User Account

All Pages

Which costing method produces the highest ending

Assignment Help Cost Accounting
Reference no: EM13531035

Premier Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

Date

Units

Unit Cost

Sales Units

Jul-01

7

$62

Jul-06

5

Jul-11

3

$66

Jul-14

3

Jul-21

4

$71

Jul-27

3

Instructions

(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average (round unit cost to three decimal places), and (3) LIFO.

(b) Which costing method produces the highest ending inventory valuation?

Reference no: EM13531035

Questions Cloud

Compute the lower-of-cost-or-net realizable value : Franklin Company has the following four items in its ending inventory as of December 31, 2012. The company uses the lower-of-cost-or-net realizable value approach for inventory valuation following IFRS.
Highest inventory amount for the balance sheet : Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under each method. (Round cost per unit to three decimal places.)
Prepare comparative condensed income statements : Prepare comparative condensed income statements for 2012 under FIFO and LIFO and how much more cash will be available for management under LIFO than under FIFO? Why?
Determine the value of its ending inventory : For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount.
Which costing method produces the highest ending : Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average (round unit cost to three decimal places), and (3) LIFO.
Which cost flow method should prospector gems select : Demonstrate how Prospector could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25.
Calculate current ratio based on inventory : Calculate the inventory turnover ratio and days in inventory and calculate the current ratio based on inventory as reported using LIFO.
Calculate the inventory turnover ratio and days in inventory : Calculate the inventory turnover ratio and days in inventory and calculate the current ratio based on LIFO inventory.
Compare results for the cost flow assumptions : Morse Inc. is a retail company that uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Operating activities section using the direct method

Prepare the cash flows from operating activities section using the direct method.

  Questionin a 6 page apa formatted paper analyze the intent

questionin a 6 page apa formatted paper analyze the intent of the sarbanes-oxley act of 2002 sox. what is the major

  Find what was actual volume - standard volume

Find what was actual volume, standard volume, and budgeted variable overhead and actual overhead was 1,000,000 and overhead is captivated to direct labor hours.

  Horizontal analysis percentages for spartan companys sales

Horizontal analysis percentages for Spartan Company's sales, cost of goods sold, ad expenses are listed here and explain whether Spartan's net income increased, decreased, or remained unchanged over the 3-year period.

  Create a pie chart for total assets

Create the Balance Sheet,Income Statement and Statement of Retained Earnings for the following company in an Excelworkbook, employing three sheets.

  Collier borrowed 350000 on 1st october and is required to

collier borrowed 350000 on 1st october and is required to pay 360000 on 1st march. what amount is the note payable

  Estimate a cost formula for manufacturing overhead

Estimate the amount of manufacturing overhead cost added to production. The company had no underapplied or overapplied overhead in either month -  Estimate a cost formula for manufacturing overhead where X represents the number of units produced

  Qcma adapted the domestic engines co produces the similar

qcma adapted the domestic engines co. produces the similar power generators in two illinois plants a new plant in

  1 identify at least two control procedures for each of the

1. identify at least two control procedures for each of the situations below. controls can include physical controls

  American guitar company manufactures two dissimilar high

american guitar company manufactures two dissimilar high quality acoustic guitars for retailers that are beginner model

  The direct write-off method of accounting for uncollectibles

Write-off method does not use an allowance for uncollectible accounts and thus overstates assets on the balance sheet.

  What is annual depreciation based on straight-line method

Hacol Company acquired an asset on January 1, 2003, at a cost of $38,000, with an estimated useful life of 8 years and a salvage value of $2,000. What is the annual depreciation based on the straight-line depreciation method?

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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