Determine the correct balances at may 31 for merchandise

Assignment Help Accounting Basics
Reference no: EM13481935

The following informationregarding inventory transactions is available for the month of May.

Date      TypeofEvent             Number of Units    Unit Cost      Total Cost

May1    BeginningInventory      100                        $12            $1,200       

3           Purchase                      50                          14              700    

12         Sale                              70     

15         Sale                              60 

20         Purchase                      100                         15             1,500      

28         Sale                               60

Determine the correct balances at May 31 for Merchandise Inventory and Cost of GoodsSold under each of the following inventory methods:

(a) periodic FIFO

(b) periodic LIFO (c)weighted-average.

 

Reference no: EM13481935

Questions Cloud

Prepare the production schedule in units for safen bright : safe n bright inc. produces outside doors for installation on homes. the following information was gathered to prepare
For each proposal compute the payback peroid return on : a firm is considering two alternative proposals for modernizingits production facilities. to provide a basis for
Does the cost per cup of coffee served increase decrease or : espresso express operates a number of espresso coffee standsin busy suburban malls. the fixed weekly expense of a
Compute the amount of underapplied or overapplied overhead : manufacturing overhead costs incurred during the yearpropery
Determine the correct balances at may 31 for merchandise : the following informationregarding inventory transactions is available for the month of may.date nbspnbspnbspnbsp
What was the amount of net income reported by gore corp : the following account balances relate to the stockholders equity accounts of gore corp. at
Prepare regal flair enterprisess responsibility income : regal flair enterprise has two product lines jewelry and womens apparel. cost and revenue data for each product line
Prepare the entry to correct the prior years depreciation : depreciation-change in estimatemachinery purchased for 60000 by tom brady co. in 2003 wasoriginally estimated to have a
Depreciation computations-five methods jon seceda furnace : depreciation computations-five methods jon seceda furnace corp. purchased machinery for 315000 on may 12007. it is

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a tabular analysis of the above transactions

Prepare a tabular analysis of the above transactions

  Matching principle because of depreciation expense

Matching principle because the cash was paid in 2010 and should be expensed in 2010. Matching principle because depreciation expense should be $8,000.

  Disk city annual fixed costs

Disk City, Inc. is a retailer for digital video disks. The projected net income for the current year is $2,320,000 based on a sales volume of 230,000 video disks. Disk City has been selling the disks for $19 each. The variable costs consist o..

  Income statement from the investment

Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, what was the amount reported in Lyman's 2007 income statement from this investment?

  Amount of milly''s gain or loss on the sale of her stock?

In 2010, Milly purchased 150 shares of stock in Tommy Corporation for $12,500. In 2012 the corporation distributed $2,000 to Milly. At that time, the company had no accumulated or current earnings and profits. In 2013, Milly sold the stock for $8,000..

  Adjusting entry for uncollectibles

Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable. a) Prepare the Decemb..

  Company predetermined overhead rate problem

A company expected its annual overhead costs to be $ 600000 and direct labor costs to be $ 1000000. Actual overhead was $ 580000 and actual labor costs totaled $ 1100000. how much is the company's predetermined overhead rate to the nearest rent?

  Problem on non-deductible personal interest

To make the settlement equal, Donald agreed to pay Marla $600,000, payable over 10 years at 8% interest. For several years, Donald deducted the interest on his Federal income tax return as investment interest. Upon audit, the IRS disallowed the in..

  Behavior relating to the cost information

Is Margaret's behavior regarding the cost information she provided to Susan unethical? Explain your answer.

  Determine the amount of operating cash flows the company

A company provides services on account during the current year totaling $400,000. By the end of the year, $350,000 of this amount had been received on account from customers for services provided in the prior years. Determine the amount of operati..

  Privacy of payroll information

The sensitivity and importance of payroll and payroll information cannot be overstated. The managing and protecting of this information deserves and has the attention of any number of managers within an organization.

  Production worker or a supervisor

What is the probability the selected employee is a production worker? What is the probability the selected employee is either a production worker or a supervisor? Refer to part (b). Are these events mutually exclusive?

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!

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