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!
FIFO, LIFO and Average Cost Determination) John Adams Company's record of transactions for the month of April was as follows.
PurchasesApril 1 (balance on hand) 600 @ $6.004 1,500 @ 6.088 800 @ 6.4013 1,200 @ 6.5021 700 @ 6.6029 500 @ 6.795,300
SalesApril 3 500 @ $10.009 1,400 @ 10.0011 600 @ 11.0023 1,200 @ 11.0027 900 @ 12.004,600
Instructions
1. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average cost.2. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.3. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.4. In an inflationary period, which inventory method-FIFO, LIFO, average cost-will show the highest net income?
How would your answers in parts 1 and 2 change if 50 of the 5.8% bonds discussed in section (3) above were converted on October 1, 2013? Show your work.
After some research, Jon also identifies another comparable site, which rents for $75,000 per year.
Identify and analyze the effect of the sale of the asset - how should the gain or loss on the sale of the asset be presented on the income statement?
Explain how reported accounting numbers might affect an individual's perceptions and actions - market value instead of cost, large losses would have been reported earlier
What amount of uncollectible accounts expense was reported on the income statement and what was the net realizable value of receivables at the end of the accounting period?
Determine if each of the transactions above should be classified as an operating, investing, or financing activity. Also, identify each cash flow as an inflow or outflow.
Determine the overhead application rate for 2010, determine the cost for Job #B316 in 2010 - How will PlastiCo account for the $75,500 of rework cost?
Methods of Estimating Costs: High-Low, Ethical Issues - Estimate the fixed cost of maintenance annually and the variable cost of maintenance per visitor.
1. Using the information in the table, create an income statement with a schedule for costs of goods manufactured. Make sure that for the costs you classify if they are direct or indirect and indicate if they are variable or fixed. 2. Let's assum..
Jim's paid $130 to cover the travel expenses of an employee who negotiated the purchase of the hats. What amount will Jim's record for inventory? Why?
Identify the primary benefits in using the costing method that is used to record inventory. Explain at least three reasons that would lead each of your chosen companies to switch to a different costing method.
what other potential measures will we implement to control those unallocated costs and regarding customer profitability profiles, what could be done when customers have unfavorable profiles?
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