The periodic inventory system is used determine the

Assignment Help Finance Basics
Reference no: EM13576108

Periodic inventory using FIFO, LIFO, and weighted average cost methods

The units of an item available for sale during the year were as follows:

Jan. 1

Inventory

20 units at $360

$ 7,200

Aug. 13

Purchase

260 units at $342

88,920

Nov. 30

Purchase

40 units at $357

14,280


Available for sale

320 units

$110,400

There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.

Reference no: EM13576108

Questions Cloud

What are the major reasons for accounting scandals worldcom : what are the major reasons for accounting scandals worldcom enron etc.? how do firms attempt to meet wall street
Consumers choices are prey to subtle discrepancies that : consumers choices are prey to subtle discrepancies that arise in cognitive accounting. learning how and when you are
What is the covariance between the two total scores x1x2 : letx1 and x2 be quantitative and verbal scores on an examy1 and y2 be quantitative and verbal scores on another
Many factors beyond profits and sales can ultimately impact : many factors beyond profits and sales can ultimately impact a corporations tax liability. factors such as corporate
The periodic inventory system is used determine the : periodic inventory using fifo lifo and weighted average cost methodsthe units of an item available for sale during the
Internal services funds are classified as proprietary funds : this is for government and not for profit governemtal accounting.financial statements must be adjusted to ensure proper
Review the following information from the article a : review the following information from the article a cost-benefit analysis of the new orleans flood protection system by
Prove the following statements about conditional : prove the following statements about conditional probabilitiesfor any two events a and b pab1-pnotab. if a and b are
In 2006 ellen contributed property with a basis of 500000 : in 2006 ellen contributed property with a basis of 500000 and a fair market value of 3000000 to a qualified small

Reviews

Write a Review

Finance Basics Questions & Answers

  What is the clean price of the bond

You purchase a bond with an invoice price of $1,210. The bond has a coupon rate of 7.6 percent, and there are 2 months to the next semiannual coupon date. What is the clean price of the bond?

  How should you decide who to lay off

In the last few years, your company made a concerted effort to improve its minority hiring, so many of the new employees are minorities. How should you decide who to lay off?

  Calculate the monthly payment for the loan

Suppose you decide to purchase a home and you secure a 30-year, $285,000 loan at an annual interest rate of 6.5%.

  Under what set of conditions would the temporal method of

under what set of conditions would the temporal method of currency translation be appropriate. under what set of

  Determine the purchase price of machinery

Waldmans accounting staff prepared the following amortization table related to the note: Determine the purchase price of the machinery

  What is the npv in one year to wait

What is the NPV in one year to wait, NPV today for waiting, What is the value of the option to wait.

  Qsuppose you want to short-sell 100 shares of mno stock

q.suppose you want to short-sell 100 shares of mno stock that has a bid price of 49.22 also an ask price of 49.87. you

  What is the beta of stock b

Your portfolio has a beta of 1.33. The portfolio consists of 14 percent U.S. Treasury bills, 25 percent stock A, and 61 percent stock B. Stock A has a risk level equivalent to that of the overall market. What is the beta of stock B?

  At the end of 15 years jerry will use the fund to make

jerry will make deposits of 450 at the end of each quarter for 10 years. at the end of 15 years jerry will use the

  What would be your estimate of equity beta for frim a

If you find that equity beta is different between Frim A and its comparable firm in (a), how would you explain the difference? If you expect no difference explain why they are not different.

  What were peet diluted earnings per share in 2008

Find online the annual 10-K report for Peet’s Coffee and Tea (PEET) for 2008. Answer the following questions from the income statement:

  Annuity and dividends for common stocks

Morgan Jennings, a geography professor, invests $50,000 in a parcel of land that is expected to increase in value by 12 percent per year for the next five years. He will take the proceeds and provide himself with a 10-year annuity a 12 percent int..

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