What profit margin must the firm achieve

The ratio of total assets to sales is constant at 1.25. What profit margin must the firm achieve?

  What is the adjusting entry necessary on december

What is (are) the journal entry (or entries) on July 1, 2011? What is the adjusting entry necessary on December 31, 2011, the end of the company's fiscal year?

  Calculate the number of pounds of raw materials

It is currently estimated that 26,800 pounds of raw materials will be on hand at the end of June. Calculate the number of pounds of raw materials

  Arden corporation just received a special order to make

arden corporation just received a special order to make 7500 units of a specialized calculator. if arden has sufficient

  What the sale of appliance with warranty

Prepare 2020 journal entries to record. The sale of appliance with warranty? Cost of servicing warranty? Recognition of warranty revenue?

  Ramifications of raising taxes for wealthy

What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.

  Discuss what should shorebucks do

There are 1,300 machine hours available to manufacture a product. What should Shorebucks do

  Explain the traditional versus modern portfolio theory

Walt Davies and Shane O'Brien are district managers for Lee, Inc. Over the years, as they moved through the firm's sales organization.

  Why do think gross versus net became such a big issue

Revenues are at the core of a firm's ability to grow and prosper, Why do you think " Gross versus Net" became such a big issue in accounting?

  Compute the earnings before interest and taxes

Allocation of Corporate Expenses Footnote 18 to Nike's 2011 fi nancial statements in Appendix C shows net corporate expenses of $771 million.

  How much is the amount of gross profit for the year

If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year

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