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!
Exercise
Computations Involving Different Cost-Flow Assumptions
Arnold Company's raw material purchases during January, its first month of operations, were as follows:
Quantity
Cost per Unit
Total Cost
1/2 Purchased
1,200 pounds
$2.20
$2,640
1/8 Purchased
2,200 pounds
2.25
4,950
1/15 Purchased
2,800 pounds
2.28
6,384
1/23 Purchased
1,500 pounds
2.3
3,450
1/28 Purchased
3,000 pounds
2.32
6,960
Total Goods Available for Use
10,700 pounds
$24,384
The inventory on January 31 was 3,500 pounds. Compute the cost of the inventory on January 31 and the cost of raw materials issued to production for January under each of the following cost-flow assumptions:
a. FIFO.
b. Weighted average.
c. LIFO.
For weighted average: In your computations, round the per unit cost to four decimal places. For all methods, round your final answers to the nearest dollar.
FIFO
Weighted Average
LIFO
Raw Materials Available for Use
Less Ending Inventory
Raw Materials Issued to Production
Compute the equivalent production units for material and conversion costs (labor and factory overheadj for the month, under (a) FIFO, and (b) weighted average cost.
What is the impact on the cost of the machine of the interest paid on the 10 percent note? Under what circumstances can interest expense be included in acquisition cost?
These shares were classified as a long-term available for sale investment. It sold the shares on 13th December for $42,100. Organize the journal entry to record this sale.
What are the future research issues that you think would be interesting, and why? (Do not just repeat what is presented in the paper by the authors; go beyond that, based on your creativity).
FNSACCT505A. Andrew is considering the method he will use to provide system documentation. Andrew has in the past provided User Manuals in hardcopy documents and he has also written them so they are integrated as part of the system (online).
Merritt Equipment Company sells computers for $1,790 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2014, the company sold 850 computers.
Who are the main users of financial reports on profit and financial position of an organisation? Are manufacturing statements an example of periodic or perpetual inventory systems? Explain.
Direction of the misstatement - Indicate whether or not the trial balance will balance after the error
What is the net operating income for the month and what is the cost of one haircut?
question 1scores are obtained from law school admission test are normally distributed with a mean score of 550 and a
william sold section 1245 property for 25000 in 2012. the property cost 35000 when it was purchased five-years ago. the
Write a 350- to 700-word article analysis in which you identify situations that might lead to unethical practices and behavior in accounting.
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