Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according
Question:
In SE2, Assume the following data with regard to inventory for VeganCompany: Ending Inventory
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:
Aug. 1 Inventory 40 units@ $10 per unit 400 8 Purchase 50 units@ $11 per unit550 22 Purchase 35nitse $12 per unit420 $1,370 Goods available for sale Aug. 15 Sale 125 units 45 units 25 units 55 units 28 Sale Inventory, Aug. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
Cost of goods available for sale 1370 Less ending inv...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Question Posted:
Students also viewed these Managerial Accounting questions
-
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...
-
Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost Oahu Kiki tracks the number of units purchased and sold throughout each accounting...
-
Assume the following data with regard to inventory for Vegan Company: Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22 calculate...
-
Data Corporation has four employees and provides group term life insurance coverage for all four employees. Coverage is nondiscriminatory and is as follows: a. How much may Data Corporation deduct...
-
An experiment was conducted to investigate the effect of management training on the decision-making abilities of supervisors in a large corporation. Sixteen supervisors were selected, and eight were...
-
A large hotel and conference centre in Halifax, Nova Scotia has invited you to interview for a sales position. All expenses will be paid. You have no interest in moving to Nova Scotia, but you would...
-
The fastest baseball pitchers can throw the \(0.145-\mathrm{kg}\) ball at speeds of about \(45 \mathrm{~m} / \mathrm{s}\). Ignoring air resistance, what height must the ball be dropped from to hit...
-
Beck and Cey decide to merge their proprietorships into a partnership called Fresh Start Company.The balance sheet of Cey Co. shows: The partners agree that the net realizable value of the...
-
When an object is placed between the pole(P) and focus(F) of a concave mirror, the image formed is (i) behind the mirror (ii) virtual and erect and (iii) larger than the object (or magnified) M A' E...
-
Richard chooses technique 0 and 2 requiring 10+10-20 efforts and provising 10+11=21 benefits. Hence, 21 is returned as the output Example 2: input1: 3 input2: (10,10,10,10) input3: (10,11,12,15)...
-
Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the periodic inventory system. (Round final answer to the nearest...
-
Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the periodic inventory system. In SE2, Assume the following data with regard to...
-
Cycle time in manufacturing can be viewed as the total time it takes to complete a product from the beginning of the production process. The concept of cycle time varies according to the industry and...
-
Laura and Dwayne Knight purchased loan of $3,500 to have some storm- a new riding lawn mower for $7,500. damaged trees in his yard removed They agreed to make a 25% down The APR is 12%, and the loan...
-
Portfolio management, trading, sales and marketing Portfolio management, trading, compliance Sales and marketing, trade settlement and compliance Compliance, accounting, audit and legal. What...
-
What is the length of the undertaking of a person who sponsors their common-law partner?
-
Andy "Big Red" Reid is considering purchasing a bond that pays annual coupons at a rate of 3 percent and matures in 11 years. If the YTM on this bond is 4 percent, how much should Big Red pay for...
-
If you were financing a business, would you prefer equity or debt financing? Why? Provide me a link to a resource you found online to support your justification.
-
Determine the oxidation state and coordination number of the metal ion in each complex ion. a. [Cr(HO)6]+ C. [Cu(CN)4]- b. [Co(NH3)3C13] d. [Ag(NH3)2]*
-
For the next several days, take notes on your listening performance during at least a half-dozen situations in class, during social activities, and at work, if applicable. Referring to the traits of...
-
Estimate the thermal conductivity of liquid isopropyl alcohol at 300 K and compare your estimates with the experimental value available in Section 2 of Perrys Chemical Engineers Handbook.
-
Alberta Limited needs a cash budget for the month of November. The following information is available: a. The cash balance on November 1 is $6,000. b. Sales for October and November are $80,000 and...
-
Wellman Corporations budgeted balance sheet for the coming year shows total assets of $4,650,000 and total liabilities of $1, 900,000. Common stock and retained earnings make up the entire...
-
You recently attended a workshop on budgeting and overhead the following comments as you walked to the refreshment table: 1. Budgets are the same regardless of the size of an organization or...
-
Shahid Pakistan Limited (SPL) is engaged in the production of three products: J, K and L. Following is the extract from its latest annual management accounts: Description J Products K Total L Units...
-
John Company produces hats and sells them for $100 each. His cost to produce the hats are: DM 20 per unit DL 30 per unit VMOH 10 per unit FMOH 40,000 Selling expenses are $5 per unit and are all...
-
John Company produces hats and sells them for $100 each. His cost to produce the hats are: DM 20 per unit DL 30 per unit VMOH 10 per unit FMOH 40,000 Selling expenses are $5 per unit and are all...
Study smarter with the SolutionInn App