Calculate average cost per unit

Assignment Help Accounting Basics
Reference no: EM13759809

Ziad Company had a beginning inventory on January 1 of 183 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.

Mar. 15   488 units    at    $24   Sept. 4   427 units    at    $27
July 20   305 units    at    $25   Dec. 2   122 units    at    $30

Determine the cost of goods available for sale.

Calculate average cost per unit.

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.

Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?

Reference no: EM13759809

Questions Cloud

Cost leadership strategy and quick-response strategy : Of the potential strategies available to Regal Marine, have they chosen differentiation, cost leadership, or quick response? Do you think that is a good choice for a boat manufacturer? Why or why not? Cost Leadership strategy and Quick-Response strat..
Explain the tax advantage of allocating : Explain the tax advantage of allocating too much to the building and too little to the land. Was Western's allocation ethical? If so, state why. If not, why not? Identify who was harmed.
The cost estimation to design a new aircraft : Boeing has developed the 787 for production in 2008*. It is expected to perform 20% more efficiently than any other plane. Assume the passenger load is similar to the Boeing 777 (which cost $6 billion to design and went into service in 1993). The BLS..
Obtained fixed and unit variable cost in formation : Jimbo Elrod has obtained fixed and unit variable cost in formation of four potential locations for his professional wrestling school and summarized it in the table below. All values are in dollars. Jimbo plans to charge the same amount for tuition re..
Calculate average cost per unit : Determine the cost of goods available for sale. Calculate average cost per unit. Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of th..
What is cyber security and what are some of its key concept : What is cyber security, and what are some of its key concepts? What are the most significant threats to your data, and what are some of the root causes of those threats
Describe the indian reorganization act or indian new deal : Describe the Indian Reorganization Act or "Indian New Deal"? In what ways was it a departure from previous policy? How did it change thinking about the place of Indians in American society? How did it influence subsequent policies towards Native A..
Union-management relations instructions : Video Case: Union-Management Relations (UPS) Instructions: Read the video case in your textbook, titled Union-Management Relations (UPS), and then watch the corresponding video in the Unit Study Guide.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  The delivery trucks of italianas pizzeria incurred

the delivery trucks of italianas pizzeria incurred maintenance costs of 2400 during its busiest month of 2014 in which

  What effect will this action have on carmack 2012 net income

On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.

  Prepare a comparative condensed income statement

Prepare a comparative condensed income statement for 2001 under FIFO and LIFO. Which cost flow method (FIFO or LIFO) produces the most meaningful inventory for the balance sheet? Why? Which cost flow method produces the most meaningful net income? Wh..

  In a separate paragraph explain why you think that

in a separate paragraph explain why you think that garnishments are necessary or what alternatives to garnishments may

  What happens when an organization changes its strategy

You have been asked to speak on the topic of the impact of organizational culture on decision making to a group of executives. In a five to seven paragraph speech, discuss the following.

  Van frank telecommunications has a patent on a cellular

van frank telecommunications has a patent on a cellular transmission process. the company has amortized the patent on a

  Paulson inc has 5 computers which have been part of the

paulson inc. has 5 computers which have been part of the inventory for over two years. each computer cost 600 and

  In the consideration of internal control the auditor is

in the consideration of internal control the auditor is basically concerned that internal control provides reasonable

  Telleron company has the following information for march

telleron company has the following information for march sales 510000 variable cost of goods sold 245000 fixed

  Explain why state and local pension experts oppose

Evaluate the GASB's views regarding how the total pension liability should be measured and whether or not you support these views? Explain your rationale.

  Journal entries and conversion of bonds

Prepare the journal entries for the June 30, 2013, interest payment by Madison and the conversion of the bonds (book value method).

  Prescribing financial reporting requirements

The government regulatory agency that has the legal authority to prescribe financial reporting requirements for corporations that sell their securities to the public is the

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