Solution-Determine the ending inventory and cost of goods

Determine the ending inventory and cost of goods sold

Assignment Help Cost Accounting

Reference no: EM13506263

Question 1

For the month ended October 31, 2012. Aylesworth uses a periodic method for inventory.

Date	Description	Units	Unit Cost or Selling Price
October 1	Beginning inventory	61	$23
October 9	Purchase	122	24
October 11	Sale	102	33
October 17	Purchase	71	25
October 22	Sale	61	38
October 25	Purchase	82	26
October 29	Sale	112	38

	LIFO	FIFO	AVERAGE-COST
The ending inventory	$	$	$
The cost of goods sold	$	$	$
Gross profit	$	$	$

Question 2

Lu Company had a beginning inventory of 876 units of Product Ribo at a cost of $3 per unit. During the year, purchases were:

Feb. 20	1,314	@	$7	Aug. 12	657	@	$13
May 5	1,095	@	$8	Dec. 8	438	@	$14

Lu Company uses a periodic inventory system. Sales totaled 3,285 units.

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average).

FIFO

LIFO

averGE-COST

The ending inventory

14673

The cost of goods sold

20586

Reference no: EM13506263

Questions Cloud

Explain what is the volume of nitrogen gas in container : Two separate containers filled with nitrogen gas, each contain 0.16 moles of gas. Container 1 has a volume of 0.188 L at a temp of 169.2 K. The second container is kept at 247.8 K. What is the volume (in liters) of nitrogen gas in container 2. Con..

Determine the angular velocity of the merry-go-round : A 40 kg child stands on the edge of a rotating merry-go-round with a radius of 2m. The moment of inertia of the merry-go-round is 200 kg-m^2. What is the angular velocity of the merry-go-round just after the ball is caught

Lane has been approached by casey henderson : Lane has been approached by Casey Henderson

Determine the net force on the proton : A uniform electric field of 1.5 × 104 N/C is oriented in the positive x direction. A uniform magnetic field of 5 T is oriented in the negative x direction. What is the net force on the proton

Determine the ending inventory and cost of goods sold : Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods

Minimum concentration of koh needed for precipitation : Potassium hydroxide is used to precipitate each of the cations from their respective solution. Determine the minimum concentration of KOH required for precipitation to begin in each case.

Find in which resistor is the greatest power dissipated : Three resistors of resistance 2 ?, 3 ? and 4 ? are connected in series with a 10 V battery. In which resistor is the greatest power dissipated

Determine the change in thermal energy of the gas : 2.1 g of helium at an initial temperature of 120 deg C and an initial pressure of 1.0 atm undergo an isothermal expansion until the volume has doubled. What is the change in thermal energy of the gas

Find the probability of finding the particle : A particle is in the ground state of an infinite square well. Find the probability of finding the particle in the middle third of the well

User Account

All Pages

Determine the ending inventory and cost of goods sold

Reference no: EM13506263

Reference no: EM13506263

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT