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Q. Determine the cost of ending inventory?
The company suppose that the 20 units in inventory consist of 10 units purchased December 21 and 10 units purchased October 12. The overall cost of ending inventory is USD 179 and the cost of goods sold is USD 511.
We show the relationship among the cost of goods sold and the cost of ending inventory under FIFO using periodic inventory procedure. The 80 units in cost of goods accessible for sale consist of the beginning inventory and all of the purchases during the period. In FIFO the ending inventory of 20 units consists of the most recent purchases 10 units of the December 21 purchase and 10 units of the October 12 purchase costing USD 179. We suppose the beginning inventory and other earlier purchases have been sold during the period, representing the cost of goods sold of USD 511.
Q. Show the company's Balance sheet? Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note tha
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
Q. Economic substance of the transaction? In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that i
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease
AL MASA a sole trader,decided to install a new machine to use
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