Solution-What is the inventory amount under FIFO

What is the inventory amount under FIFO

Assignment Help Accounting Basics

Reference no: EM132462066

Question 1. As of December 31st, Boston Company had $13,000 in cash, held $90,000 in inventory, and owned other items worth $15,000. Boston Company also borrowed $45,000 from Huntington Bank.

Make a Balance Sheet for Boston Company as of December 31st.

Question 2. On May 31, Bridgewater Watch Retailers had no watches on hand. During the next three months it purchased 50 watches for $750 each, then 80 for $820. During this time 90 watches were sold.

Problem a) What is the inventory amount under FIFO?

Problem b) What is the inventory amount under LIFO?

Problem c) Why would a US company choose LIFO for inventory accounting? What are the implications of LIFO on the Income Statement?

Reference no: EM132462066

Questions Cloud

Describe the accounting cycle : What is an asset? How are assets used by business in their operation?Describe the accounting cycle and what it entails.What is goodwill?

Calculate depreciation expense using straight-line method : What will be each year's depreciation charge if Pemberton uses the units of production method to calculate depreciation?Calculate Depreciation expense

Explain the purpose of your program in brief : Explain the purpose of your program, specifying the need for services. Identifying a current gap in services may be helpful, or you can model your program.

What is the current bond price : A premium annual-pay bond pays a $80 coupon, has a yield to maturity of 5.35%, and is priced at $1,095.68. How many years till the bond matures?

What is the inventory amount under FIFO : Why would a US company choose LIFO for inventory accounting? What are the implications of LIFO on the Income Statement?

What is TiJJiee basis in her remaining common : What is TiJJie'e. basis in her remaining common and preferred shares after the sale?When does her holding period for the preferred shares begin?

Compute the book value of the plant and equipment : Determine the amount of any impairment loss to be recorded, if any, for the three assets.Compute the book value of the plant and equipment

How can an individual thought decision-making strategies : How can an individual's thought processes and decision-making strategies vary depending on a situation? Do you believe that more people rely on instinctual.

Prepare journal entries to record the november transactions : Prepare journal entries to record the November transactions, Post the journal entries to general ledger accounts, and prepare a trial balance at November 30.

User Account

All Pages

What is the inventory amount under FIFO

Reference no: EM132462066

Reference no: EM132462066

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT