Determine ending inventory under specific identification

Assignment Help Accounting Basics
Reference no: EM132234940

Question - Martinez Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $21 per unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows:

Ending inventory units:

December 31, 2016 150

December 31, 2017, by purchase date

Dec. 2, 2017 150

July 20, 2017 32 182

During 2017, the following purchases and sales were made:

Purchases

Sales

Mar. 15 420 units at $25

Apr. 10 230

July 20 420 units at $26

Aug. 20 300

Sept. 4 240 units at $30

Nov. 18 190

Dec. 2 150 units at $32

Dec. 12 478

The company uses the periodic inventory method.

Determine ending inventory under specific identification.

Determine ending inventory under FIFO.

Determine ending inventory under weighted average cost.

Reference no: EM132234940

Complete exhausting of account

You have deposited $8,369 in a special account that has a guaranteed interest rate of 13% per year. If you are willing to completely exhaust the account, what is the maximum

Variable expenses in the cvp income statement

Givenchy Company sells 100,000 wrenches for $12.00 a unit. Fixed costs are $280,000 and net income is $200,000. What should be reported as variable expenses in the CVP inc

Prepare the current assets section of the balance sheet

Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Acc

Hunter and warren form tan corporation

Hunter and Warren form Tan Corporation. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and f

Journal entries to record the write-off of receivables

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2013, accounts receivable totaled $680,000. The allowance method is used to account for unc

Transferring land to the corporation

Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen's basis in the land is 275,000, the

Provisions in a loan agreement

As assistant controller of Midwest Construction Company, you are reviewing with your boss, the controller, Dave Jackson, the financial statements for the year just ended. Du

Least break even on the sale of the items

If Lampley Company decides to re-work the items, how much should the company be willing to invest to ensure that they would at least break even on the sale of the items?

Reviews

Write a Review

 
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