Computing company ending inventory

Assignment Help Accounting Basics
Reference no: EM13145883

Hay Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventory at year-end prices was $126,500, and the price index was 110.

What is Hay Company's ending inventory?

Reference no: EM13145883

Questions Cloud

Why are the phylogenetic relationships for amphibia : Why are the phylogenetic relationships for Amphibia so contentious? How does this contrast with the challenges for determining phylogenetic relationships of Lepidosauria?
Value of the intangible assets : Are there times when the values of the tangible assets are actually less than the value of the intangible assets, such as Goodwill?
What is the probability that mean of the sample is more : Assuming the manufacturer's claim is correct, what is the probability the mean of the sample is 12.22 ounces or more? Using your answer form part (a), what do you think of the manufacturer's claim?
Substitute this guess into the model : All sums in the solution must be evaluated for the solution to be complete. If you solve the model by guessing a solution, substitute this guess into the model to con firm that the guess is correct.
Computing company ending inventory : Hay Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventory at year-end prices was $126,500, and the price index was 110. What is Hay ..
Prepare the consolidation entry in connection : What balances would need to be considered in order to prepare the consolidation entry in connection with these intercompany bonds at December 31, 2008, the end of the first year of the intercompany investment?
Which level of confidence requires a larger sample size : Determine the minimum sample size he must select if he wants to be 90% confident that the true average time is within 10 minutes of the sample average?
Estimate the amount of manufacturing overhead cost : For both March and June, estimate the amount of manufacturing overhead cost added to production. The company had no underapplied or overapplied overhead in either month.
Parent net income reflected use of the equity method : 1. If the parent's net income reflected use of the equity method, what were the consolidated retained earnings on December 31, 2010?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Purchases of raw materials

At the beginning of Month 1, 3,200 lbs. of materials were on hand. Purchases of raw materials for Month 2 would be budgeted to be:

  Is an investor always better off buying tax exempt bonds

Under what conditions is an accrual-basis-tax-payer allowed to defer reporting amounts received in the advance payments received for services?

  Problem associated to minimum pretax return

The company requires a minimum pretax return of 15% on all investment projects. The net present value of the proposed project is closest to:

  Which of the following statements is accurate

A tract of land was distributed by MNO Inc. to its sole shareholder, Martha, as a dividend. At the time of the distribution, MNO Inc.'s adjusted basis in the land was $40,000, the fair market value of the land was $80,000, and the land was encumbe..

  Interest charge-end of the grace period

If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is:

  Determining amount of cash collected from customers

The balance sheet reported a begin n in g balance o f Rs. 23,000 in Accounts Receivable and an endin g balance o f Rs . 16,000 . The inco me statement reported. Sales Revenue of Rs. 230,000. Using this information, what will be the amount of cash c..

  Prepare pension worksheets and journal entries

Prepare a pension worksheet for the pension plan in 2008. Prepare any journal entry(ies) related to the pension plan that would be needed at December 31,2008. Prepare a pension worksheet for 2009 and any journal entry(ies) related to the pension plan..

  What is the net present value of the investment

Income taxes are not considered in this problem. What is the net present value of the investment assuming the required rate of return is 10 percent? Would the company want to purchase the new machine?

  Determining linear equations

Supposing  that a linear functional relationship exists, determine the equation that relates total costs to total sales. Describe why the nature of the relationship may change if sales exceed $5,000.

  Revenue and expense data for schumpert medical center

The subsequent two spreadsheets provide workload (expressed as relative weighted products (RWPs) for inpatient care), revenue, and expense data for Schumpert Medical Center covering their fiscal years 2010 and 2011.

  Statement regarding an intercompany sale of land

Which of the following statements is true regarding an intercompany sale of land?

  Purchase of the bonds between interest dates

An early extinguishment of bonds payable, which were originally issued at a premium, is made by purchase of the bonds between interest dates. At the time of reacquisition:

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