What is the weighted average

Assignment Help Accounting Basics
Reference no: EM13145624

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a perpetual inventory system and use of (a) FIFO, (b) LIFO, and (c) weighted average? (Do not round unit costs. Round your answers to nearest whole dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)

Units

Unit Cost

Beginning inventory on January 1

320

$ 6.00

Purchase on January 9

85

6.40

Purchase on January 25

110

6.60

What is the weighted average?

Reference no: EM13145624

Questions Cloud

What amount of drd may eagle claim : Eagle Corporation owns stock in Hawk Corporation and has TI of $160,000 for the year before considering the DRD. Hawk Corp. pays Eagle a dividend of $200,000, which was considered in calculating the $160,000. What amount of DRD may Eagle claim if ..
Estimating company current stock price : The Isberg Company just paid a dividend of $0.80 per share, and that dividend is expected to grow at a constant rate of 6.00% per year in the future. The company's beta is 1.25, the market risk premium is 5.00%, and the risk-free rate is 4.00%. Wh..
Explain t test for a single sample : Sketch the distributions involved, and (c) explain your answer to someone who is familiar with the t test for a single sample but not with the t test for independent means.
How many milliliters of coffee can be obtained : A pound of coffee beans yields 54 cups of coffee (4 cups = 1qt ). How many milliliters of coffee can be obtained from 1g of coffee beans?
What is the weighted average : A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. What is the cost of the 155 units that remain in ending inventory at January 31
How many moles of hydrogen gas are produced : 2Na + 2H2O → + H2  How many moles of hydrogen gas are produced when 0.066 mole of sodium is completely reacted?
Company involving in a tax dispute : During 2011, Jackson Company became involved in a tax dispute with the IRS. At December 31, 2011, Jackson's tax adviser believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was $500,000 but could be as mu..
How many grams of kcl is produced : 2 K + Cl2 ---> 2 KCl How many grams of KCl is produced from 2.50 g of K and excess Cl2. From 1.00 g of Cl2 and excess K?
Why would reading something for a long time : Why would reading something for a long time cause eye fatigue, while looking at something distant is restful?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Active business income

In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income. How much of the passive loss may Spring deduct in the current..

  Analysis of break even

Pizza Restaurant has the following revenue and Cost Functions: Find out break-even output. Find out quantity.

  Explain the basic characteristics of bonds

Although all bonds have some common characteristics, they do not always have the same contractual features. For example, most corporate bonds have provisions for early repayment (call features), but these provisions can be quite different for diff..

  Deductive-inductive and pragmatic research methods

Compare and contrast the deductive, inductive and pragmatic research methods. Discuss human information processing research and the consequences of its findings on accounting.

  What are the elements of negligence

What are the elements of negligence? How does an intentional tort differ from negligence? Provide examples. How does the strict liability doctrine apply to the practice of accounting? Provide examples.

  List each alternative filing status available to unmarried

Maggie is single and supports her 85-year-old parents who live in a home rented for them by Maggie and who have no income. What is Maggie's filing status and why?

  Linear and nonlinear cost function

What is the difference between linear and nonlinear cost function? Give an example of each type of cost function?

  Finding out the depreciation expense

Heathlands will use a three-year straight-line method. In the 2005 consolidated income statement, the depreciation expense:

  How the deferred taxes will appear on the balance sheet

Buffy, Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $90,000 was reported for financial reporting purposes in the period of sale.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Prepare the sales budget fro january and february

Hilltop sells its rock climbing shoes worldwide. Hilltop expects to sell 4000 pairs of shoes for $165 each in January and 2,000 pairs of shoes for $220 each in February. All sales are cash only. Prepare the sales budget fro January and February. S..

  Computing the cost of direct labor

Brick Company's direct labor is 30% of it's conversion cost. If the direct materials cost last week was $52,500 and the manufacturing overhead cost was $21,000, compute the cost of direct labor for the week.

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