Determine which assumed inventory cost flow method

Assignment Help Financial Accounting
Reference no: EM132488463

Question 1: Which assumed inventory cost flow method:

a. usually parallels the actual physical flow of merchandise?

b. divides cost of goods available for sale by total units available for sale to determine a unit cost?

c. assumes that the latest units purchased are the first to be sold?

Reference no: EM132488463

Questions Cloud

Indicate the amount of gain or loss : For each situation below, indicate: a) the amount of gain/loss and b) how the gain/loss is treated from a tax standpoint. Situation 1: Sold for $7,000
How many performance obligations exist in the contract : Prepare the journal entry to recognize sale of 10 new subscriptions clearly identify the revenue or deferral revenue associated with each performance obligation
How much of johns contribution is tax deductible : John donated appreciated capital stock that he has held over a year, with an adjusted basis of $20,000, How much of John's contribution is tax deductible
Downward sloping demand curve : The firm finds it optimal to charge a price of $24 for its output. What is its marginal cost at this level of output?
Determine which assumed inventory cost flow method : Determine Which assumed inventory cost flow method. divides cost of goods available for sale by total units available for sale to determine a unit cost?
Prepare the adjusting entry recorded on december : Conti Products owed $80,000 on account for inventory purchased on December 1, 2018. Prepare the adjusting entry recorded on December
What is the cost of goods sold for the june sale : Olympic enterprises has the following inventory data: assuming average cost, what is the cost of goods sold for the june 14 sale?
Estimating the price elasticity of demand : Suppose equilibrium price in the market is $30, and the marginal revenue is $20. What is the price elasticity of demand?
Noticing lines of customers : Your friend Tony opened a pizzeria. You helped him to advertise his pizza, which is in fact the best pizza in town.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the total income expense and what is net income

Sales= 200; Gross proft= 140; Operating expenses= 40' Income Tax rate= 40%. What is net income?  Sales= 200; Gross profit= 140; Operating expeses= 40; Loss from discontinued operations before tax= 50; Income tax rate = 40%. What is the total income e..

  Prepare a statement of cash flows for 2013

Prepare a statement of cash flows for 2013, using the indirect method.  Assume that current assets (excluding cash) and current liabilities have remained the same on December 31, 2013.

  Reported as net cash flows from operating activities

Advance Systems Inc. reported the following information for 20X0 and 20X1: 20X0 20X1 Accounts receivable $101,000 $93,000 Prepaid expenses 5,000 6,000 Accounts payable 71,000 76,000 If Advance Systems uses the indirect method to prepare the operating..

  What is the after-tax salvage value of plan

Southwest currently has two surplus Boing 737-300 jets which are not used for anything and are parked on a runway in Arizona. The jets were bought for $45 million each 11 years ago, Jets of the same model, age, and condition currently trade for $5 mi..

  What amount should lem report as depreciation

Lem uses straight-line depreciation. In its 2010 income statement, what amount should Lem report as depreciation for this machinery?

  Capital budgeting in a corporate sector

Things to do: Expound the following alternative courses of actions in order to make the company grow ( in two paragraphs each). A set of decision rules which can differentiate acceptable from unacceptable alternatives. Control of expenditures and car..

  Abacab companys shares are shown on the new market stock

abacab companys shares are shown on the new market stock exchange which gives the use of either international financial

  Discuss how are attitudes formed

Using some of these terms: social learning, unconditioned stimulus/conditioned stimulus, subliminal

  Equipment purchased at the beginning of the fiscal year for

equipment purchased at the beginning of the fiscal year for 150000 is expected to have a useful life of 5 years or

  What was the approximate amount stolen during the past year

What was the approximate amount stolen during the past year and what would be your recommendations to the owner?

  Create all necessary journal entries

Prepare any journal entries (if necessary) that would be required related to the Note Receivable at end of 2009, 2010, 2011, and 2012. Assume that $100,000 is received from ColdPlay Co. on 12/31/2013. Prepare all necessary journal entries for 2013.

  Change from FIFO to LIFO in a period of rising prices

A change from FIFO to LIFO in a period of rising prices will

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