Ornamental Iron Works began January with 45 units of iron inventory that cost $24 each. During January,
Question:
Requirements
1. Prepare a perpetual inventory record for the inventory using FIFO.
2. Prepare a perpetual inventory record for the inventory using LIFO.
3. Prepare a perpetual inventory record for the inventory using average cost.
4. Determine the companys cost of goods sold for January using FIFO, LIFO, and average cost.
5. Compute gross profit for January using FIFO, LIFO, and averagecost.
Transcribed Image Text:
Units Unit Cost Unit Sale Price $51 Jan 3 Sale 35 $32 70 8 Purchase. 21 Sale . 65 25 $73 30 Purchase. $47
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 36% (11 reviews)
Req 1 Iron FIFO Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Qu...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Managerial Accounting questions
-
During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable....
-
1. Prepare a perpetual inventory record for the putters assuming Golf Haven uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2....
-
1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the...
-
tell us about a product or service that has been a hit by changing the product's target or the company's position. And why do you think it worked
-
You are provided with the following information for Najera Inc. for the month ended June 30, 2019. Najera uses the periodic method for inventory. Instructions (a) Calculate (i) ending inventory ,...
-
Aaron Lakely is going to the grocery store to buy some bananas and apples, both of which are sold by the pound. He wants a program that calculates and displays the total cost of his order, including...
-
Use the data set, which represents the ages of 30 executives. Which ages are above the 25th percentile? 43 57 65 47 57 41 56 53 61 54 56 50 66 56 50 61 47 40 50 43 54 41 48 45 28 35 38 43 42 44
-
a. Evaluate each of these alternatives. On the basis of the limited information presented, recommend the one you feel is best. b. If Casinos International's stock price rises to $60, what will happen...
-
Discuss anything you learned about personal financial management in Kindergarten through 12th grade. What do you remember? Has anyone in your life discussed financial management with you? If so, what...
-
In November 2015, John Wells, a customer service representative of Bayfield Mud Company, was summoned to the Houston warehouse of Wet-Land Drilling, Inc., to inspect three boxcars of mud treating...
-
Refer to the Health World situation in Problem 6-38B. Requirement 1. Using the results from the LIFO costing method calculations in Problem 6-38B, prepare a multi-step income statement for Health...
-
Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at July 31, 2012, prior to releasing the financial statements for the year: Rocky Bayou has determined that the...
-
Hoosier Corporation declared a 2-for-1 stock split to all shareholders of record on March 25 of this year. Hoosier reported current E&P of $600,000 and accumulated E&P of $3,000,000. The total fair...
-
Question 1 The following table shows the relationship between the number of workers and output on a given hour. Each worker costs $45 per hour, and the firm pays $200 for equipment. Table 1 Workers...
-
Activity 1: Policy review and development** Identify two policies and procedures that require updating in response to any new legal requirements or change in regulations or standards. Ensure that one...
-
How do cultural norms and contextual factors influence the manifestation and expression of emotional intelligence across diverse socio-cultural contexts, and what considerations should organizations...
-
The Svenson Furniture Company sells a popular coffee table that comes unassembled and includes three baskets in the lower part of the assembled table. The percentage of good quality tables is 8 0 % ....
-
Hint: consider writing one pattern for the fallure case and another pattern for the success cas 3. Write an awk script num_bytes. awk that records the number of bytes requested in each alloc call....
-
The You Be the VC 7.1 feature focuses on Quora, an online question-and-answer site that encourages in-depth questions and answers and combines social networking with substantive questions and...
-
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...
-
Calculate the heat released when 65.5 g of water at 55.5 C cools to ice at 0.0 C.
-
Kylan Management Services opens for business and completes these transactions in November. Nov. 1 Rollie Kylan, the owner, invested $190,000 cash along with $29,000 of office equipment in the company...
-
The expanded accounting equation consists of assets, liabilities, common stock, dividends, revenues, and expenses. It can be used to reveal insights into changes in a companys financial position....
-
What costs are normally included as part of product costs under the method of absorption costing?
-
The board chair has asked management to develop some strategies to improve profitability and estimate the impact of the strategies on the hospital's return on equity (ROE). By how much would the 2021...
-
Discuss the ethical consderariion relayed to the use of information rechnology for organizational control how can organization ensure responsibility and transparent?
-
Can we justify the acquisition of Peloton Interactive Inc using NPV assuming the initial investment is 10% of the total market value of the company, 5% constant growth rate for the next three years...
Study smarter with the SolutionInn App