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!
The following data are available for Sellco for the fiscal year ended on January 31, 2011:
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 units
Beginning inventory . . . . . . . . . . . . . . . . . . . . 500 units @ $4
Purchases, in chronological order . . . . . . . . . . 600 units @ $5800 units @ $6400 units @ $8
Required:
a. Calculate cost of goods sold and ending inventory under the following cost-flow assumptions (using a periodic inventory system):
1. FIFO.
2. LIFO.
3. Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $10.
b. Assume that net income using the weighted-average cost-flow assumption is $58,000. Calculate net income under FIFO and LIFO.
Prepare an income statement and a balance sheet for the toy business as at June 30.
Calculation of Labor rate and efficiency variances - Using this information and the applicable information in E6, determine Diekow production's direct labor rate and efficiency variances for the year?
Ernest, an individual, receives $100 from Vernon Corp. in dividends and is in the 28% tax bracket. Vernon Corp. already paid corporate taxes on the $100 at a 20% tax rate. Explain how much in personal taxes will Ernest need to pay?
Calculating Missing Values to be disclosed in Final Financial Statements - Consolidated financial statements are being prepared on December 31, 2007. What balance should be reported for each of the following accounts?
Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Compute estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350
how much would you have at the end of that time, assuming that your account earns 5% interest compounded daily? Assume also that you drink a cup of coffee every day, including weekends.
Lion Company's direct labor costs for the month of January were as follow: What was Lion's direct labor efficiency variance?
Using the cost model, at what amount could the land be reported in the statement of financial position of Jeng Ting Ltd for each reporting date? Describe your answers.
Explain why some accountants want to record R&D expenditures as an asset on acquisition. Under what authority can accountants record R&D as an asset?
Write a schedule computing the threshold for asset amounts
In addition, the company had outstanding all year a 10%, 3-year, $4,000,000 note payable and an 11%, 4-year, $7,500,000 note payable. What are weighted-average accumulated expenditures?
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