Find what value of the inventory held by abc as at december

Assignment Help Financial Accounting
Reference no: EM132736448

ABC Corp. had the following inventory transactions for the month of December 20X5:

Date   Transaction type     Amount (units)      Price per unit

Dec. 1 Opening balance    400                        $5.12

Dec. 3 Purchase          1,100                           $5.23

Dec. 15 Purchase          900                         $5.48

Dec. 22 Purchase            250                     $5.66

Dec. 2 Sale                     300                       $6.50

Dec. 6 Sale                  800                      $6.50

Dec. 18 Sale               700                        $8.00

Dec. 25 Sale              150                       $8.00

Problem 1: What is the value of the inventory held by ABC as at December 31, 20X5, if the company values its inventory using the weighted average cost formula and uses a perpetual inventory system? Round all calculations to two significant decimal places, for example, $5.66.

a) $ 3,735

b) $ 3,834

c) $ 3,881

d) $10,314

 

Reference no: EM132736448

Questions Cloud

Find what amount rocketfire report on financial statements : Find What amount should Rocketfire report on its financial statements as ending inventory estimated using the retail method? Round your cost ratio calculation
Differences between juvenile-adult criminal justice systems : How will you respond to Mrs. Ingrim? What are some of the differences between the juvenile and adult criminal justice systems?
Describe the approach for kurt and his business : Kurt has a consulting business. All of his agreements with clients have dispute resolution provisions that stipulate how disputes will be resolved.
Defensive strategy stakeholder management strategies : Explain in full detail why "defensive" stakeholder management strategy might be helpful for customers in Nike Inc as well as adding specific recommendations.
Find what value of the inventory held by abc as at december : What is the value of the inventory held by ABC as at December 31, 20X5, if the company values its inventory using the weighted average cost formula
Explain ethical issues faced by betty : Betty, who has been employed for three years as a copywriter for HK&M, a small advertising agency specializing in consumer packaged goods, has been feverishly
Discuss the financial performance of roxy-pacific holdings : Describe the business activities and locations of each operating segment of Roxy-Pacific Holdings Limited. Discuss the financial performance of Roxy-Pacific.
Issue of homeless persons in your area : Assume that you are a member of a city-wide task force appointed by your mayor for the purpose of addressing the issue of homeless persons in your area.
Idea of management as a science develop : When did the idea of management as a science develop, who were the key people in developing scientific management, and what did each contribute?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute stevie co gross profit

Compute Stevie CO's gross profit. On 1/1/2001 Stevie Co. began the year with $200,000 of inventory, $50,000 of supplies, and $250,000

  What amount of bad debt expense

What amount of Bad Debt Expense would the company record as an end-of-period adjustment?

  Developed low-end electronic calendar

Spencer Electronics has just developed a low-end electronic calendar that it plans to sell via a cable channel marketing program. The cable program’s fee for selling the item is 20 percent of revenue. For this fee, the program will sell the calendar ..

  Calculate cardinal corporation total assets

Cardinal Corporation reported the following information at December 31, 2012: Accounts payable $400,000 Dividends paid $100,000 Cash $100,000 Expenses $600,000 Inventories $700,000 Revenue $750,000. Calculate Cardinal Corporation's total assets. Calc..

  Determine what is the net income

If Cleveland Motors Had an EBIT of $22,765,100, Interest of $7,303,000 and is taxed at an average rate of 32% what is their Net Income?

  What is the net present value of the investment opportunity

If you undertake the investment opportunity, what is the Nominal Payback Period? Using the factors for 6%, what is the Discounted Payback Period? What is the Net Present Value of this investment opportunity?

  Entry to record estimated uncollectible receivables

Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the current year are $5,550,000. Which of the following is correct regarding the en..

  Which type is generally viewed as more reliable

Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement? Or describe the differences between positive and negative confirmations. Which type is generally viewe..

  Explain the different categories of financial assets

Explain the different categories of financial assets (such as passive investments) and their measurement under IFRS and ASPE.

  What is the maximum inventory of fertilizer

What is the Economic Ordering Quantity? Round your answer to the nearest whole number. What is the maximum inventory of fertilizer?

  Determine and find what the value of the stock is

Find what the value of the stock is?SC is expected to pay a dividend of $2.00 in the coming year. Dividends are expected to grow at the rate

  What adjustment should chief make to the allowance

How does the use of estimates affect the financial statements of a company and in your opinion, does the use of estimates create opportunities for companies' to manipulate financial reporting?

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