Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Computing ending inventory and cost of goods sold under FIFO and LIFO cost-flow assumptions.
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2009 were as follows:
Blowers
Mowers
Jan 21
20@200
Feb 3
40@195
Feb 28
30 @190
Mar 13
20@190
Apr 6
20@120
May 22
40@215
Jun 3
40@220
Jun 20
60@230
Aug 15
20@215
Sep 20
20@210
Nov 7
In inventory at Dec 31, 2009, 10 blowers and 25 mowers. Assume the coy uses a period inventory system. What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions? Hint: Compute ending inventory and cost of goods sold under each method, and then compare results.
Assume the same facts as part (a), except that the warrants had a fair value of $20. Prepare the entry to record the issuance of the bonds and warrants. Prepare the entry to record the issuance of the bonds and warrants.
analyze and describe how you think big banks are or are not ripping off pension funds. support your response with
what is currently the value of the firm? if the owner presently receives an offer of $15050 for the firm and accepts it, what does that imply about his discount rate?
A $4,000 computer to be used 100% for business located in his home. Illustrate what depreciation methods are available for the automobile and computer?
If Mowen Company offers to buy the special order units at $65 per unit, the effect of accepting the special order on Melville's operating income next year should be a what?
Prepare all closing entries for the month of January, 2009 and prepare the income statement, balance sheet and statement of changes in shareholders' equity for the month of January, 2009 in their proper formats.
When we already have the income statement and balance sheet to tell us about the financial performance and financial health of a company, why was there a need to require companies to prepare a statement of cash flows?
One client gave the company a computer with a retail price of $2,500 and a fair market value of $2,000 in exchange for accounting services. Based on these facts, what is the company's gross income for the year
How may the impairment loss be recorded using US GAAP and for IFRS? and consider that at the end of 2011, Acme Inc. evaluates the company has recovered $12,000 of the patent impairment and $16,000 of the goodwill impairment. How may this be record..
Determine the number of units Patterson must sell to break even and determine the sales revenue required to earn (pretax) income equal to 20% of revenue.
show them as current expenses in total. In this way, the new product would appear to be only slightly profitable. Describe alternatives that you as an accountant would have in this situation. Indicate which alternative is best
tower interiors has made the forecast of sales shown in the following table. also given is the probability of each
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd