Althea Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a)
Question:
(a) Assuming that the FIFO method is in use
(b) Assuming that the LIFO method is in use.
Assume that on January 1, 201X, a beginning inventory of 806 units at a cost of $11each.
Transcribed Image Text:
Received Sold Date Apr. 15 Nov. 12 Dec. 31 Quantity 226 802 Cost per Unit S 5 12 13 Date Mar. 8 Oct. 5 Nov. 30 Quantity 506 358 396
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
a FIFO Date 201X Received Sold Balance Units Cost per Unit Total Units Cost per Unit Total ...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
Question Posted:
Students also viewed these Accounting questions
-
The Stern Company uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2007: Required Prepare in proper form for 2007 the company's: (1) Income...
-
The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction_______________________________________________ May 1 Made cash...
-
From the following information prepare a reformulated statement of common shareholders equity for 2008. Amounts are in millions. Balance, December 31, 2007 ..... $1,206 Net income .............. 241...
-
A 12-in. diameter circular plate is placed over a fixed bottom plate with a 0.1-in. gap between the two plates filled with glycerin as shown in Fig. P1.89. Determine the torque required to rotate the...
-
Suppose that the random variables X and Y are each Bernoulli random variables, and that Pr(X = 0) = 0.3, Pr(Y = 0) = 0.6, and Pr(X = 0|Y = 0) = 0.5. Use the given information to construct the entire...
-
Substance A in a liquid reacts to produce R and S as follows: A feed (C A0 = 1, C R0 = 0, C S0 = 0) enters two mixed flow reactors in series, ( 1 = 2.5 min, 2 = 5 min). Knowing the composition in...
-
Provide the ideal gain scheduling for Figure 12.16 as a function of Q. DATA FROM FIGURE 12.16 Assume inertia varies with theta as follows: where JM is the motor inertia, JL is the load inertia, and R...
-
On January 1, 2014, Rolling Hills Country Club purchased a new riding mower for $18,000. The mower is expected to have an 8-year life with a $2,000 salvage value . What journal entry would Rolling...
-
As a standard practice, the company does not recognize a provision for a guarantee of good operation of the products sold. Based on past statistics, the cost of repairing damage of products sold in...
-
Today is November 1, 2020. You, CPA, have just been hired by Custom Auto Parts (CAP) as an accountant to provide financial expertise during its current expansion. CAP was founded in 1995 by Jerome...
-
Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The...
-
Ada Company, using the periodic inventory system, began the year with 150 units of product B in inventory with a unit cost of $35. The following additional purchases of the product were made: Apr. 1...
-
The activity of a radioactive sample (with a single radioactive nuclide) decreases to one eighth its initial value in a time interval of 96 days. What is the half-life of the radioactive nuclide...
-
Anet Bultrn was born on June 6, 1971, she is single and has a position as a maintenance supervisor at a hotel in Boston. Janet's salary for this taxable year was $40,000 and she also earned $7,000 in...
-
Describe & discuss the purpose of a Construction Phase Plan (CPP); as part of the answer discuss what it is likely to contain, the main parties it intended to protect and why it may need to be...
-
Writing Appropriate E-Mails Given below is an example of a poorly written e-mail. To : Sylvia Greene (..e@financialsolutions.com) From : Chester Goings (..s@financialsolutions.com) Date : Subject :...
-
If government payers such as Medicare and Medicaid reimburse hospitals for less than the cost of caring for their beneficiaries, how are hospitals able to stay in business? How can commercial payers...
-
Last month, 5 customers of Macland Automotive bought the extended service plan with their purchase of a new car. All of their credit scores are given below. Calculate the standard deviation of this...
-
Pitt Fitness would like to analyze their options for an in-house database versus a cloud database-as-a-service. What are the benefits to moving their database to the cloud?
-
1. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places. 2. What is the quarterly compounded interest rate if...
-
Define social class and explain the characteristics of individuals at each level of the seven- tiered structure.
-
Using a blank form 941, complete Part 1, lines 1-6, using the following information: Total employees during the first quarter ............................. 3 Total wages during the first quarter,...
-
At the end of October 201X, the total amount of OASDI, $530, and Medicare, $210, was withheld as tax deductions from the employees of Training, Inc. Federal income tax of $2,970 was also deducted...
-
Mocha Company has four employees, and each employee earned $50,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3-8, to answer the following questions: Total annual payroll...
-
Milden Company is a merchandiser that plans to sell 4 1 , 0 0 0 units during the next quarter at a selling price of $ 5 9 per unit. The company also gathered the following cost estimates for the next...
-
How do organizational learning theories, such as the learning organization concept and knowledge management practices, contribute to sustained competitive advantage and organizational resilience in...
-
Harbert, Incorporated had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $10,500. During the period, Harbert collects $72,000 of its...
Study smarter with the SolutionInn App