Calculate january ending inventory and cost of goods sold

Assignment Help Accounting Basics
Reference no: EM131773702

Problem - Company XYZ began 2016 with 10,000 units of its principle product. The cost of each unit is $25.00. Merchandise transactions for the month of January, 2016, are as follows:

Purchases

Date of Purchase

Units

Unit Cost*

Total Cost

Jan. 4

8,000

$24.00

$192,000

Jan. 22

7,000

27.00

189,000

Totals

15,000

 

$381,000

**includes purchase price and cost of freight**

Sales for the month totaled 13,000 units, leaving 12,000 units on hand at the end of the month.

Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives:

1. FIFO, periodic system

2. LIFO, periodic system

3. Average cost, periodic system

Reference no: EM131773702

Questions Cloud

Create the statement of cash flows for chocolate bakery : Create the statement of Cash flows for Chocolate Bakery for the year ended December
Purpose of a history-physical and a discharge summary : Compare and contrast the content and purpose of a History & Physical and a Discharge Summary, both found in a typical acute care health record.
Journalize the entry to write off the account : On September 23, Patterson Company determined that a $2,165 receivable from Brown Company is uncollectible. Journalize the entry to write off the account
Describe characteristics of effective business messages : Describe five characteristics of effective business messages - why is it worthwhile to learn common phrases in the native language even if your clients
Calculate january ending inventory and cost of goods sold : Company XYZ began 2016 with 10,000 units of its principle product. Calculate January's ending inventory and cost of goods sold for the month
What financial resources are required to manage whs : How are these policies and other WHS information communicated? What financial resources are required to manage WHS?
Discuss the balance in the unearned service revenue : the balance in the unearned service revenue account remains unearned at the end of the month
The ethics of social media accuracy : Identify and explain the specific ethical issue/concern that you researched? how does this ethical issue/concern impact the workplace,
Construct a delta-gamma neutral portfolio : Consider the log-normal asset price model with S0 = $80, s = 30%, and r = 6%. Construct a delta-gamma neutral portfolio.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Research a business that you are interested in

Research a business that you are interested in. and locate the business's Code of Ethics (credo). Create it in a Word document and submit to the assignment

  Discuss what do you think of joness proposal

What do you think of Jones's proposal and Martin's view of the issue

  Prepare the stockholders equity section of the balance sheet

Nash Corporation's adjusted trial balance contained the following accounts at December 31, 2017: Prepare the stockholders' equity section of the balance sheet

  For each item following determine the differential amount

maria turner has just graduated from college with a degree in accounting. she had planned to enroll immediately in the

  Why is budgeting important for a company

Why is budgeting important for a company? What are some reasons that a company would not prepare a budget?

  Abdomen and gi system: abdominal distention

-How long? Does it come and go? What relives it??-Other symptoms associated? Abdomen and GI System: Change in Bowel Habits

  Foley common stock account

Foley Manufacturing Corporation purchased 3,000 shares of its own previously issued $10 par common stock for $69,000. As a result of this event, a) Foley's common stock account decreased $30,000.

  For 2010 omaha mechanical has a monthly overhead cost

for 2010 omaha mechanical has a monthly overhead cost formula of 42900 6 per direct labor hour. th e firms 2010

  Maximum commitment-minimum required after-tax return

We expect that we can receive annual incremental income after taxes of $15,000 which includes an adjustment for uncollectible accounts. What is the maximum commitment to A/R we should be willing to assume if our firm's minimum required after-tax r..

  Why do you believe it is called elastic

Describe what you find. Why do you believe it is called elastic?

  Calculate the real wage for years

Briefly explain how you can use data on nominal wages for the years from 2007 to 2013 and data on the consumer price index for the same years to calculate the real wage for these years.

  La petite expects to earn net income

La Petite France Bakery is budgeting cash for 20X8. The cash balance at December 31, 20X7, was $10,000. LaPetite budgets 20X8 cash receipts at $85,000. Estimated cash payments include $40,000 for inventory, $30,000 for operating expenses, and $20,..

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