What is the company ending inventory

Assignment Help Financial Accounting
Reference no: EM131211070

The following relates to Data Original Company in 2014. What is the company's ending inventory for 2014?

Purchases $540,000

Beginning Inventory 80,000

Purchases returned by Data Original to its suppliers in 2014 10,000

Sales 800,000

Cost of goods sold 490,000

A. $120,000

B. $140,000

C. $210,000

D. $260,000

E. none of the above.

Reference no: EM131211070

Questions Cloud

Maturity value-number of interest periods over life of bond : Sunland Inc. has issued three types of debt on January 1, 2017, the start of the company’s fiscal year. (a) $12 million, 12-year, 13% unsecured bonds, interest payable quarterly. Prepare a schedule that identifies the following items for each bond: (..
Prepare the journal entry at the date of the bond issuance : On January 1, 2017, Coronado Company sold 11% bonds having a maturity value of $470,000 for $487,816, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1, 2022, with interest payable December 31 ..
Prepare journal entries : Sarasota Corporation issued a 4-year, $72,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $47,429. The implicit interest rate is 11%. Prepare Sarasota’s journal entries for
Journal entry to record the reacquisition of the bonds : On January 1, 2017, Monty Corporation redeemed $640,000 of bonds at 99. At the time of redemption, the unamortized premium was $19,200. Prepare the corporation’s journal entry to record the reacquisition of the bonds.
What is the company ending inventory : The following relates to Data Original Company in 2014. What is the company's ending inventory for 2014?
Calculate supply chain metrics for zoom : In the month of June, Zoom Auto sold 60 vehicles and had account receivable of $200,000.00. A vehicle costs $50,000, accounts payable is $250,000 and the cost of sales is 75%, and the current value of total inventory is $500,000.00. Calculate supply ..
Budgeting process : The chief executive officer (CEO) of Rigid Plastics Corporation remarked to a colleague, “I don’t understand why other companies waste so much time in the budgeting process. I set our company goals, and everyone strives to meet them. What’s wrong wit..
Differences in depreciation methods in financial records : Accelerated depreciation methods such as sum-of-years-digits lead to lower expenses/higher incomes earlier in an equipment's life and higher expenses/lower incomes later in the equipment's life. Differences between depreciation methods in financial r..
Shield their owners from the liabilities of the corporation : Corporations help shield their owners from the liabilities of the corporation. Sole Proprietorships generally have little or no required financial reporting obligations. An LLC is a limited liability company.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Variety of non audit services

There are a variety of non-audit services that CPAs perform for companies. Understanding what these services entail helps to ensure you are in compliance for any type of client engagement

  Calculate bor rate variance by labor class

Calculate bor rate variance, by labor class, Labor variance from use of substandard material, by labor class and Labor efficiency variance associated with use of regular materials, by labor class.

  Prepare the lower portion of the 2013 income statement

Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

  Prepare a multiple-step income statement for sombrero co

Prepare a multiple-step income statement. Prepare a retained earnings statement. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $3,000.

  Explain why using activity-based costing

Explain why using activity-based costing to justify not allocating corporate funds to social or environmental causes is an ethical issue

  Create a contribution formatted income statement

Use the following additional information regarding machine hours, used by each product, to compute variable overhead.

  Cost of executing a transactiion is much lower firms

the cost of executing a transactiion is much lower firms have the ability to gather useful information about buyers firms can reduce their reaction times to changing market conditions and increase their sales reach.

  Question you have been assigned the task of testing the

question you have been assigned the task of testing the accuracy of the final inventory compilation for mt. hood

  Evaluate the dollar is selling at a forward premium

Evaluate The dollar is selling at a forward premium, so Rupert is better off buying dollars in the spot market rather than in the forward market.

  Physical inventory

Net sales for the junior department in March were $128,480. Book inventory at the end of the month showed $427,831 should be on hand. Physical inventory showed $497,997. Determine shortage or overage percent.

  What would be the depreciation expense recognized

The B.S. Law Firm purchased new computers on January 1, 2011 for a total cost of $30,000. The computers have a useful life of 3 years and no salvage value. The straight line depreciation method is used. If on January 1, 2013 it is determined that the..

  Statement of financial accounting concepts

Identify and discuss the benefits that can be expected to be derived from the FASB's conceptual framework study and what is the most important quality for accounting information as identified in the conceptual framework? Explain why it is the most ..

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