Inventory cost flow methods perpetual systemmarcus comp

Assignment Help Financial Accounting

Reference no: EM13379824

Inventory cost flow methods; perpetual system

Marcus Comp uses a perpetual system. The following transactions affected its merchandise inventory during t the month of August 2011:

August 1 Inventory on hand -2,000 units; cost $ 6.10 each

8- Purchased 10,000 units for $5.50

14- Sold 8,000 units for $12.00 each.

18- Purchased 6,000 units for $5.00 each.

25- Sold 7,000 units for $11.00 each.

31- Inventory on hand - 3,000 units.

Required:

Determine the inventory balance Marcus would report in its August 31,2011 balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:

1. First in, First-out (FIFO)

2. Last, in First -out (LIFO)

3. Average Cost.

Reference no: EM13379824

Questions Cloud

On jan 1 2013 richard sales isued 40000 of common stock at : on jan 1 2013 richard sales isued 40000 of common stock at a price of 22 per share. the stock has a par value of 1.00

Lower of cost or marketleaders company has five products in : lower of cost or marketleaders company has five products in its inventory. information about the december 312011

Dollar-value lifo retailon january 1 2011 the granma hat : dollar-value lifo retailon january 1 2011 the granma hat company adopted the dollar-value lifo retail method. the

Supplemental lifo disclosures lifo reservemarysteel inc is : supplemental lifo disclosures lifo reservemarysteel inc. is the global leader in providing furniture for office

Inventory cost flow methods perpetual systemmarcus comp : inventory cost flow methods perpetual systemmarcus comp uses a perpetual system. the following transactions affected

Walker runs a business as a plumber the trial balance and : walker runs a business as a plumber. the trial balance and additional information of the business as on 31 december

Extracts from lsquobbc news website 14th february : extracts from lsquobbc news website 14th february 2012former college business lecturer james brennan had fallen out of

Being that you are an inquisitive person and wish to add to : being that you are an inquisitive person and wish to add to your knowledge base you ask your new accountant to teach

1 one month before the end of the financial year christine : 1. one month before the end of the financial year christine paid pound12000 for the annual rent for her office. however

User Account

All Pages