User Account

All Pages

What is the gross profit if the inventory is valued at fifo

Assignment Help Accounting Basics
Reference no: EM131831514

Question - Inventory information for Part # 311A of Bonds Corp. discloses the following information for the month of June.

June 1 Balance 450 units @ $1

June 10 Sold 300 units @ $2.40

June 11 Purchased 1,200 units @ $2

June 15 Sold 750 units @ $2.50

June 20 Purchased 750 units @ $3

June 27 Sold 450 units @ $2.70

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO, and why is it stated that FIFO usually produces a higher gross profit than LIFO?

Reference no: EM131831514

Questions Cloud

How the organization seeks to gain a competitive advantage : Examine the different types of technologies applied to LensCrafters' service operations and evaluate how the technologies strengthen the value chain.
Why do customs or laws make it difficult : Why do customs or laws make it difficult to achieve this one principle? Post your comment with the rationale or an example why the principle you listed
Present the empirical evidence : In this section you should present the empirical evidence and with the help of some microeconomic tools, you should explain rationally what happens in reality.
Potential human resources benefits of offering child : Analyze the demographics of gender in the workplace with regard to position, pay, and expectations. Explain the advantages and disadvantages of flexible.
What is the gross profit if the inventory is valued at fifo : What is the gross profit if the inventory is valued at FIFO, and why is it stated that FIFO usually produces a higher gross profit than LIFO
Complements in consumption with the output and pricing : Compare and contrast the output and pricing decisions a firm that produces two products that are complements in consumption with the output
An investment requires an initial payment : An investment requires an initial payment of 10,000 and annual payments of 1,000 at the end of each of the first 10 years.
The relationship between an organizations values and ethics : Examine the relationship between an organization's values and ethics and its culture.
Identify the three key issues impacting the product : Identify 3 key issues impacting this product by the year 2016. Make specific recommendations on what steps you would take to respond to these developments.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd