User Account

All Pages

How do compute inventory on july and cost of goods sold

Assignment Help Accounting Basics
Reference no: EM132744531

Angelo Plc uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below:

July 1: Beginning inventory, 500 units @ $20 per unit.
July 18: Inventory purchased, 800 units @ $24 per unit.
July 25: Inventory purchased, 700 units @ $26 per unit.

The company sold 1,400 units during the month of July.

Required:

Problem 1: Compute inventory on July 31, 2016 and cost of goods sold for the month of July using following inventory costing methods:
a. LIFO
b. FIFO
c. Average cost

Reference no: EM132744531

Questions Cloud

Poor service or resolving customer service complaints : Negotiation of reimbursements for poor service or resolving customer service complaints.
How much is the carrying amount of the deferred income : If CHIDE Co. uses the gross presentation of government grants, how much is the carrying amount of the deferred income from the government grant
What was your holding period return : The fund distributed dividends of $1.82 and capital gains of $2.32. Today, the NAV is $25.41. What was your holding period return
Regression model to forecast monthly sales of cold beverage : WidgeCorp is considering branching out into cold beverages. You have been asked to come up with a regression model to forecast monthly sales of cold beverages
How do compute inventory on july and cost of goods sold : Angelo Plc uses a periodic inventory system.Compute inventory on July 31, 2016 and cost of goods sold for the month of July using FIFO inventory costing methods
Article apply to your personal or professional life : What evidence supports the main point? How could the topic of this article apply to your personal or professional life?
Compute for the payments on purchases : Compute for the payments on purchases. Baguio Corporation was organized on January 3, 2017 with a capital stock fully paid up to Php 50,000.
What is the unit cost for each share on december : If market value of Pearl Company securities is not clearly determinable as of December 31, what is the unit cost for each share on December 31, 2016?
Discussed the importance of mission and vision statements : Over the course of this unit, we have discussed the importance of mission and vision statements

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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