User Account

All Pages

p6-2b, Financial Accounting

Assignment Help:
#questioSavage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost of $5. During October, Savage made the following purchases of Sister’s CDs.
Oct. 3 4,000 @ $6 Oct. 19 …….. 2,500 @ $8
Oct. 9 3,000 @ $7 Oct. 25 …….. 2,000 @ $9
During October 9,400 units were sold. Savage uses a periodic inventory system.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine
(1) The ending inventory and
(2) 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 the FIFO and LIFO methods. (Round cost per unit to three decimal places.)
(c) Which cost flow method results in
(1) The highest inventory amount for the balance sheet and
(2) The highest cost of goods sold for the income statement?n..

Related Discussions:- p6-2b

Powers of trustee-rights and duties of trustee, Powers of trustee (A) ...

Powers of trustee (A) Of his own initiative, he may: 1.    Sell and transfer any part of the bankrupt's property; 2.    Gives receipts for money received; 3.    Take all n

Powers of investment-trust laws and accounts, POWERS OF INVESTMENT The ...

POWERS OF INVESTMENT The trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities.   The trustees may invest in such securities

Non current asset, what is non-current asset

what is non-current asset

The book value of shareholders equity, Manik Enterprises spent $10,000 to p...

Manik Enterprises spent $10,000 to purchase farming equipment 5 years ago. This equipment is presently valued at $2,000 on today's balance sheet but could actually be sold for $4,5

Value of accounting information, Value of accounting information When a...

Value of accounting information When assessing value of accounting information we are confronted with similar problems. Provision of accounting information can be very expensiv

Errors in financial statements, Errors in Financial Statements The followin...

Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .

Hedge and a cash flow hedge, PC Bank has $100,000 in fixed rate loans payin...

PC Bank has $100,000 in fixed rate loans paying an annual interest rate of 10 percent, payable semiannually. PC Bank also has $100,000 in certificates of deposit. Their depositor

How many shares are now outstanding, 1. Jepsen Corp had the following trans...

1. Jepsen Corp had the following transactions relating to shares of stock: • Issued 1,000 shares • Purchased 100 shares • Re-issued 50 shares • Declared and distributed a 2-1 stock

Assignment ticket no em16gee0308wr, hi please tell the status of payment co...

hi please tell the status of payment confirmation

International Accounting, 5 modern accounting technique

5 modern accounting techniques

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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