User Account

All Pages

Compute the amounts assigned to ending inventory

Assignment Help Accounting Basics
Reference no: EM132594208

Seminole Company began the year with 29,000 units of product in its January 1 inventory costing $16.80 each. It made purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 53,000 units of its product remain in inventory.

Mar. 746,000 units @ $19.80 each

May 2548,000 units @ $23.80 each

Aug. 138,000 units @ $25.80 each

Nov. 1042,000 units @ $28.80 each

Required:

Question 1. Compute the number and total cost of the units available for sale during the year.

Question 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

Reference no: EM132594208

Questions Cloud

Calculate the relevant cost of the alternative choices : Calculate the relevant cost of the alternative choices (show your work) and make a recommendation to management about which choice to accept
Why vann company records the interest receivable in august : why Vann Company records the interest receivable in August rather than waiting until the loan is due in November to record the interest
How determine the annual depreciation expense : Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year
Determine the coefficient of variation : Determine the coefficient of variation for the following annual cash inflows from an investment project
Compute the amounts assigned to ending inventory : Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.
Hypertension : What are the patient's problems? What pathophysiological changes are happening in his eyes and heart?
Draft income statement prepared by management : Draft income statement prepared by management in accordance with accounting standards for private enterprises
Discuss the situation faced by eesb from variance analysis : Discuss the situation faced by EESB from the variance analysis perspective. Justify your answers whether EESB is in trouble or not.
What is the present value of this stream of cash flows : The first two payments would be $27,000 and $23,000 in one and two years respectively, what is the present value of this stream of cash flows

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