Solution-Calculate the cost of goods sold

Calculate the cost of goods sold

Assignment Help Accounting Basics

Reference no: EM131604333

Problem - Indigo Corporation is a retailer operating in Calgary, Alberta. Indigo Corporation uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Indigo Corporation for the month at January 2017.

Date	Description	Quantity	Unit Cost or Selling Price
Dec. 31	Ending inventory	163	$20
Jan. 2	Purchase	104	22
Jan. 6	Sale	185	37
Jan. 9	Purchase	70	24
Jan. 10	Sale	54	42
Jan. 23	Purchase	90	25
Jan. 30	Sale	123	45

Required - For each of the following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit.

(1) LIFO

(2) FIFO

(3) Moving-average

Reference no: EM131604333

Questions Cloud

Find the quantity which maximizes the profit : The revenue from selling q items is R(q) = 500q - q2, and the total cost is C(q) = 150 + 10q. Write a function that gives the total profit earned.

Does cost of goods sold increase or decrease : Does Cost of Goods Sold increase or decrease when closing a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Co

Find the net present value for series of future cash flows : Find the net present value (NPV) for the following series of future cash flows, assuming the company’s cost of capital is 5.87 percent.

Describe the game of golf from a classical conditioning : describe the game of golf from a classical conditioning, operant conditioning, cognitive learning, and sociocultural learning perspective

Calculate the cost of goods sold : Required - For each of the following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit

Give the cost revenue and profit functions : A company estimates that the total revenue, R, in dollars, received from the sale of q items is R = ln(1+ 1000q2). Calculate and interpret the marginal revenue.

What are the steps a buyer passes : What are the steps a buyer passes through when making a buying decision? What other factors might influence a purchase?

Long-term corporate bonds : Long-term corporate bonds-Describe a particular aspect of this asset class: provide the definition,

Discuss the strengths kohlberg''s theory of moral development : Discuss the strengths and weaknesses of your selected theory

User Account

All Pages

Calculate the cost of goods sold

Reference no: EM131604333

Reference no: EM131604333

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT