Fifo and lifo costs under perpetual inventory system

Assignment Help Engineering Mathematics
Reference no: EM13823669

Calculate the cost of each individual sale separately using LIFO procedures. The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to FIFO and according to LIFO?

FIFO and LIFO costs under perpetual inventory system

The following units of a particular item were available for sale during the year:

Beginning Inventory 36 units at $400

Sale 24 units at $1,000

First Purchase 80 units at $420

Sale 60 units at 1,000

Second Purchase 77 units at $440

Sale 55 units at $1,000

Reference no: EM13823669

Questions Cloud

Discuss the ethical and societal implications of expansion : Discuss the ethical and/or societal implications of expansion or dissemination of this technology. Give as much technical detail as possible explaining what the investigators did, what controls they put in place and why.
Travel agents and tour operators : After reviewing the discussion about Thomas Cook in Ch. 1 and 13, which events did he initiate in travel and tourism? How does Thomas Cook stand out in the industry today? Class Discussion: Travel Agents and Tour Operators
Two cultures with the dialectic approach : How do people in "individualist' cultures behave differently to people in "collectivist" cultures? Explain the connections between these two cultures with the dialectic approach. Which of the six dialectics is the most predominant in assisting people..
Solve system of equations using substitution method : Do the graph that represents the function: y = 2x - 4. Do the graph that represents the function: 5x - 3y = 15. Convert given equation of line to slope-intercept form y = mx + b and identify slope m
Fifo and lifo costs under perpetual inventory system : Calculate the cost of each individual sale separately using LIFO procedures. The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. What is the total cost of the ending inventory according ..
The rate of unionization : In 20 years, the rate of unionization will be: the same, increased or decreased. Please say why you believe this to be the case.
Julia food booth : Julia may lease a warming oven for $600 for a six game football home-season game. the oven has 16 shelves, and each shelf is 3 feet by 4 feet. she plans to fill the oven with the food times (pizza, hot dogs and barbecue sandwiches) before the ga..
Explain how the concepts from locke goal : Explain how the concepts from Locke's goal setting theory can be incorporated into Vroom's expectancy theory. Explain how the concepts in Adams' equity theory can be incorporated into expectancy theory. Respond substantively to two other learners.
Problem regarding the location decisions : A manufacturer of oak barrels has factories in an area at the location coordinates provided in the following table. Each coordinate unit represents approximately 10 miles. The yearly demand at each factory is also given.

Reviews

Write a Review

Engineering Mathematics Questions & Answers

  Suggest that the different foods

Of the 60 participants, 16 preferred cupcakes, 26 preferred candy bars, and 18 favored dried apricots. Do these scores suggest that the different foods are differentially preferred by people in general? (Use the .05 significance level.)

  Partial derivatives and total differentials show your steps

question 1 partial derivatives and total differentials show your stepsfor f x y lnx2 y solve for its gradient vector

  Problems requiring computations

For problems requiring computations, please ensure that your Excel file includes the associated cell computations and/or statistics output; this information is needed in order to receive full credit on these problems.

  State the null and alternative hypotheses

In a recent survey, we found that 70% of students in a sample of 100 believe that their online education courses are as good as or superior to courses that use traditional, face-to-face instruction. State the null and alternative hypotheses.

  Sketching the direction field of a differential equation

The slopes in the direction field are all identical along horizontal lines and new solutions can be generated from old ones by time shifting (i.e., replacing y(t) with y(t - t0).

  Ab-am-predictor-corrector method

Compare the results of i) to the exact solution and comment on the accuracy of the numerical algorithm and adopted step size.

  Determine to introduce a new product or not

Discuss how you would proceed if you had to determine to introduce a new product or not. Include the appropriate statistical testing.

  Compute an eigenvector for each of the eigenvalues

Compute an eigenvector for each of the eigenvalues found in part (a). Be sure to scale the eigenvectors so that each is a unit vector (i.e., vT.v = 1 for each eigenvector v).

  Set up a scatter diagram for speed and miles per gallon

A research analyst for an oil company wants to develop a model to predict miles per gallon based on highway speed.  An experiment is designed in which a test car is driven at speeds ranging from 10 miles per hour to 75 miles per hour.  The results ar..

  Piece of laboratory equipment

Create a budget to aid in determining the need for a piece of laboratory equipment. What are the considerations in terms of costs, value, and productivity, and how are they calculated for the piece of equipment in question?

  Draw a state diagram mealy and check for redundancies

Draw a State Diagram Mealy and check for redundancies and then assign binary State Identifiers.

  Compute by hand the mean and standard deviation

Question 1: The following data set shows the amount of time consumers have to wait on hold, in minutes, before talking to a customer service representative. Compute by hand the mean and standard deviation. Take a picture, scan your work, or type u..

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