Determine value of cost of sales and ending inventory

Assignment Help Financial Management

Reference no: EM131953746

Discuss the importance of the calculation of cash flows from operating, investing, and financing activities required in the statement of cash flows.

The following is record of Restaurant 1313’s purchases and sales of lobsters:

March 2: Purchased 14 lobsters @ $13.50 each

March 16: Purchased 21 lobsters @ $15.00 each

March 31: Sold 30 lobsters during March @ $24.00 each.

Determine the value of Cost of Sales and Ending Inventory for lobsters in March using:

a. First-in, First-out method (FIFO): Cost of Sales = $( ) ; Ending Inventory = $( )

b. Last-in, First-out method (LIFO): Cost of Sales = $( ); Ending Inventory = $( )

c. Weighted average method: Cost of Sales = $( ); Ending Inventory = $( )

Reference no: EM131953746

Questions Cloud

Calculate the cross elasticity with respect to apples : As a result, the market demand increases from 5000 pounds to 8000 pounds. Calculate the cross elasticity with respect to apples.

Reflection paper summarize factors associated with long life : After watching the video below, write a 2-page reflection paper summarizing the factors associated with a long life. If technology existed to extend.

What was the immediate cause of the end of the samurai era : What was the immediate cause of the end of the samurai era? What is the family name of the military leader who completed unification in the 17th century?

Price elasticity of demand for restaurant : An economist determines that the price elasticity of demand for restaurant meals is 1.25. Interpret this value using the price elasticity of demand formula.

Determine value of cost of sales and ending inventory : Determine the value of Cost of Sales and Ending Inventory for lobsters in March using:

Calculate the price elasticity of demand for good a : a) Calculate the price elasticity of demand for good A in the price range given. b) Is the demand for good A elastic or inelastic? Explain.

Which of the six cs of effective managerial writing does : As a manager, Federico needs to make a decision about reorganizing several departments he oversees.

Calculate operating income after tax : Calculate operating income after tax (OI).

How can you find the type of resource : Knowing how to thoroughly research a topic is extremely important while achieving your education. You may be asked to support your information with peer-review.

User Account

All Pages