+1-415-670-9189
info@expertsmind.com
Calculate ending inventory and cost of goods sold
Course:- Accounting Basics
Reference No.:- EM131567752




Assignment Help
Assignment Help >> Accounting Basics

Problem -

During 2018, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2018:

Date

Transaction

Number of units

Unit Cost

Total Cost

Jan. 1

Beginning inventory

14

$52

$728

Sep. 8

Purchase

15

54

810

 

 

29

 

$1,538

Required - Calculate ending inventory and cost of goods sold for 2018 assuming the company uses FIFO with a periodic inventory system.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Giving each salesperson the compensation option of choosing either a low salary and a high- percentage sales commission or a high salary and a low-percentage sales commissio
What is the balance in retained earnings appearing on the statement of stockholders" equity on December 31, 2002? A. $330,000 b. $380,000 c. $420,000 d. $440,000 138.
Identifying business activities requires selecting transactions and events relevant to an organization. Which of the following events would be recorded in the accounting rec
Yellow Corporation transfers land (basis of $210,000, fair market value of $300,000) to Joe, a shareholder, to carry out a qualifying stock redemption. The land is distribut
Calculate the net present value of projects B, C, and D, using 14% as the cost of capital for Heard, Inc - what additional factors (beyond those considered in parts a-c might
Briefly discuss the operating performance and financial positions of Sepracor Industry averages for these ratios in 2007 were ROA 3.5%; Return on Equity 16%; and Debt to Ass
Evaluate the financial performance of a company of your choosing using the knowledge and technical skills that you have gained during the course so far. Provide a theoretica
Prepare journal entries for each transaction. a. On August 31, a customer balance for $ 300 from a prior year was determined to be uncollectible and was written off. b. On Dec