Effect of inventory cost flow on ending inventory balance

Assignment Help Cost Accounting
Reference no: EM13508795

Effect of inventory cost flow on ending inventory balance and gross margin

Dugan Sales had the following transactions for jackets in 2013, its first year of operations:

Jan. 20

Purchased 80 units @ $15

=

$1,200

Apr. 21

Purchased 420 units @ $16

=

6,720

July 25

Purchased 250 units @ $20

=

5,000

Sept. 19

Purchased 150 units @ $22

=

3,300

During the year, Dugan Sales sold 830 jackets for $40 each.

Required

Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.

 

Reference no: EM13508795

Questions Cloud

How would transactions be reported on larsen statements : How would these transactions be reported on Larsen's statement of cash flows for 2010?
Compute a plantwide predetermined oh rate : Roddickton Manufacturing Co. has gathered the following information to develop predetermined OH rates for 2013. The company produces a wide variety of energy-saving products that are processed through two departments, Assembly (automated) and Fini..
Assume responsibility for another welfare : Do you think the United States would benefit from having a more collectivist orientation as in a belief that members of society should assume responsibility for another welfare similar to some other capitalist countries such as Canada or Sweden? Expl..
What is the average acceleration of the bullet : A bullet moving horizontally with a speed of 500m/s strikes a sandbag and penetrates a distance of 10.0 cm. What is the average acceleration , in m/s^2, of the bullet
Effect of inventory cost flow on ending inventory balance : Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
What was the cars deceleration : A car decelerates uniformly and comes to a stop after 10s. The car's velocity was 50 km/h. What was the car's deceleration
Find the acceleration of an electron near the star : The magnetic field near the surface of a neutron star has a magnitude of 1.00 108 T. Find the acceleration of an electron near the star moving at 1.08 107 m/s
Prepare beka company journal entries to record the sale : Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.
Differences between electoral democracy-liberal democracy : What are the differences between electoral democracy, liberal democracy, and substantive democracy?

Reviews

Write a Review

Cost Accounting Questions & Answers

  Find the total expected cash collections

Wright Corporation began its operations on Sept-  Find the total cash collections are expected

  Lonergan company infrequently uses its accounts receivable

lonergan company infrequently uses its accounts receivable to get immediate cash. at the end of june 2013 the company

  Prepare a schedule of cost of goods manufactured

Prepare an income statement for the year in good form. The company closes any underapplied or overapplied manufacturing overhead to Cost of Goods Sold.

  Compute the budgeted dollar amount of inventory

Compute the amount of cash, in total, which the company can expect to collect in May and compute the budgeted dollar amount of inventory which the company should have on hand at the end of April.

  On january 2 2010 kj corporation acquired equipment for

on january 2 2010 kj corporation acquired equipment for 260000. the estimated life of the equipment is 5 years or 40000

  Evaluate what were the total materials cost

Find how many equivalent units are in the ending inventory and find how many physical units are in the ending inventory?

  1 employees are paid bi-monthly on the 1st day of the month

1 employees are paid bi-monthly on the 1st day of the month for work performed during the last half of the last month

  Entry level management accountant

You have been employed as a entry level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the step..

  Proportion to the time devoted to the business

The ratio of their initial capital investments, which they have agreed will be $32,000 for Baker and $48,000 for Farney -  proportion to the time devoted to the business;

  Calculate the return on average total equity

Calculate the return on average total equity for the fiscal years ending January and consolidated statement of earnings and the balance sheet of Home Depot, Inc and Subsidiaries.

  Explain how the use of an activity-based costing system

Identify the problems that appear to exist in Ferguson and Son Manufacturing Company's budgetary control system and explain how the problems are likely to reduce the effectiveness of the system.

  The brisbane manufacturing company gives a single model of

the brisbane manufacturing company gives a single model of a cd player. each player is sold for 202 with a resulting

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd