For the entire year, the company sells 101 units of inventory for $38 each. Required: 1-a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For the entire year, the company sells 101 units of inventory for $38 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 28 33 38 38 137 Unit Total Cost Cost $30 $840 29 957 28 26 1,064 988 $3,849 For the entire year, the company sells 101 units of inventory for $38 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are declining. Date January 1 March 4 June 9 November 11 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 28 33 38 38 137 Unit Total Cost Cost $30 $840 29 957 28 26 1,064 988 $3,849
Expert Answer:
Answer rating: 100% (QA)
1a Using FIFO calculate ending inventory Beginning inventory 28 units March 4 purchase 33 units June 9 purchase 38 units ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Consider the Cobb-Douglas production function Q = 6 L^ K^ and cost function C = 3L + 12K. a. Optimize labor usage in the short run if the firm has 9 units of capital and the product price is $3. b....
-
Call options with an exercise price of $46 and one year to expiration are available. The market price of the underlying stock is currently $40, but this market price is expected to either decrease to...
-
What is your assessment of the contributions made by Lewis Mumford to the field of sociology? How have the prevailing societal perceptions of Mumford shaped your understanding and interpretation of...
-
Using the DJIA data in Problem 5-39, use exponential smooth with trend adjustment to forecast the opening DJIA value for 2014. Use α = 0.8 and β = 0.2. Compare the MSE for...
-
What initial mass of 235/92U is required to operate a 650-MW reactor for 1yr? Assume 40% efficiency?
-
In relation to evaluating non-current assets indicate which of the following statements is true. (a) The older the assets are, the better the company is performing. (b) Too high a depreciation rate...
-
How to oppose a motion for summary judgment?
-
Three police officers, including Maria Trevizo, were on patrol in Tucson, Arizona, near a neighborhood associated with the Crips gang, when they pulled over a car with a suspended registration. Each...
-
Consider an existing capacity resource such as a machine whose capacity is measured in hours it can be realistically operated in a year. In some months, the machine is idle for a few hours because of...
-
Knowing that the pulley has a radius of 0.5 m, draw the free-body diagram(s) needed to determine the components of the reactions at A and E. 700 N
-
How do social media vary around the world 2) Should international marketers embrace a curative international marketing approach and accept responsiblity for problems that marketing has generated? 3A)...
-
For a project with cash flows of -$90,000 in the first year, and +$11,258.75 per year for each of 10 years there after, and a cost of capital of 10.0%, what is the project NPV?
-
Provide an example of an organization or organizational process that represents the systems perspective.
-
Evaluate and dissect the accountability, or lack there of, that the entertainment industry takes when using social media as a source or getting information out to the public.
-
How do the complexities of distributed computing environments contribute to the increased risk of deadlock, and what techniques are commonly employed to address these challenges?
-
QUESTION 3: Matters Affecting Enforceability of Contract (suggested word account 800 word maximum) 35 marks Zig and Yul have been negotiating the sale and purchase of Zig's accounting business. As...
-
The highest priced real estate is at the top of a high building. Yet, most humans can't handle building sway without getting queasy when inside the building. When planning a very tall building, be it...
-
If there is an unrealized holding gain on available-for-sale investments, it is reported as?
-
Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2012, his share of the loss from the limited partnership was...
-
In 2012, Lou has a salary of $54,000 from her job. She also has interest income of $1,700. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a...
-
Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sales of products........................................................................$65,000...
-
The man has a mass of 78 kg and stands motionless at the end of the diving board. If the board has the cross section shown, determine the maximum normal strain developed in the board. The modulus of...
-
The steel rod having a diameter of 1 in. is subjected to an internal moment of M = 300lbft. Determine the stress created at points A and B. Also, sketch a three-dimensional view of the stress...
-
The steel beam has the cross-sectional area shown. If w=5 kip/ft, determine the absolute maximum bending stress in the beam. W 8 8 ft- 8 ft W ft- -8 ft- .8 in. 0.30 in. 0.3 in.- 10 in. 0.30 in.
Study smarter with the SolutionInn App