Problem regarding cost of goods sold

Assignment Help Accounting Basics
Reference no: EM13124812

Butler Company reported ending inventory at December 31, 2010 of $1,200,000 under LIFO. It also reported a LIFO reserve of $210,000 at January 1, 2010, and $300,000 at December 31, 2010. Cost of goods sold for 2010 was $3,600,000. If Butler Company had used FIFO during 2010, its cost of goods sold for 2010 would have been ??

Reference no: EM13124812

Questions Cloud

Linear equations-linear inequalities : In what fundamental way does the solution set of a system of linear equations differ from the solution set of a system of linear inequalities?
Synthesis essay of three of freakonomics and the real drug : an example of a synthesis essay on chapter three of freakonomics and the article The Real Drug Czar, and how the two have connections.
Probability-household has fax machine and personal computer : Suppose 91% of all Australian households having a fax machine have a personal computer. A Australian household is randomly selected. What is the probability that the household has a fax machine and a personal computer?
What is the effect on earnings in the year : The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
Problem regarding cost of goods sold : Cost of goods sold for 2010 was $3,600,000. If Butler Company had used FIFO during 2010, its cost of goods sold for 2010 would have been ??
How much heat would be released by its complete combustion : If a bottle of nail polish remover contains 175mL of acetone, how much heat would be released by its complete combustion? The density of acetone is 0.788g/ML.
System of linear equations-stamps : A stamp collection consists of 3, 8, and 15 cent stamps. The number of 8 cent stamps is one less than triple the number of 3 cent stamps. The number of 15 cent stamps is six less than the number of 8 cent stamps.
Who is the commissioner of the irs : For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
What is the specific heat of the alloy : A 25-g sample of an alloy at 92 degrees celsius is placed in 50 grams of water at 20 degrees celsius. If the final temperature reached by the alloy sample and water is 27 degrees celsius.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the following are government transfer payments

Which of the following government transfer payments is included in the recipient's gross income? Which of the following expenditures is not a medical expense for federal tax purposes?

  Calculate the contribution margin per unit

Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..

  How is she taxed on the distribution

Lark Corporation is a calendar year taxpayer. At the beginning of the current year, Lark has accumulated E & P of $330,000. The corporation incurs a deficit in current E & P of $460,000 that accrues ratably throughout the year. On June 30, Lark di..

  Compute the materials price variance

(a) Compute the actual cost per foot for materials for March. (b) Compute the materials price variance and a total variance for materials.

  Propose a method of mitigating the problem

Recommend at least one improvement in the Website's sales order process you would implement to make it more efficient. Then, assess whether the recommendation warrants the benefits to clients versus the cost of implementation for the company. Prov..

  Record dividends payable on common and preferred stock

A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.

  Making a statement of cash flows

Given the following data, manke, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.

  Journal entries associated with changes due to error

Prepare journal entries associated with changes due to errors. How do they relate to the practice of accounting and its uses in business?

  Impairment of fixed assets

Which of the following statements concerning the impairment of fixed assets is true under US GAAP?

  Journal entry for depreciation-presentation

At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.

  Evaluate the effectiveness of the company disaster recovery

assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.

  Journalize the six entries that adjust the accounts

Journalize the six entries that adjust the accounts at December 31. One of the accounts was affected by two different adjusting entries.

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