User Account

All Pages

Determine the gross profit for november

Assignment Help Financial Accounting
Reference no: EM13847081

Cost Flow Methods

The following three identical units of Item BZ1810 are purchased during November:

    Item BZ1810 Units Cost 
Nov.   2 Purchase 1 $55 
  14 Purchase 1 57 
  28 Purchase 1 62 
  Total   3 $174 
  Average cost per unit   $58 ($174 ÷ 3 units)

Assume that one unit is sold on November 30 for $90.

Determine the gross profit for November and ending inventory on November 30 using the

(a) first-in, first-out (FIFO);

(b) last-in, first-out (LIFO); and

(c) weighted average cost methods.

  Gross Profit Ending Inventory
a. First-in, first-out (FIFO) $ $
b. Last-in, first-out (LIFO) $ $
c. Weighted average cost $ $

Reference no: EM13847081

Questions Cloud

Difference between e-business and e-commerce : What is the difference between McGregor's Theory X and Theory Y? What is the difference between E-business and E-commerce? What is TQM, who originally pioneered the idea, and what are the major principles associated with it
After-tax cost of debt without flotation cost : Gigawage Corp. is considering issuing a new 30-year debt isse that would pay an annual coupon of $85. Each bond in the issue would carry a $1,000 par value and would be expected to be sold for a price equal to its par value. After-tax cost of debt wi..
Maximum initial cost the company would be willing to pay : Scanlin, Inc., is considering a project that will result in initial after tax cash savings of $1.86 million at the end of the first year, and these savings will grow at a rate of 2 percent per year indefinitely. What is the maximum initial cost the c..
Find the annual equivalent cost : Find the Annual equivalent cost for the the following two alternatives and show all work.
Determine the gross profit for november : Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
What will the annual incremental cash flows for the project : You have developed a new a new recreational tennis racket with tennis great Jimmy Connors. You have paid Jimmy Connors for his involvement in the project $250,000. The racket is state of the art and guaranteed to correct any backhand. What will the a..
Write a well researched academic capstone project report : Write a well researched academic Capstone Project Report
Invest in project of holiday gifts production and sales : Schwartz Brothers, Inc., is in the process of deciding whether or not to invest in a project of holiday gifts production and sales. Aaron Buffet is in charge of the feasibility study of the project.
Identify the types of revenue earned by waste management : Identify the types of revenue earned (a brief description will do) by Waste Management. Do you believe that any of the different types of revenue earned by Waste Management might be subject to significantly differing levels of inherent risk? Why or w..

Reviews

Write a Review

Financial Accounting Questions & Answers

  1pink corporation is an accrual basis taxpayer that uses

1.pink corporation is an accrual basis taxpayer that uses the recurring item exception to the economic performance test

  Record the journal entries-transaction using the net method

Record the journal entries related to this transaction using the net method of recording purchases and Which method do you prefer? Why?

  Incurs variable costs-total fixed costs

Ohio Corporation sells its product for $16 per unit and incurs variable costs of $10 per unit and total fixed costs of $12,000. What is Ohio Corporation’s break-even point for sales of this product?

  Liquidity on british petroleum

Select a company from the London stock exchange under FTSE 350 - Liquidity On British petroleum

  How much does store expect to collect

Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at October 31. How much does the store expect to collect?

  Describes limitations on the usefulness of the presentation

Describes limitations on the usefulness of the presentation. Provides an explanation of the differences between an examination and a review.

  Computation of adjusted cash balance

Computation of Adjusted Cash Balance - which the company had erroneously recorded in the accounting records as $40. The "adjusted cash balance" at June 30 should be?

  What is the irr of the capital investment described

Audrey plans to invest $4,500 at the end of each year for the next seven years. Assuming a 10% interest rate, what will her investment be worth seven years from now? What is the IRR of the capital investment described in the Question?

  Prepare a schedule of expected cash collections

Prepare a schedule of expected cash collections for September and prepare a schedule of expected cash disbursements during September for inventory purchases.

  Sensitivity of npv to conditions

Sensitivity of NPV to Conditions. Burton Co., based in the U.S., considers a project in which it has an initial outlay of $3 million and expects to receive 10 million Swiss francs (SF) in one year. The spot rate of the franc is $.80. Burton Co. decid..

  Determine the variance for each line

Explain how each amount in the flexible budget was calculated. and determine the variance for each line of the profit and loss statement in both dollar terms and percentage terms

  Evaluate the net advantage to leasing

Finding Economic ordering Quantity - evaluate the net advantage to leasing. (Problem requires MARCS tables.)

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