User Account

All Pages

Cost of merchandise sold

Assignment Help Accounting Basics
Reference no: EM13530926

The units of an item available for sale during the year were as follows:

Jan. 1

Inventory

168 units at $60

Apr. 15

Purchase

232 units at $65

Sept. 3

Purchase

80 units at $68

Nov. 23

Purchase

120 units at $70

There are 140 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form:

 

Cost

 

Inventory Method

Merchandise Inventory

Merchandise Sold

a.

First-in, first-out

$

$

b.

Last-in, first-out

 

 

c.

Average cost

 

 

 

Reference no: EM13530926

Questions Cloud

Find the work done by the rocket engine : A model rocket with mass 1.67kg starts from rest on the ground and accelerates upward with engine force 46.8N. find the work done by the rocket engine
Integrates source material from one of your note cards : After carefully revising and rewriting your research paper's thesis sentence (created in Written Assignment 3), include it in a carefully written introduction.
Determine inventory under fifo and lifo : Determine inventory under FIFO and LIFO and then compared the results.
Calculate the angle the resultant force makes with the rope : Two dogs pull horizontally on ropes attached to a post; the angle between the ropes is 69.0. Find the angle the resultant force makes with the rope of dog A
Cost of merchandise sold : The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the form
How much work did the worker do on the block : A worker pushed a 65.0-kg block 10.0 m along a level floor at a constant speed with a force directed 39.0° below the horizontal. how much work did the worker do on the block
Calculate the percentage change in your weight : During an eclipse, the Sun, Earth, and Moon are arranged in roughly a straight line. Calculate the percentage change in your weight when going from one type of eclipse to the other
Explain what is the theoretical yield of vanadium : What is the theoretical yield of vanadium that can be produced by the reaction of 40.0g of V2O5 with 40.0 g of calcium based on the following chemical reaction.
Find what angle does the force points horizontally : You support one end of a stick of mass M and length L with the tip of your finger. what angle does the force points horizontally

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journal entry of short-term investment

The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable. Journalize the transactions.

  Explain the four closing journal entries why are they

explain the four closing journal entries? why are they necessary? what are reversing entries? why are they used? what

  Determining the tax issues

Dave, who is in poor health, already owns about $3 million of property. What tax issues should Dave James consider with respect to the property bequested to him by his wife?

  Expenditure recorded as an asset

When should an expenditure be recorded as an asset rather than an expense?

  Reflection on arnolds schedule

During the current year, ALF Partnership reported the following items of receipts and expenditures: $200,000 sales, $10,000 utilities, $12,000 rent, $50,000 salaries to employees, $30,000 guaranteed payment to partner Lloyd, investment interest in..

  Examine the legal liability as an accounting professional

Examine the legal liability an accounting professional has, including how a CPA is protected. Differentiate between fraud and negligence.

  If the lower of cost or market is an exception to the

if the lower of cost or market is an exception to the historical cost principle. discuss why it is important to allow

  James gain or loss on the sale

James receives a gift of rare books valued at $10,000. The books have an adjusted basis of $6,000 to the donor. Several months later, James sells the books to a professional collector for $9,000. What is James‘s gain or (loss) on the sale?

  Assets and liabilities from transaction

CalCount pays a weekly payroll of $85,000 that includes federal taxes withheld of $12,700, FICA taxes withheld of $7,890, and 401(k) withholdings of $9,000. What is the effect of assets and liabilities from this transaction?

  Compute the revenue to be recognized in fiscal year

Compute the revenue to be recognized in fiscal year 2008 for the two operating divisions of Simona Amanar Industries in accordance with generally accepted accounting principles.

  Show the ending balances in accounts receivable

google party planners had a 40000 balance in accountsreceivable and a 3000 credit balance in allowance for

  Determining predetermined overhead-overhead applied

Snapper Corp. computes its predetermined overhead rate annually on the basis of direct-labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $240,000 and the total direct labor hours (dlh) would be 6..

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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