Flanagan Company reports the following for the month of June. Instructions(a) Compute the cost of the ending
Question:
Flanagan Company reports the following for the month of June.
Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.(b) Which costing method gives the higher ending inventory? Why?(c) Which method results in the higher cost of goods sold?Why?
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Transcribed Image Text:
Unit Cost Total Cost Units 200 June 1 $5 $1,000 1,800 3,500 Inventory Purchase 12 300 500 120 Purchase 23 30 Inventory
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
a FIFO Beginning inventory 200 X 5 1000 Purchases June 12 300 X 6 1800 June 23 500 X 7 3500 53...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
Flanagan Company reports the following for the month of June. Instructions(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual...
-
Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 388 6 2,328...
-
Kuchin Company reports the following for the month of June. Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO,(2) LIFO, and (3) average-cost.(b) Which...
-
A $250 suit is on sale for $190, and a $90 pair of shoes is on sale for $65. Find the average percent decrease in price for the 2 items.
-
Outline the steps in the financial planning process and some questions under each that are significant in completing a financial plan?
-
Explain the main advantages of centralizing upstream activities and decentralizing downstream activities.
-
A mixture of three hydrocarbons is to be separated into three nearly pure products by thermally coupled distillation at \(1 \mathrm{~atm}\) as shown in Figure 10.38. Based on the specifications given...
-
RL Photography reported net income of $100,000 for 2014. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $4,000, and a gain on disposal of plant...
-
Use the following information for Cookies, Inc. to prepare an Income Statement, Statement of Changes in Stockholders' Equity and Balance Sheet at the end of the current year on this form. Common...
-
On August 31, 2008, Chickasaw Industries issued $25 million of its 30-year, 6% convertible bonds dated August 31, priced to yield 5%. The bonds are convertible at the option of the investors into...
-
Fionnula Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Fionnula Co. uses a periodic inventory system. Its records show the...
-
Eloise Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Eloise had 80 units in ending...
-
A mass of 3 kg is attached to the end of a spring that is stretched 20 cm by a force of 15 N. It is set in motion with initial position x 0 = 0 and initial velocity v 0 = -10 m/s. Find the amplitude,...
-
Toffee Inc. could not pay its $2,000 account with Candy Supplies Ltd. when it was due on September 1, 2023. However, on that date Candy Supplies agreed to accept Toffee's six-month promissory note at...
-
Prove that Ax B and BA (for any two arbitrary nonempty sets A and B) are equinumerous.
-
Mayesha purchased a large screen TV for $4,000 and can pay it off in ten months with an add-on interest loan at an annual rate of 8%, or she can use her credit card that has an annual rate of 18%. If...
-
Below is the budget information for a boba tea shop: Cost of tea and ingredients per tea drink = $1.20 Sales price of each tea drink= $5 Utilities Total Cost = $.05 per tea drink + $500 monthly rate...
-
A 34% decrease resulted in 21 business in the downtown are. What was the number of businesses before the decrease?
-
a. What are the advantages and disadvantages of conventional budgeting versus zero-based budgeting? b. What organizational characteristics create likely candidates for zero-based budgeting?
-
Reconsider Prob. 1474. In order to drain the tank faster, a pump is installed near the tank exit as in Fig. P1475. Determine how much pump power input is necessary to establish an average water...
-
What annual interest rate is earned by a 13-week T-bill with a maturity value of $1,000 that sells for $989.37?
-
The balance sheet for Lemay Company reports the following information on July 1, 2010. Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record...
-
Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the...
-
Prepare the journal entries that the lessee should make to record the following transactions. 1. The lessee makes a lease payment of $80,000 to the less or in an operating lease transaction. 2....
-
Mark has the following utility function: U = ln(w) where w denotes the wealth. Mark has the chance to play in the following lottery: with probability 0.58 the lottery gives $43,750 and with the...
-
DynCorp's FCFF is expected to be $600 million. The firm's interest expense is $80 million. The net debt of the firm decreases by $40 million. The tax rate is 35%. What are the FCFE, the market value...
-
Builtrite has a capital structure of 60% common stock and 40% debt. Bonds being sold will have a $1000 par, 7% coupon rate, a 15 year maturity with a selling price of $1040 and flotation costs of $15...
Study smarter with the SolutionInn App