User Account

All Pages

Which method fifo or lifo will result in the highest cost

Assignment Help Accounting Basics
Reference no: EM131000695

Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.

Required:

1. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2011? Why? Which method will result in the highest ending inventory balance? Why?

2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. 

Reference no: EM131000695

Questions Cloud

Sunset boards is a small company : Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks, the founder of the company, is in charge of the design and sale of the surfboards, but his background is in surfing, not business. As a result, the company'..
Why might accountants be construed : Why might accountants be construed as powerful individuals?
What does stiffness k of spring have on vibration period : What does the stiffness k of the spring have on the vibration period T? What effect does the mass of the block m have on the vibration period T?
Describe the msa grading system : Meat Standards Australia (MSA) is a meat grading system designed to predict eating quality. Write a 2,000 word essay based on the following: (i) describe the MSA grading system;(ii) identify and discuss the advantages and disadvantages of the MSA gr..
Which method fifo or lifo will result in the highest cost : Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2011? Why? Which method will result in the highest ending inventory balance? Why?
Elite product drat has an awareness of 72% : Digby's Elite product Drat has an awareness of 72%. Digby's Drat product manager for the Elite segment is determined to have more awareness for Drat than Andrews' Elite product Ark. She knows that the first $1M in promotion generates 22% new awarenes..
How does the compound annual return on your disney stock : What types of goals have been set by management to improve efficiency in operations, and have those goals been met?
Sampling distribution of sample mean : Unfortunately, the random variable in question is exponentially distributed; the sample size of 10 is considerably smaller than is required for a normal approximation to be valid for the sampling distribution of the sample mean; and  therefore  no ..
The following information is taken from the inventory record : Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is material from the point of view of a bank

The concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?

  Balance of retained earnings

On its 1999 balance sheet, Sherman Books showed a balance of retained earnings equal to $510 million. On its 2000 balance sheet, the balance of retained earnings was also equal to $510 million. Which of the following statements is most correct? Sh..

  The lansing community college registrars office is

the lansing community college registrars office is considering replacing some canon copiers with faster copiers

  Issac co sells merchandise on credit to sonar co in the

issac co sells merchandise on credit to sonar co in the amount of 9600. the invoice is dated on april 15 with terms of

  What is the notes effective interest rate

Reconstruct the journal entries to record the sale of the stock on January 1, 2011, and the adjusting entry to record interest revenue at the end of 2011. The company records adjusting entries only at year-end.

  Accounts and financial statements of recording

A business issued a 60-day, 7% note for $15,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording

  Stanley childrens hospital reported an average cost per

stanley childrens hospital reported an average cost per discharge of 6500 for the quarter with 300 discharges and an

  In your research you found significant conflicting issues

in your research you found significant conflicting issues between global reporting standards. these affect every audit

  Determining expenses on vacations

During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.

  Describe the estimated likelihood of loss

Macromedia did not record a liability or include a note to the financial statements prior to settling the lawsuit. Which of the following best describes the estimated likelihood of loss prior to settling the lawsuit: (a) probable, (b) reasonably poss..

  Calculate marshall debt ratio

Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.

  What is the effective six month interest

What is the effective six-month interest for 8.9% APR compounded daily?A. 4.54%B. 4.5%C. 9%D. 9.08%

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