Cash selling and administrative expenses, Accounting Basics

Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available:

2400_Untitled.png


  The company's income tax rate is 40%.

Required:

a) Verify the amount of cost of goods sold using:
FIFO
LIFO
Weighted Average

b) Verify the amount of ending inventory using:
FIFO
LIFO
Weighted Average

c) Verify the company's net income (after income taxes) using:
FIFO
LIFO 

 

 

Posted Date: 3/22/2013 5:08:11 AM | Location : United States







Related Discussions:- Cash selling and administrative expenses, Assignment Help, Ask Question on Cash selling and administrative expenses, Get Answer, Expert's Help, Cash selling and administrative expenses Discussions

Write discussion on Cash selling and administrative expenses
Your posts are moderated
Related Questions
the scope of operation research in modern management

Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the

Significance of Accounting Standards: Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the glob

Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti

Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.


State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo


Accounting supposes that the business as an accounting entity will continue to operate for a long time in the future, unless there is superior evidence to the contrary. The enterpr

Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its