Calculate ending inventory and cost of goods sold

Assignment Help Accounting Basics
Reference no: EM13988646

P8-7 Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2011, Carlson had three cars in inventory, as follows:

During 2011, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Required:

1. Calculate 2011 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.

2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system.

3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.

4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.

Reference no: EM13988646

Questions Cloud

Find the force it exerts on each face of the cube : A container in the shape of a cube 10.4 cm on each edge contains air (with equivalent molar mass 28.9 g/mol) at atmospheric pressure and temperature 293 K. Find the mass of the gas. Your response is off by a multiple of ten. kg
Strategy and positioning paper on given product : Strategy and Positioning Paper - Product Name: Slim away. The packaging you will use for your product or service and how it will add value
What is the effective length of the instrument : The actual fundamental frequency of the contrabassoon is 27.5 Hz , which should be different from your answer in part A. This means the model of the instrument as an open-closed tube is a bit too simple. But if you insist on using that model, what..
Create an entity relationship diagram : Create an entity relationship diagram by today for an automated web-based timesheet portal system - An Entity-Relationship Diagram of an automated payroll system for a company.
Calculate ending inventory and cost of goods sold : Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.
What types of compliance is required : I suspect that most of us can view and appreciate most sports such as baseball, football, and basketball. What if you were to view a Cricket World Cup game? If you didn't know the rules you probably would not have much fun. The same happens in bus..
Review of a manuscript for the annals of infernal medicine : You are to perform a peer review of a manuscript for the Annals of Infernal Medicine, using the form provided here. This is based on JAMA's real form. Assume Annals Infern Med is a journal serving a general medical audience, akin to JAMA, NEJM, ..
Determine the taxable income for william : BMT644DD Winter 2016 Assignment - Prepare the calculations to determine the taxable income for William in 2015 and determine if William will be able to claim the non-refundable tax credit of ‘spouse amount' for the 2015 taxation year. Explain your ..
What are the benefits of the two methods : Which method would lead to the best decision when a competitor is submitting a lower bid for your product?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the rate earned on total asset the rate earned on

the following selected data were taken from the financial statements of the sigemund group inc. for december 31 2010

  On may 1 2007 logan co issued 300000 of 7 bonds at 103

on may 1 2007 logan co. issued 300000 of 7 bonds at 103 which are due on april 30 2017. twenty detachable stock

  What would be the minimum amount for which the noncash

the following account balances were available for the perry quincy and renquist partnership just before it entered

  The prepaid insurance account had a beginning balance of

the prepaid insurance account had a beginning balance of 5000 and was debited for 2000 of premiums paid during the

  What is donovan''s inventoriable cost for 2015

1. Kim Co. purchased goods with a list price of $182,100, subject to trade discounts of 30% and 20%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods?

  Cody company reports net income of 104400 in 2010 however

cody company reports net income of 104400 in 2010. however ending inventory was understated 18820. what is the correct

  Views of rousseau and aristotle

Traditional moral philosophy has been favorable to women as evidenced by the views of Rousseau and Aristotle.

  Accounting in our everyday life

Whats the use of accounting in our everyday life?

  Example of an internal user of accounting information

Which of the following is an example of an internal user of accounting information?

  Separate set of books-joint venture transactions

Prepare the necessary ledger accounts assuming that a separate set of books are maintained for the joint venture transactions

  His motor has recently become available from an outside

barrus company makes 30000 motors to be used in the productions of its power lawn mowers. the manufacturing cost per

  Troy single purchased a home in hopkinton massachusetts on

troy single purchased a home in hopkinton massachusetts on april 6 2006 for 210000. he sold the home on october 6 2013

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd