Units of inventory

Assignment Help Financial Accounting
Reference no: EM13917151

During 2015, a company sells 460 units of inventory for $91 each. The company has the following inventory purchase transactions for 2015:

 

Date

Transaction

Number of Units

Unit
Cost

Total
Cost

  Jan. 1

  Beginning inventory

 

79

 

$

73

 

$

5,767

 

  May 5

  Purchase

 

264

   

74

   

19,536

 

  Nov. 3

  Purchase

 

182

   

76

   

13,832

 
                     
     

525  

       

$

39,135

 
                     
 

Calculate cost of goods sold and ending inventory for 2015 assuming the company uses weighted-average cost with a periodic inventory system.(Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

  Cost of goods sold

$

  Ending inventory

$

Reference no: EM13917151

Questions Cloud

Show that the set of trembling hand perfect equilibria : Show that the set of trembling hand perfect equilibria of this extensive game is disjoint from the set of behavioral strategy profiles associated with the trembling hand perfect equilibria of its strategic form.
A perpetual inventory system : Hogan’s Department Store uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Date Number of Units Unit Price May 7 60 $11 July 28 32 17 On June 1, Hogan sold 30 units, and on August 27, 32 more units.
Runners corporation sold land : Runners Corporation sold land for $4500 cash with no gains or loss. Make a journal entry reflecting this statement.
Capital asset pricing model : The Capital Asset Pricing Model (CAPM) is one of the primary financial measures used by banks to determine how assets are performing. The CAPM is used to determine the expected security return which equals the risk free rate of return plus Beta ti..
Units of inventory : During 2015, a company sells 460 units of inventory for $91 each. The company has the following inventory purchase transactions for 2015:
Construct a stochastic differential equation : Construct a Stochastic Differential Equation for Y (t). Which value of w would make Y (t) a martingale and evaluate the variance V[Y (t)] and provide the distribution for the increment of Y (t). Does Y (t) keep the properties of the Brownian Motion..
Periodic inventory system : Prepare the journal entries to record these transactions on Kimbrel Company's books using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the ord..
Discuss the interpretation of the core of the given game : Discuss the interpretation of the core of this game, taking into account that the definition of v(S) makes assumptions about the behavior of the players outside S.
Calculate the payback periodand the net present value : Prepare a capital budget for the Hot New Café with the net cash flows for this project over a 5-year period. Calculate the payback period (P/B) and the net present value (NPV) for the project.

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Is there more than one class of common stock

Did the common buy back a significant amount of its shares in the current year? You can see this in the Statement of Stockholders' Equity as a reduction in shares.

  Review of ssps financial performance and position

Investigate and identify the reason for the early payment of suppliers. If there is none, make more use of this source of short term finance.

  Determine number of equivalent units of production

Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct matrials and conversion cost.

  Calculate dividend yield price ratio and return on equity

Calculate dividend yield, price/earnings ratio, and return on equity. Round the dividend yield and return on equity to the nearest tenth of a percent.

  Create an income statement for the month of january

Develop journal entries for all of the accounting transactions in January for Fishy Farm and create an income statement for the month of January for Fishy Farm.

  Determine the weighted- average contribution margin

determine the (1) weighted- average contribution margin, (2) break-even point in units, and (3) number of units of each product that will be sold at the break-even point.

  Candy canes inc spends 100000 to buy sigar and peppermint

candy canes inc spends 100000 to buy sigar and peppermint in april. it produces its candy and sells it to distributors

  Illustrate what is the effect of the distribution by tulip

During the year, Tulip distributes $600,000 ($300,000) each to its equal shareholders, Anne and Tom. Anne has a basis in her stock of $65,000, while Tom’s basis is $120,000. Illustrate what is the effect of the distribution by Tulip Corporation on..

  Determine the minimum transfer price

Evaluate the effect on Rapid Industries' operating profit if the transfer is made internally? Consider the 50,000 units Austin requires are either purchased 100% internally or 100% externally.

  1 prepare a journal entry to share the profit among the

1. prepare a journal entry to share the profit among the partners. include a narration.2. prepare journal entries to

  Variable overhead spending and efficiency variances

Simon Enterprises applies variable overhead at a rate of $1.50 per direct labor hour and fixed overhead at a rate of $1.75 per direct labor hour. The company budgets two direct labor hours for each of the 5,900 units that are scheduled for production..

  Calculation of owners equity and net income for financial

calculation of owners equity and net income for financial statement. nbspafter preparing the financial statements for

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