Solution-What is the value assigned to cost of goods sold

What is the value assigned to cost of goods sold

Assignment Help Financial Accounting

Reference no: EM132953308

PROBLEM 1 - GG Co., a manufacturer of ethnic foods, contracted in 2019 to purchase 500 pounds of a spice mixture at P5.00 per pound, delivery to be made in April 2020. By December 31, 2019, the price per pound of the spice mixture had risen to P5.60 per pound. How much should be recognized as gain or loss in 2019? Specify.

PROBLEM 2 - AA Co. has the following data related to an item of inventory:

Inventory, March 1 100 units @ P420

Purchase, March 7 350 units @ P440

Purchase, March 16 70 units @ P450

Inventory, March 31 130 units

a) What is the value assigned to cost of goods sold if AA uses FIFO?

b) What is the value assigned to ending inventory if AA uses LIFO?

Reference no: EM132953308

Questions Cloud

What is Sunday amount of loan from Tuesday : If Tuesday wants a return of 8% compounded semi-annually for 3 years, what is Sunday's amount of loan from Tuesday

Find what is profit associated with copper for landmark : The joint cost related to the operation. Allocate the joint costs using relative weight. With these costs, what is the profit or loss associated with Copper?

What amounts should soulful report as earnings : What amounts should Soulful report as earnings per share in its 2021 and 2020 comparative pro?t and loss statements

What were most worried about coming into the program : Imagine enrolled into a Financial Service, What have you found has worked best for you when having to overcome the adversity you faced during the academic year?

What is the value assigned to cost of goods sold : AA Co. has the following data related to an item of inventory: Inventory, March 1 100 units @ P420. What is the value assigned to cost of goods sold

Develop health promotion plans based on five strategies : Develop health promotion plans based on five strategies of the Ottawa Charter with focus on prevention agenda in diverse communities

What is the percentage change : Sales are $2.59 million in 2020, $2.69 million in 2021, and $2.49 million in 2022. What is the percentage change from 2020 to 2021? What is percentage change

Compute the incremental net income of the investment : Suppose the appropriate discount rate is 12 percent. What is the NPV of the project? Compute the incremental net income of the investment for each year?

Explain the physical and it controls applicable : Explain the physical and IT controls applicable to both businesses that can be adopted to mitigate the risks associated with the revenue cycle

User Account

All Pages

What is the value assigned to cost of goods sold

Reference no: EM132953308

Reference no: EM132953308

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT