User Account

All Pages

Determine the dollar values for cost of goods sold

Assignment Help Accounting Basics
Reference no: EM131712074

Question - Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 350 units of widgets costing S10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

a.   

Jan. 3

Purchased on account 350 widgets for $11 each.

b.  

Jan. 5

Sold on account 400 widgets for S30 each.

c.   

Jan. 10

Purchased on account 625 widgets for S12 each.

d.  

Jan. 12

Returned 50 widgets received from Jan. 10 purchase.

e.   

Jan. 13

Paid for the purchases made on Jan. 3.

f.   

Jan. 21

Sold on account 550 widgets for S30 each.

g.   

Jan. 25

Received payment for the sale made on Jan. 5.

h.  

Jan. 26

Paid for the purchases made on Jan. 10.

i.    

Jan. 31

Received payment for the sale made on Jan. 21.

Using the FIFO method, determine the dollar values following for the month of January:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Reference no: EM131712074

Questions Cloud

What percent of the class is male : Produce a graphical display comparing the conditional distributions of males and females among the three categories of politics.
Predict the effect that this change might have on dna : These discriminator amino acids usually have large R groups, which sterically exclude the ribose 2'OH. If you experimentally mutate/change the discriminator
Describe all of the stakeholders in the water crisis : Describe all of the stakeholders in the water crisis, and list specific steps the city leadership can take to improve their image and restore public trust.
Discuss your understanding of the power swot : Many factors can lead to a company failing. Discuss the external conditions that can occur that would hinder the success of a company.
Determine the dollar values for cost of goods sold : Using the FIFO method, determine the dollar values following for the month of January: Cost of Goods Available for Sale
Tissue present throughout the respiratory system : 1. What is the name of the layer of loose connective tissue present throughout the respiratory system?
What are the implications for csr measuring : Is there such a thing as "ethical oil"? Who are the stakeholders involved in the discussion of this issue?
Cerebral cortex to brainstem centres : An electroencephalogram records the electrical activity of either heart muscle, the spinal tracts, the cerebral cortex to brainstem centres?
What are the global implications for disney world : What are the global implications for disney world. What are the global implications of the marketing strategy and recommendations of disney world?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Permabilt corp was incorporated on january 1 2010 and

permabilt corp. was incorporated on january 1 2010 and issued the following stock for cash 3600000 shares of no-par

  What kinds of risk exist in wireless networks

What kinds of risk exist in wireless networks that can be limited by WEP, WPA, and proper use of SSID?

  A company wishes to buy new equipment for 85000 the

a company wishes to buy new equipment for 85000. the equipment is expected to generate an additional 35000 in cash

  Clarissa company has credit sales of 550000 during 2013 and

clarissa company has credit sales of 550000 during 2013 and estimates at the end of 2013 that 2.5 of these credit sales

  Classify the costs and total by classification

Classify the costs and total by classification. Assume Felix's Fine Jewelry's revenue for the period was $8,000,000 and there is no change in ending inventory.

  Cost estimation and cvp analysis

How can CVP Analysis be used to predict future costs and profitability? Describe how CVP Analysis is used, or could be used, at your current place of employment.

  Applying decision-making skills

As a manager, part of your role is to develop strategy, and share this strategy with various stakeholders within the organization. This assignment will allow you to take your findings as a manager and communicate these findings to those who are af..

  What amount of cash does gore co. receive

Gore Co. issued $200,000 of bonds with a stated annual rate of 8% at a time when the market rate of interest is 6% per year. Interest is paid semiannually, and the bonds mature in 3 years. What amount of cash does Gore Co. receive when the bond..

  Leigh of new york sells its products to customers

Leigh of New York sells its products to customers in the United States and the United Kingdom.

  Appropriate rate of interest

Assuming that the appropriate rate of interest is 9%, to whom should Betta sell the land? Show calculations.

  Materials often represent a substantial portion of a

materials often represent a substantial portion of a manufacturing companys assets. therefore they should be controlled

  Explain the role of ethics in the regulatory environment

Explain the role of ethics in the regulatory environment. Discuss the ways in which the regulatory environment would directly affect your role in the company in either your current role or your desired career with the organization

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