User Account

All Pages

Determine the cost of goods available for sale

Assignment Help Accounting Basics
Reference no: EM13993279

McLean Company Inc. had a beginning inventory of 300 units of Product MLN at a cost of $8 per unit.

During the year, purchases were:

Feb 20 700 @ $9 
May 5 500 @ $10 
Aug 12 600 @ $11 
Dec 8 100 @ $12 

McLean Company uses a periodic inventory system. Sales totaled 1800 units

Instructions:

(a) Determine the cost of goods available for sale.

(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three decimal places.)

Reference no: EM13993279

Questions Cloud

What diminishing returns and economies of scale mean : Compare and contrast diminishing return and economies of scale? Give examples of diminishing returns and economics of scale?
What is the approximating distribution : What is the approximating distribution of 11? If the prior distribution of the parameter is exponential with mean 2, determine the Bayes' estimator associated with a square-error loss function.
Find the maximum likelihood estimators : Find the maximum likelihood estimators 01 and 82 of ()1 and 92 and their approxi­ mate variance-covariance matrix. In this case, does the latter provide the exact variances and covariance?
Identify and analyze the issues raised by the opinion : Identify and analyze the issues raised by the opinion, and discuss how the opinion relates to one or more of the course objectives.
Determine the cost of goods available for sale : Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three deci..
Problem regarding the weibull distribution : Consider a random sample X1 ,X2 ,• • • , X,, from the Weibull distribution with p.d.f. f( x; 0, -r) = 0-rxi - 1e-0xr, 0 x oo, where O 0, 0 -r, zero elsewhere. (a) If -r is known, find the m.l.e. of 0.
Poisson distribution with parameter : 1. Let X have a Poisson distribution with parameter 0. Assume that the unknown O is a value of a random variable 0 that has a gamma distribution with parameters IX = r and fJ = (1 -p)/ p, where r is a positive integer and 0 p 1.
Estimate the current and future water demand : Based on the average property occupancy rate in this region, estimate the current population of this community - Estimate the current and future water demand for years 2025, 2035 and 2045.
Distribution with r degrees of freedom : Let X be N(O, 1/0). Assume that the unknown O is a value of a random variable 0 which has a gamma distribution with parameters IX = r/2 and fJ = 2/r, where r is a positive integer. Show that X has a marginal I-distribution with r degrees of freed..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate ez maximum depreciation deduction

The books of EZ Company, a calendar year taxpayer, had the following assets and related information as of December 31, 2011. EZ's policy is to record depreciation on December 31 by way of a journal entry.

  Describing statement of cash flows

A Statement of Cash Flow is the statement which demostrate inflow and outflows of cash and cash equivalents of an enterprise during the particular period.

  Auditor role and responsibilities

Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors ..

  Harrson co owns 20000 of the 50000 outstanding shares of

harrson co. owns 20000 of the 50000 outstanding shares of taylor inc common stock. during 2013 taylor earns 1200000 and

  Discuss how a classified balance sheet differs from an

discuss how a classified balance sheet differs from an unclassified balance sheet? list the order of the usual

  The molding department of bidwell company has the following

the molding department of bidwell company has the following production data beginning work process 40000 units 60

  Yang corporation wholesales repair products to equipment

yang corporation wholesales repair products to equipment manufacturers. on may 1 2014 yang corporation issued 20000000

  What was the annual amount of depreciation for the years

equipment acquired on january 6 2011 at a cost of 714000 has an estimated useful life of 12 years and an estimated

  Suppose the sorority encouraged its members to drive to the

the treasurer anticipates the following costs for the event which will be held at the regency hotel room rental 300

  Return on stockholders equity

Network Communications has total assets of $1,400,000 and current assets of $600,000. It turns over its fixed assets 4 times a year. It has $300,000 of debt. Its return on sales is 5 percent. What is its return on stockholders' equity?

  The machine being used for the operation has both a book

the chen company is considering the purchase of a new machine to replace an obsolete one. the machine being used for

  Before, and instituted new accounting policies.

On January 2, 2010, Quo, Inc. hired Reed as its controller. During the year, Reed, working closely with Quo 's president and outside accountants, made changes in accounting policies, corrected several errors dating from 2009 and before, and institute..

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