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. Inventory 40 units @ $10 per unit 400 550 420 $1,370 8 Purchase Purchase 50 units $11 per unit 35 units @$12 per unit 22 Goods available for sale 125 units 45 units 25 units 55 units Aug. 15 Sale 28 Sale Inventory, Aug. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Cost Units per Unit Aug 1 Inventory 40 10 400 8 Purchase 50 11 ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ 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...
-
1. What are the four basic types of unemployment? Which type is most pronounced during difficult economic times such as we have been experiencing during the last few years? Which type is most...
-
A chain of jewelry stores conducted an experiment to investigate the effect of price markup and location on the demand for its diamonds. Six small-town stores were selected for the study, as well as...
-
On December 20, 2023, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 50,000 rials. Payment is received on January 10, 2024. Currency exchange rates are as...
-
Under what circumstances should a healthcare professional self-insure?
-
Pelzer Company reconciled its bank and book statement balances of Cash on August 31 and showed two cheques outstanding at that time, #5888 for $6,220.00 and #5893 for $1,485.65. The following...
-
x Bond Issue B (A) Cash Interest Paid $600,000.0 (B) Period Interest Expense Period 12.0% x (E) x 12.5% Ending 3/12 x 3/12 (C) Amort. (A) - (B) (D) (E) Carrying Value Unamortized $600,000 Balance (D)...
-
Cylinder 1 of diameter 200mm and cylinder 2 of diameter 300 mm are placed in a trough as shown in fig. 3. If cylinder 1 weighs 800 N and cylinder B weight 1200 N, determine the reactions developed at...
-
Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the perpetual inventory system. (Round to the nearest dollar.) In SE2,...
-
Se9. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the perpetual inventory system. In SE2, Assume the following data with...
-
What are constraints, facts, and objectives? How does each affect the accounting methods an entity uses? Why does each have to be considered when making an accounting choice?
-
2. Firms HD and LD are identical except for their use of debt and the interest rates they pay--HD has more debt and thus must pay a higher interest rate. Based on the data given below, how much...
-
A. Below is the list of all bonds for a specific entity currently trading in the market. All bonds are annual coupon bonds and default free. Identify the undervalued/overvalued bond. [4 marks] Price...
-
Why Malaysians need a well-comprehensive social safety nets program? Achieving high growth while ignoring the welfare of the lower income group is an unwarranted act. Like the rest of the world,...
-
Calculate the following for each of the years listed A. Debt/ Equity ratio B. Debt/asset ratio C.Profit Margin (as a %) D. Gross Margin (as a %) E. Calculate the change in profit margin over each...
-
1) A complement to product X has decreased in price. Explain the change(s) in the market for product X. What is predicted to happen to equilibrium price and quantity of the product X? 2) Consider the...
-
What does it mean when the integral used to calculate work gives a negative answer?
-
Revol Industries manufactures plastic bottles for the food industry. On average, Revol pays $76 per ton for its plastics. Revol's waste-disposal company has increased its waste-disposal charge to $57...
-
Bona fide Italian pizza is cooked in a domed brick oven. A wood fire is first lit inside the dome, which brings the brick temperature to something around 800F. The fire is then pushed aside prior to...
-
Dacahr Bros., Inc., is an automobile maintenance and repair company with outlets throughout the western United States. Henley Turlington, the company controller, is strating to assemble the cash...
-
XYZ Company collects payment on 50 percent of credit sales in the month of sale, 40 percent in the month following sale, and 5 percent in the second month following the sale. Its sales budget is as...
-
SABA Enterprises needs a cash budget for the month of June. The following information is available: a. The cash balance on June 1 is $4,000. b. Sales for May and June are $50,000 and $40,000,...
-
The bank reconciliation for Widgets Inc. included the following items: $30 bank service charge; NSF check of $275; bank error of $30; EFT collection from a customer for $2,335. Based on the...
-
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity...
-
A simply supported girder bridge is to support vehicular loads. It is anticipated that the worst load will come from a three-axle truck shown in Figure I below. Assuming the self-weight of the girder...
Study smarter with the SolutionInn App