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
Super stockist is one who supply product to n no. of distributor in area. Distributor is one who supply to dealers in the area

Target Company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pay 10% annual interest in semiannual payments. On the issue

when discrepancies occured on financial documents,what consequences will arise?

Uses of Funds Flow Statement :  This declaration is extremely helpful for policy makers as it traces the movement of funds inside the organization.  Various of the uses include

Why to and by using in journal, trading a/c, p&l a/c and ledger?


I chose table 2-4 Loan Amortization Schedule, $100,000 at 6% for 5 years to discuss. Table 2-4 relates to the other two tables in that it is the opposite of the other two tables. T

Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i

Q. What is Prepaid rent explain with example? Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays re

Q. Learning objectives of inventory turnover ratio? - Net income for an accounting period depends straight on the valuation of ending inventory. - If the ending inventory is