From the following information, calculate the cost of ending inventory and cost of goods sold using the
Question:
(a) FIFO,
(b) LIFO,
(c) Weighted-average methods.
ending inventory">
The ending inventory reveals eight items unsold.
The 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:
Units Cost January 1 March 6 August 9 December 10 Beginning Inventory Purchased Purchased Purchased 4 $7 4
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a FIFO b LIFO c WeightedAve...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
Question Posted:
Students also viewed these Cost Accounting questions
-
Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Cowell Corporation. A1 Quantity Unit Cost Total 2 Beginning inventory 3 Purchases 4 Goods available...
-
Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Cowell Corporation. A1 Quantity Unit Cost Total 2 Beginning inventory 3 Purchases 4 Goods available for sale 5...
-
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cowell Corporation. A1 Quantity Unit Cost Total 2 Beginning inventory 3 Purchases 4 Goods available for sale 5...
-
Solve for y' y' = y = 71-x 3
-
A resistor and an inductor are connected in parallel across an emf = Emax as shown in Figure. Show that (a) The current in the resistor is I R = ( max /R) cos t, (b) The current in the inductor is I...
-
The following probabilistic activity time estimates are for the network in Problem. Determine the following: a. Expected activity times b. Earliest start and finish times c. Latest start and finish...
-
Identify and explain the purpose of each of the four perspectives included in the balanced scorecard. Give two examples of HR measures for each of the four areas that would demonstrate the value of...
-
The supply curve for product X is given by Qsx = - 520 + 20Px. a. Find the inverse supply curve. b. How much surplus do producers receive when Qx = 400? When Qx = 1,200?
-
A project has an initial outlay of $2,585. It has a single payoff at the end of year 2 of $9,017. What is the profitability index (PI) of the project, if the company's cost of capital is 14.00...
-
Chris, a local baker, is interested in opening her very own Cupcake Cafebut to make it worth her while she needs to earn at least $35,000 per year in profit from all segments. She's lucked out and...
-
Journalize the following transaction in correct form: 201X Mar. 20 The business returned to the vendor a damaged inventory item that cost $360.
-
Complete the following using the retail inventory method. (Round cost ratio to the nearest whole percent.) Cost Retail Goods Available for Sale Beginning Inventory $56 $112 71 Net Purchases Cost of...
-
Some pro-lifers are not people concerned with child welfare. Therefore, some pro-lifers are people unconcerned with child welfare. Use conversion, obversion, and contraposition to determine whether...
-
How do psychologists define and use the concept of personality?
-
Match each portion of the GAS with its definition. 1. Alarm and mobilization a. 2. b. 3. Ability to adapt to stress diminishes; symptoms appear Activation of sympathetic nervous system C. Use of...
-
One brand of peanut butter advertises its product by describing its taste and nutritional value. It is hoping to persuade customers through __________route processing. In ads for a competing brand, a...
-
Why do you think the Milgram experiment is so controversial? What sorts of effects might the experiment have had on participants? Do you think the experiment would have had similar results if it had...
-
Discuss the main reasons for adjusting entries, and list the main types of adjusting entries.
-
Write a SQL CREATE TABLE statement to create the PET tablewithout a referential integrity constraint on OwnerID in PET. Justify your choices of column properties. Why not make every column NOT NULL??...
-
Juarez worked for Westarz Homes at construction sites for five years. Bever was a superintendent at construction sites, supervising subcontractors and moving trash from sites to landfills. He...
-
TO: Hal Hogan, Bookkeeper FROM: Pete Tennant, V. P. RE: Adjustments for year ended December 31, 2013 Hal, here is the information you requested. Please supply me with the adjustments needed ASAP....
-
On Friday, Harry Swags boss asks him to prepare a special report that is due on Monday at 8 a.m. Harry gathers the following material in his briefcase: As his best friend, you want to help Harry show...
-
At the end of July, Tony took a complete inventory of his supplies and found the following: 5 dozen 14 screws at a cost of $8 a dozen 2 dozen 12 screws at a cost of $5 a dozen 2 cartons of computer...
-
With regard to the production possibilities frontier (PPF), an efficient point is a point that is: ?
-
Within the context of rapidly evolving regulatory landscapes and heightened ethical scrutiny, how do advanced organizations navigate the ethical complexities of technological innovation and...
-
Write a program that accepts an integer limit and an integer value and that prints a complete line of output reporting the multiples of value uptil the limit . Keep prompting the user for a value...
Study smarter with the SolutionInn App