User Account

All Pages

Evaluate cost of ending inventory using fifo is

Assignment Help Financial Accounting
Reference no: EM132777018

Problem 1: On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of ending inventory using FIFO is:

Option 1: 25000
Option 2: 20500
Option 3: 37500
Option 4: 53500

Reference no: EM132777018

Questions Cloud

How is control related to planning : What is control and how is control related to planning?
How could degussa improve their global code of conduct : Consider IHRM in Action Case 9.3: Degussa's global code of conduct. What do you think makes codes of conduct successful in managing industrial relations.
Discuss which has committed an accounting scandal : Discuss one company which has committed an accounting scandal. Provide details on the fraud committed and preventative measures
Explain business information value chain : Explain business information value chain Amazon for an online marketplace. Sketch and explain business process and information systems.
Evaluate cost of ending inventory using fifo is : Evaluate Cost of ending inventory using FIFO is? On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each.
Why is controlling a very important management function : Why is controlling a very important management function?
How could use the concept of control in personal life : How could you use the concept of control in your personal life? Be specific. (Think in terms of feedforward, concurrent, and feedback controls as well as specif
Developing the corporate strategic plan : Brian Charles, the vice president of marketing for Sharpco Manufacturing, commented at the weekly executive directors' meeting, "I have good news.
Nokia-technology industry : Identify the history, the industry, the mission and vision, the values and purpose, the leadership within, and potential competition.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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