User Account

All Pages

Richmond sporting goods which uses the fifo method has the

Assignment Help Accounting Basics
Reference no: EM13599967

Richmond Sporting Goods, which uses the FIFO method, has the following account balances at August 31, 2012, prior to releasing the financial statements for the year:

  • Inventory Cost of goods sold
  • Bal 14,500 Bal 67,000
  • Sales revenue
  • Bal 117,000

Richmond has determined that the replacement cost (current market value) of the August 31, 2012, ending inventory is $13,500.
1. Prepare any adjusting journal entry required from the information given
2. What value would Richmond report on the balance sheet at August 31, 2012,for inventory?

Reference no: EM13599967

Questions Cloud

Pie safe companys beginning work in process inventory : pie safe companys beginning work in process inventory included 10000 units that are 20 complete with respect to direct
Joan paxton vp of marketing for supertone recording : joan paxton vp of marketing for supertone recording equipment has developed a marketing plan for presentation to the
High sounds manufactures wind chimes that have a standard : high sounds manufactures wind chimes that have a standard material cost of 2 pounds of raw materials at 1.50 per pound.
Calculate the companys current income and determine the : phoenix-based comptronics manufactures audio speakers for desktop computers. the following data relate to the period
Richmond sporting goods which uses the fifo method has the : richmond sporting goods which uses the fifo method has the following account balances at august 31 2012 prior to
Top executive officers of leach company a merchandising : top executive officers of leach company a merchandising firm are perparing the next years budgets. the controller has
A business may find it that they have excess cash required : a business may find it that they have excess cash required for some future data so will invest some of the cash in
Agee corp acquired a 25 interest in trent co on january 1 : agee corp. acquired a 25 interest in trent co. on january 1 2010 for 500000. at that time trent had 1000000 shares of
Whaleco aquired all of the common stock of minnowco early : whaleco aquired all of the common stock of minnowco early in year 1 for 500000 and minnowco immediately elected to join

Reviews

Write a Review

Accounting Basics Questions & Answers

  How many units must racer sell in order to break even

Racer Industries has fixed costs of $900,000. Selling price per unit is $250 and variable cost per unit is $130.

  Make an income statement for the month ended september 30

the following list in alphabetical order shows the various items that regularly appear on the financial statements of

  Division a of smith company has the capacity for making

division a of smith company has the capacity for making 3000 motors per month and regularly sells 1950 motors each

  Determine oneals cost of goods manufactured

Determine ONeals cost of goods manufactured for the month ended January 31

  On january 2 2013 machinery and equipment were purchased at

the plant asset and accumulated depreciation accounts of pell corporation had the following balances at december 31

  Should junior company buy part externally make it internally

Junior Company currently buys 30,000 units of a part used to manufacture its product at $40 per unit. Recently the supplier informed Junior Company that a 20 percent increase will take effect next year.

  Benson and orton are partners who share income in the ratio

benson and orton are partners who share income in the ratio of 13 and have capital balances of 70000 and 30000

  Ose contreras is the new owner of curveball computer

ose contreras is the new owner of curveball computer services. at the end of july 2012 his first month of ownership

  Calculate the company payable turnover

Calculate the company's payable turnover and days payable outstanding ( DPO)

  Telleron company has the following information for march

telleron company has the following information for march sales 510000 variable cost of goods sold 245000 fixed

  Cash flows from operating actions

Prepare, in good form, the cash flows from operating activities section of the statement of cash flows.

  Given the preceding information which customer types would

a credit card company has classified its customers into the following types for customer profitability analysis

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