Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Analysis of various methods of inventory system and its effect on ending inventory and cost of goods sold.
Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,510 Clooney CDs with a unit cost of $7. During March Glanville made the following purchases of Clooney CDs.
March 5
3,010 @ $8
March 21
4,010 @ $10
March 13
5,510 @ $9
March 26
2,010 @ $11
During March 12,500 units were sold. Glanville uses a periodic inventory system.
Correct. Incorrect.
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round the unit cost in the average cost method to 3 decimal places. Use the rounded amounts for subsequent calculations. Round final answers to 0 decimal places.)
FIFO
LIFO
Average Cost
Ending Inventory
$ 37,510
$ 26,890
$ 32394
Cost of Goods Sold
$ 108,940
$ 119,560
$ ?????
Correct.
Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement?
Lowest inventory amount
Lowest cost of goods sold
Purpose a pension worksheet for the pension plan for 2013 and 2014.
How should the balances of progress Billings and Construction in Progress be shown at reporting dates prior to the completion of a long-term contract?
Journalize the activities from job cost sheets in the general journal. Also journalize the other costs that occurred during this period of time.
If your cost of capital is 18%, should you make the investment? What would be the maximum cost of capital you could afford in order to make the investment?
Determine the amount of interest capitalized in 2013 for the building using the definite interest method.
Multiple choice question based on share valuation and Assume the stock pays no dividend and ignore interest on margin.
Multiple Choice questions based on basics of accounts and Communication of economic events is the part of the accounting process that involves
Purpose income statements for each year using absorption costing.
Determine the basis for the shares sold consider the FIFO cost method?
Purpose absorption and contribution margin income statements for the succeeding quarter for the division. Evaluate production costs per unit for both approaches and for both quarters.
Evaluate the following for Les Fleurs during 20X2 Net sales revenue, Cost of goods sold and Gross profit
Prepare a value analysis and an evaluation and distribution of excess schedule for the investment in Salmon.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd