What was the cost of goods sold using fifo flow assumption

Assignment Help Accounting Basics

Reference no: EM131971795

Problem

RJ Corporation has provided the following information about one of their inventory items. During the year, 2,000 unites were sold.

DATA	TRANSACTION	NUMBER OF UNITS	COST PER UNIT
1/1	Beginning inventory	800	$6
6/6	Purchase	1400	$8

1. What was the cost of goods sold using the weighted average cost flow assumption?
2. What was the cost of goods sold using the FIFO flow assumption?
3. What was the cost of goods sold using the LIFO cost flow assumption?

Reference no: EM131971795

Questions Cloud

What does size matter in terms of groups : What does "size matter" in terms of groups? Discuss your own examples of this concept as you relate it to your everyday life.

Evaluating two different cookie-baking ovens : You are evaluating two different cookie-baking ovens. The Pillsbury 707 costs $59,000, has a 5-year life, and has an annual OCF (after tax) of -$10,400.

Is hacktivism a morally valid form of civil disobedience : Is hacktivism a morally valid form of civil disobedience? Provide a normative rationale and a practical one.

Briefly discuss your own journey to adulthood : In your opinion, when do you think a person should be considered an adult in American society? Why?

What was the cost of goods sold using fifo flow assumption : RJ Corporation has provided the following information about one of their inventory items. What was the cost of goods sold using the FIFO flow assumption?

Share data to the maximum extent to fully utilize : How does an organization weigh the need to share data to the maximum extent to fully utilize this resource (data) for productivity across

Explain the rationale for selecting theory framework : Explain the rationale for selecting this theory framework for analysis and Describe the elements of the theory in detail, in your own words, and as you will

Discuss physical -cognitive development in early childhood : Discuss physical and cognitive development in early childhood, along with the health issues and illness risks for children during the preschool years.

Compute the labor rate and efficiency variances : Roberts Company has the following information available. Compute the labor rate and efficiency variances, indicate whether it is favorable or unfavorable.

User Account

All Pages