Valuation of inventory using fifo and lifo methodsall-pages

Assignment Help Financial Accounting
Reference no: EM13356589

Valuation of Inventory using FIFO and LIFO methods.

All-Pages Book Company reports the following inventory transactions during the current month:

Date

Event

Number of Units

Unit Cost

Total Cost

1st

Beg. Inventory

200

$12

$2,400

8th

Purchase

600

14

8,400

13th

Sale

400

 

 

24th

Purchase

200

16

3,200

30th

Sale

400

 

 

Required: 
Fill in the following table using the periodic inventory system approach:

 

FIFO

LIFO

Ending Inventory 

 

 

Cost of Goods Sold 

 

 

 

 

 

Reference no: EM13356589

Questions Cloud

Cost of capital - wacc - theorycost of capital coleman : cost of capital - wacc - theory.cost of capital coleman technologies is considering a major expansion program that has
Preparation of multi-step income statement with net : preparation of multi-step income statement with net income.the 2007 income statement for lozier company is shown
To find the income statement analysis from the given : to find the income statement analysis from the given data.understanding the effects of operating
Basics of importance of dates related to : basics of importance of dates related to dividend.1.nbspmatterhorn companys charter allows it to sell 250000 shares of
Valuation of inventory using fifo and lifo methodsall-pages : valuation of inventory using fifo and lifo methods.all-pages book company reports the following inventory transactions
Computation of cross currency exchange ratesyesterday you : computation of cross currency exchange rates.yesterday you picked up the wall street journal and saw the following spot
Identifying the external borrowings requirement or excess : identifying the external borrowings requirement or excess cash generated by preparing the pro-forma balance sheet.it is
Determining the cost of the product under absorption and : determining the cost of the product under absorption and variable costing methods.variable costing problem your company
Comparison of variable and absorption costingvariable and : comparison of variable and absorption costing.variable and absorption costingchan manufacturing company data for 20x7

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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