Determine the costs of goods, Cost Accounting

Savage Distribution markets CDs of performing artist Little Sister.  At the beginning of October, Savage had in beginning inventory 1,200 Little Sister's CDs with a unit cost of $5.  During October, Savage made the following purchases of Little Sister's CDs.

Oct 3                4,000 @ $6                              Oct 19  2,500 @ $8

Oct 9                3,000 @ $7                              Oct 25  2,000 @ $9

During October 9,400 units were sold.  Savage uses a periodic inventory system.                 

Instructions

(a) Determine the costs of goods available for sale.    

(b) Determine the costs assigned to ending inventory and to cost of goods sold using

(a) FIFO,

(b) LIFO, and

(c) Weighted average.

Posted Date: 2/20/2013 7:43:44 AM | Location : United States







Related Discussions:- Determine the costs of goods, Assignment Help, Ask Question on Determine the costs of goods, Get Answer, Expert's Help, Determine the costs of goods Discussions

Write discussion on Determine the costs of goods
Your posts are moderated
Related Questions
2012                     2011 Cash                               12200                 17700 Acct receivable                  25200                  22300 Investments

Relevant Costs and Decision-Making The relevance of costs will depend upon the purpose for that they are being utilized. Relevance is related to future decisions. The relevanc

This question tested the accounting of monetary instruments, especially an asset held at reasonable value through loss or profit. The preparation of the journal for subsequent and

How the FIFO, LIFO and AW problems can be solved?

You are provided with the subsequent information relating to Cello Ltd. The accountant is currently preparing the budget for the next three months ending 30 June 2010.


prepare a trading and profit and loss accounts for the period using marginal costing and absorption costing

Dividends                                                                                        ................ Non-operating losses not passed through P and L A/c

Example of Methods of Allocating Service Costs Suppose the following data: User department Unit of Service Provided Costs Prior to Service Dep

A provision must be made in advance for those debts whose recovery is uncertain and to writing off bad debts. Each enterprise, depends on their past experience, make a provision fo