What was the amount of hanson''s cost of goods sold

Assignment Help Accounting Basics
Reference no: EM13133066

Hanson Company uses a periodic inventory system. For 2012, its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000. What was the amount of Hanson's cost of goods sold for 2012?

Reference no: EM13133066

Questions Cloud

What is meant by forensic-type fieldwork phase of an audit : What is meant by the forensic-type fieldwork phase of an audit? An AICPA Fraud Task Force suggests that if a forensic accountant is brought into an audit to conduct a separate investigation (and not an adjunct to an audit), what standards apply?
What are the limitation,uniqueness : What are the limitation,uniqueness and two illustration of bank reconciliation.
Total cash dividends problem : Nortan's outstanding stock consists of (a) 32,000 shares of noncumulative 8.00% preferred stock with a $10 par value and (b) 80,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and ..
Explain does the nmr spectrum and the ir spectrum look like : What does the 1H-NMR spectrum and the IR spectrum look like with notations on each peak on both spectra
What was the amount of hanson''s cost of goods sold : Hanson Company uses a periodic inventory system. For 2012, its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000. What was the amount of Hanson's cost of goods sold for 2012?
What pressure will the sample exert : A sample of gas with a volume of 750 mL exerts a pressure of 98 kPa at 30 c. what pressure will the sample exert when it is compressed to 250 mL and cooled to -25 degree celsius.
Determine if the tires were exceeding the guarantee : The manufacturer wanted to determine if the tires were exceeding the guarantee. At the .05 significant level, it was concluded that the tires are exceeding the manufacturer's guarantee.
Why is it sometimes important to allocate overhead costs : Why is it sometimes important to allocate overhead costs among products, services or some other grouping? Other times the allocations should be disregarded as in this case - why?
Vertex and axis of symmetry : Label the Vertex and the Axis of symmetry

Reviews

Write a Review

Accounting Basics Questions & Answers

  Underlying rationale for alimony rules

What is the underlying rationale for Alimony Rules:

  Question regarding cost-benefit analysis

A soft drink maker wants to expand into a neighboring country. They want the product bottled in that country to avoid political issues and to enhance the local image of the product.

  Design an effective auditing plan for the area

Given the inherit audit risks related to inventory valuation, design an effective auditing plan for this area that minimizes risk exposure for the auditing firm.

  Cumulative temporary differences

At December 31, 2006, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $68 million balance in its deferred tax liability account. The balances were due to the following cumulative temporary differences:

  Journal entries-common-preferred-treasury stock

Consider the recording of journal entries related to common, preferred, and treasury stock. How does the record-keeping of these entries relate to business?

  Determine cost to record the new asset from exchange

Chi Corporation trades an asset with a book value of $20,000 for another asset with a fair market value of $15,000. Find out Chi s cost to record the new asset from the exchange.

  Ups securities

Conduct research on the selected securities (Ford and UPS) Analyze the organizations' 10K and investment reports, general economic data, and Federal Reserve data.

  Problem related to depreciation expense

Why should the accounting for the lessor be different depending on whether the residual value is guaranteed or unguaranteed? Couldn't they just "adjust" the depreciation expense at the end of the term if the lessee does not pay the residual?

  Trends and items of concern for the directors of fedex

Prepare an interpretative write up of your financial analysis, explaining trends and items of concern for the directors of FedEx. For each ratio, you should define the ratio, inform the directors about the change in the ratio from one year to the ..

  How jeff could use standards for planning purposes

Why were some of Jeff's friends who worked with him from the beginning not very excited about a change to a standard cost system.

  Bond issue at the time of sale

The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:

  Financial accounting-periodic inventories

Olsen Company uses the periodic inventory method and had the following inventory information available for the month of November.

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