Problem 2. Gresa Inc. had beginning inventory of 7,000 units in the total amount of $14,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Problem 2. Gresa Inc. had beginning inventory of 7,000 units in the total amount of $14,000 and ending inventory of 17,000 units. Purchases of the company were made quarterly as follows Quarter Units 1 2 3 4 50,000 40,000 40,000 60,000 Unit Cost 2.20 2.35 2.50 2.70 Total Cost 110,000 94,000 100,000 162,000 Instructions: a) Evaluate cost of goods sold and ending inventory using FIFO cost flow method (1 point) b) Evaluate cost of goods sold and ending inventory using LIFO cost flow method (1 point) Problem 2. Gresa Inc. had beginning inventory of 7,000 units in the total amount of $14,000 and ending inventory of 17,000 units. Purchases of the company were made quarterly as follows Quarter Units 1 2 3 4 50,000 40,000 40,000 60,000 Unit Cost 2.20 2.35 2.50 2.70 Total Cost 110,000 94,000 100,000 162,000 Instructions: a) Evaluate cost of goods sold and ending inventory using FIFO cost flow method (1 point) b) Evaluate cost of goods sold and ending inventory using LIFO cost flow method (1 point)
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these business communication questions
-
During 2010, Gabriellas Fashion had beginning inventory of $960,000, ending inventory of $1,120,000, and cost of goods sold of $4,400,000. Compute the inventory turnover and days inventory on hand.
-
Abaco Enterprises had beginning inventory of $45,000 at March 1, 2013. During the month, the company made purchases of $360,000. The inventory at the end of the month is $51,000. What is cost of...
-
Tamarisk, Inc. had beginning inventory of $ 15600 at March 1, 2022. During the month, the company made purchases of $ 67600 . The inventory at the end of the month is $ 17990 . What is cost of goods...
-
How are Recovery Audit Contractors paid? Question 23 options: RACs are reimbursed $100,000 annually RACs are reimbursed on a contingency-based system RACs are paid on a contract basis RACs are not...
-
Covalt owned 25 percent and High owned 75 percent of CSI, a corporation that they operated together. They also entered into a partnership to build an office building that they leased to CSI. Covalt...
-
Explain the definition of total disability that is found in a typical waiver-of-premium provision.
-
A fertility rate is the number of births per 1000 women aged 15-44. The mean fertility rate of the 50 U.S. states for a recent year was 59.0 with a standard deviation of 5.47. A random sample of 40...
-
Kraft Unlimited, Inc., was organized and authorized to issue 5,000 shares of $100 par value, 9 percent preferred stock and 50,000 shares of no par, $5 stated value common stock on July 1, 2014....
-
Wong Inc., a private company, began operations on January 1", 2017. During the first three years of operations the company reported net income and declared dividends as follows: Net income Divide...
-
what does it mean when they say "Family law agreements are binding if there is a lack of consideration, formality of signatures or witnesses, or non-involvement of a family law dispute resolution...
-
The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st Quarter 2nd Quarter 3rd...
-
Compute the transpose of this matrix: [1 3 8] 3 14 18 4 1
-
4. Two converging lenses, both of focal length C 2cm, are separated by 60.0 cm. An object is placed 10.0 cm to the left of the first lens a). Calculate the image position and magnification of the...
-
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene...
-
A ski resort chair lift has towers spaced 44m horizontally apart. The upper tower is 13 m higher than the previous tower. If the chairs are 14 m horizontally apart and the first chair is 5 m past...
-
Can you explore the role of integrity in the context of corporate governance and discuss how it impacts relationships with shareholders, regulators, and the broader community ?
-
The net income reported on the income statement for the current year was $245000. Depreciation was $40000. Account receivable and inventories decreased by $12000 and $35000, respectively. Prepaid...
-
Is that Yelp review real or fake? The article A Framework for Fake Review Detection in Online Consumer Electronics Retailers (Information Processing and Management 2019: 12341244) tested five...
-
The chart of accounts of LR Company includes the following selected accounts. 112 Accounts Receivable ......401 Sales Revenue 120 Inventory ...........412 Sales Returns and Allowances 126 Supplies...
-
During 2017, Roblez Corporation had the following transactions and events. 1. Declared a cash dividend. 2. Issued par value common stock for cash at par value. 3. Completed a 2-for-1 stock split in...
-
Explain the differences between depreciation expense and accumulated depreciation.
-
A-1 Company had pretax GAAP income of \(\$ 50,000\) for the tax year ended December \(31,2020\). Required a. Determine taxable income given the following separate situations. 1. Excess accelerated...
-
The following information is available for Rapper Inc. - Taxable income in 2020: \(\$ 115,000\) - Accounts receivable on installment sales GAAP basis: \(\$ 150,000\) Tax basis: \(\$ 0\) - Tax rate:...
-
Cruse Corporation started operations on January 1,2020 . Taxable income from the tax return is \(\$ 2,850,000\). Income tax rate is \(25 \%\). There were no beginning balances in deferred tax...
Study smarter with the SolutionInn App