User Account

All Pages

Determine the ending inventory balance action

Assignment Help Managerial Accounting
Reference no: EM13932700

Action, Inc., had the following sales and purchase transactions during 2013. Beginning inventory consisted of 120 items at $80 each. Action uses the FIFO cost flow assumption and keeps perpetual inventory records.

2158_264-B-M-A-I (1858).png

Required: 

a. Record the inventory transactions in general journal format. 
b. Calculate the gross margin Action would report on the 2013 income statement. 
c. Determine the ending inventory balance Action would report on the December 31, 2013, balance sheet.

Reference no: EM13932700

Questions Cloud

How is this policy affecting your nursing practice : What have been the effects (adverse or positive) of this policy on health care cost, quality, and access? How is this policy affecting your nursing practice
Basis of cash expenditures related to fixed costs : Air Purifier Inc. computes its break-even point strictly on the basis of cash expenditures related to fixed costs. Its total fixed costs are $2,450,000, but 15 percent of this value is represented by depreciation. Its contribution margin (price minus..
How are the results affected by the change in x : How are the results affected by the change in x? How would the results be affected if each y-value were divided by 1000?
Analysis of the model-investment committee : After years of complaints from motorists living in Manly and on Sydney's Northern Beaches, the NSW Government has finally decided to improve traffic on one of Sydney's most congested roads.
Determine the ending inventory balance action : Determine the ending inventory balance Action would report on the December 31, 2013, balance sheet.
Identify odds ratio and the significance of the odds ratio : Identify the Odds Ratio and the significance of the Odds Ratio for each of the covariates. How has the relationship between Chole_Cat and Hypertension changed with the addition of the other variables?
Compute the net present value of this project : Northwest Industries is considering a project with the following cash flows: Initial Outlay=$2,800,000 After-tax operating cash flows for years 1-4=$850,000 per year, Additional after-tax terminal cash flow at end of Year 4=$125,000 Compute the net p..
Compute the break-even point in units : The Hartnett Corporation manufactures baseball bats with Pudge Rodriguez’s autograph stamped on them. Each bat sells for $35 and has a variable cost of $22. There are $97,500 in fixed costs involved in the production process. a. Compute the break-eve..
Calculate call value of owens corning warrants : When Owens Corning emerged from bankruptcy in 2006, the debt holders became the sole owners of the company. But the old stockholders were not left entirely empty handed. They were given warrants to buy the new common stock at any point in the next se..

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Claim that organizations no longer need budgets

Critically assess the arguments and the evidence for the claim that organizations no longer need budgets.

  What would the selling price

Assume that Lynn Company sells the same number of units in 2009 as it did in 2008. What would the selling price have to be in order to reach the stockholders' desired profit level?

  Information about budget

Discuss how a budget could help you personally or your organization accomplish the objectives of long range plan developed for you personally or for your organization.

  Write a brief report explaining the reason

Write a brief report explaining the reason or reasons that best explain why Alcoa uses the LIFO cost flow method for its inventories kept in the United States and Canada, but the average cost method for its other inventories.

  Vargo company makes two distinct products

Vargo Company makes two distinct products with the following information available for each.

  Direct material variances

This question is on variance analysis in managerial or cost accounting. More specifically, it asks for computations of direct material price variance, direct material efficiency or usage variance, the flexible budget variance, and determining whet..

  The company balance sheets and income statement

Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow.

  Compute the total cost per mailbox per month

Outsourcing these additional functions would mean that BKFin would not need either an e-mail information technology staff member or the separate virus protection license. Should CEO Wise outsource these extra services to Mail?

  How would managerial accounting tools help the user

If we could use these concepts in service and merchandising businesses, how would we go about doing so? How would managerial accounting tools help the user make decisions proactively?

  Cost allocations-relevance to us army corp of engineers

Why does the US Army Corp of Engineers worry about cost allocations? Aren't they a branch of the US Federal Government? Why does it matter whether or not costs are allocated?

  Estimate debit and credit card fees the local

estimate debit and credit card fees the local japanese-style steakhouse expects sales to be 50000 in january. the

  The following calendar year end information

The following calendar year  end information is taken from the December 31, 2013, adjusted trial balance and other records of DeLeon Company.

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