User Account

All Pages

Calculate the ending inventory at may 31

Assignment Help Cost Accounting
Reference no: EM13531792

Klumb Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.

Date

Explanation

Units

Unit Cost

Total Cost

May-01

Inventory

30

$9

$270

15

Purchase

25

10

250

24

Purchase

38

11

418

Total

93

$938

Instructions

Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount allocated to cost of goods sold under each method.

Reference no: EM13531792

Questions Cloud

Explain how long would it take to count out 1 billion tiny : How long would it take to count out 1 billion tiny, invisible objects (yes, invisible) from a bottle of these objects if you couldn't even see one with an optical microscope but knew that each one weighed 0.0000001 gram
Determine net income under each approach : Determine net income under each approach and calculate the quality of earnings ratio under each approach and explain your findings.
Evaluate the net entropy change of the system : A 15.0-kg block of ice at 0 °C melts to liquid water at 0 °C inside a large room that has a temperature of 20.0°C. Calculate the net entropy change of the system
Explain the ratio of the rate of effusion of ammonia : What is the ratio of the rate of effusion of ammonia, NH(3), to that of hydrogen chloride gas
Calculate the ending inventory at may 31 : Calculate the ending inventory at May 31 using the (a) FIFO, (b) average-cost, and (c) LIFO methods - Klumb Inc. uses a periodic inventory system.
Define the mass of carbon dioxide in sample : A sample of carbon dioxide has a volume of 575 mL at 752 torr and 22°C. What is the mass of carbon dioxide in this sample
Determine how far does the lighter fragment slide : An object at rest on a flat, horizontal surface explodes into two fragments, one seven times as massive as the other. How far does the lighter fragment slide
Cost of goods sold using the fifo periodic inventory method : Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, LoPrice Electronics" year-end.
Explain oxygen is prepared by heating potassium chlorate : Oxygen is prepared by heating potassium chlorate with manganese dioxide as a catalyst. 2KClO(*3*)(S)?2KCl(S)+30(*2*)(g) How many grams of oxygen would be obtained from 1.500g of potassium chlorate

Reviews

Write a Review

Cost Accounting Questions & Answers

  The city of shipley maintains an employee retirement fund a

the city of shipley maintains an employee retirement fund a single-employer defined benefit plan that provides annuity

  Ethical dilemma

Ethical Dilemma What's an expense?

  Decision making process related to the question

Identify any tools such as regression analysis or CVP that will support the decision making process related to the question. If needed, use calculations or lists

  Please respond to the following questions of implementing

please respond to the following questions of implementing activity data-driven cost components for health care.what

  Dean makes a pledge of 30000 to a local college the

dean makes a pledge of 30000 to a local college. the college is willing to accept either cash or marketable securities

  You have been asked to give a presentation to junior staff

you have been asked to give a presentation to junior staff members on the objectives of financial reporting and the

  Compute the cost per equivalent unit for materials

Compute the cost per equivalent unit for materials using the FIFO method - compute Costs per Equivalent Unit: Weighted-Average Method

  Smith paints allocates overhead based on machine hours

smith paints allocates overhead based on machine hours. elected data for the most current year follow. estimated moh

  Compute the following ratios for 2014

All sales were on account. Net cash provided by operating activities for 2014 was $241,920. Capital expenditures were $136,400, and cash dividends were $60,580.

  Advise the ceo of southern star ltd

Advise the CEO of Southern Star Ltd whether to accept or reject the order. Discuss the following issues that Southern Star Ltd will have to consider in deciding whether to accept or reject the order.

  Create an incremental analysis for the special order

McGee Corporation offers Gruden $5 per disc for 5,000 discs. McGee would sell discs under its own brand name in foreign markets not yet served by Gruden.

  1 define and discuss the federalprivate audit gap2 the coso

1. define and discuss the federalprivate audit gap2. the coso framework describes components of internal control.nbsp

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