What is the cost of the inventory on January

Assignment Help Accounting Basics
Reference no: EM132430973

Question - Arnold Company's raw material purchases during January, its first month of operations, were as follows:

 

Quantity

Cost per Unit

Total Cost

1/2 Purchased

1,200 pounds

$2.20

2,640

1/8 Purchased

2,200 pounds

2.25

4,950

1/15 Purchased

2,800 pounds

2.28

6,384

1/23 Purchased

1,500 pounds

2.30

3,450

1/28 Purchased

3,000 pounds

2.32

6,960

Total Goods Available for Use

10,700 pounds

 

$24,384

The inventory on January 31 was 3,500 pounds.

What is the cost of the inventory on January 31 and the cost of raw materials issued to production for January under each of the following cost-flow assumptions:

a. FIFO.

b. Weighted average.

c. LIFO.

Reference no: EM132430973

Questions Cloud

Prints a message of encouragement : If the income is not over 90000, it prints a message of encouragement, like "You WILL make $90,000, if you keep going."
Aspect of critical information and key resources protection : What is the most difficult aspect of Critical Information and Key Resources (CIKR) protection? In your opinion, what is the area of most concern?
Describe port scanning utilities : Describe port scanning utilities (or port scanners), which are tools used by both attackers and defenders to identify (or fingerprint) the computers
Brief summary of the athletes sport career transition : Brief summary of the athlete's sport career transition. Main takeaways from the conversation. Advice you received and what you learned
What is the cost of the inventory on January : What is the cost of the inventory on January 31 and the cost of raw materials issued to production for January under each of the following cost-flow assumptions
Explain how social change legislation might support : Finally, explain the potential implications for a helping professional. Support your response using the resources and the current literature.
Outline the fundamental events of the developmental process : The evolutionary history of AES differs from that of DES. Briefly describe the differences of the AES history in comparison to DES.
Description of the societal issue for mental health : Describe societal issue for mental health. Select a societal issue that detracts from the mental health and welfare of society members anywhere in the world.
Address book-card generator program using a linked list : This program will have names and addresses saved in a linked list. In addition, a birthday and anniversary date will be saved with each record.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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