User Account

All Pages

Calculate the cost of goods sold and ending inventory

Assignment Help Accounting Basics
Reference no: EM131809772

Problem - Inventory information for Part 311 of Oriole Corp. discloses the following information for the month of June.

June 1 Balance 300 units @ $14               June 10 Sold 203 units @ $32

June 11 Purchased 804 units @ $16          June 15 Sold 496 units @ $34

June 20 Purchased 502 units @ $18          June 27 Sold 298 units @ $36

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

Reference no: EM131809772

Questions Cloud

Probability that more patients are helped by the treatment : Suppose that each of 300 patients has a probability of 1/3 of being helped by treatment independent of its effect on the other patients.
Discuss recommendations for the patient for ongoing function : Discuss recommendations for the patient/family for ongoing functioning (social, occupational and academic, if applicable).
Marketing managers using an opt-in statement for permission : about marketing managers using an opt-in statement for permission to send such emails that would?appear when customers make their first purchase.
Deciding between leasing and buying the computer : In deciding between leasing and buying the computer, what is the incremental rate of return?
Calculate the cost of goods sold and ending inventory : Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO
Review john bowlby and ainsworths attachment theory : One of the areas of social and emotional development studied by developmental psychologists is the concept of infant attachment to a parent or caregiver.
Projects can be repeated : Does your answer depend on an assumption about whether the projects can be repeated? If so, answer the question again for the other assumption.
What amount of equity income should be reported by julie : What amount of Equity Income should be reported by Julie Corp in 2014
Write a response to megan parcells : Write a response to Megan Parcells. Explain why LPP is short of cash. Will this company be able to support itself? Explain your answer.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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