Study Appendix 16A. The inventory of the West Virginia Coal Company on June 30 shows 500 tons
Question:
Study Appendix 16A. The inventory of the West Virginia Coal Company on June 30 shows 500 tons at $62 per ton. A physical inventory on July 31 shows a total of 600 tons on hand. Revenue from sales of coal for July totals $105,000. The following purchases were made during July: July 5, 1,000 tons at $64 per ton; July 15, 250 tons at $66 per ton; July 25, 300 tons at $69 per ton.
1. Compute the inventory value as of July 31, using (a) FIFO and (b) LIFO.
2. Compute the gross profit using each method.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
1 T accounts not required are 2 FIFO LIFO Revenue 1...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
Question Posted:
Students also viewed these Accounting questions
-
The shareholders' equity of Core Technologies Company on June 30, 2010, included the following: Common stock , $1 par; authorized, 8 million shares; issued and outstanding, 3 million shares...
-
Coal is carried from a mine in West Virginia to a power plant in New York in hopper cars on a long train. The automatic hopper car loader is set to put 75 tons of coal into each car. The actual...
-
A coal producer in West Virginia pays its Chief Executive Officer more than 100 times the amount that it pays a typical coal miner. The CEO works in an air-conditioned office that overlooks a...
-
Below are batting averages of the New York Yankees players who were at bat ve times or more in 2006. (a) Construct a frequency distribution. Explain how you chose the number of bins and the bin...
-
Calculate the section areas in Problem 26.4 by the coordinate method.
-
The Fed decides to buy $10,000 of government bonds from Goldman Sachs. Using T-accounts show the complete transaction. Did the money supply increase or decrease? Explain.
-
A proximity probe has a useful frequency range related to what operating parameter?
-
Pacific, Inc., is a technology consulting firm focused on Web site development and integration of Internet business applications. The president of the company expects to incur $775,000 of indirect...
-
What replacement behavior could be taught to a student as part of a behavior intervention plan and what type of generalization could be used to help the student apply that behavior to a different...
-
An inspector for a military agency desires a variables sampling plan for use with an AQL of 1.5%, assuming that lots are of size 7,000. If the standard deviation of the lot or process is unknown,...
-
South African Imports Company has assembled the (a) balance sheet and (b) income statement and change in retained earnings for 20X1 shown in Exhibit 16-23. On December 30, 20X1, South African Imports...
-
Study Appendix 16A. Hamlin Toy Company prepared financial statements using U.S. GAAP. It uses cost or market, whichever is lower, for its inventories. There were no sales or purchases during the...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This...
-
Raymond Mining Corporation has 8.5 million shares of common stock outstanding and 135,000 quarterly bonds outstanding with face value $1000 and coupon rate of 7.5%. The common stock currently sells...
-
Altcom Company (the buyer) purchases $2,000 of merchandise on account from Bayside Tech Industries (the seller). The merchandise originally cost Bayside Tech Industries $1,500. Altcom Company found...
-
When constructing a bridge for dual carriage to carry pedestrians, selecting the most appropriate construction method will rely on a number of factors, such as the bridge's length, site conditions,...
-
What is the presenting problem, and what are the underlying problems that you are uncovering in the situation where the client organization is trying to figure out "how to change the organization to...
-
1.) How much of the office duties will you handle yourself? Contract out? 2.) Will you keep physical records or do everything electronically? 3.) How will you determine the appropriate fee structure?...
-
Redo Problem 6.31 using Aspen Plus Problem 6.31 Steam is continuously expanded from a pressure of 25 bar and 300C to 1 bar through a Joule-Thomson expansion valve. Calculate the final temperature and...
-
Bonus shares can be issued out of revenue reserves. True/False?
-
Let \(\left(N_{t}, \mathscr{F}_{t} ight)_{t \geqslant 0}\) be a continuous, real-valued local martingale and \(u \in \mathcal{C}^{2}(\mathbb{R})\). Show the following It formula \(d u\left(N_{t}...
-
JLT manufactures a variety of fertilizers for wheat farmers and uses a standard cost system. One of JLTs major inputs to many of its fertilizers is nitrogen, N385- 03. JLT started last month with no...
-
Julene Inc manufactures semiconductors and uses a standard cost system for both planning and control purposes. Julenes standard cost system records inventory at actual cost when purchased. In May,...
-
Starling Coatings produces weatherproofing coatings that protect metal from oxidation. One of Star-lings patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are...
-
A 0.012-kg bullet, traveling at 850 m/s, hits a 2-kg block of wood that is initially at rest, and goes straight through it. Assume that the final velocity of the bullet relative to the block is 400...
-
Assume that Iowa Co. will receive 1,200,000 Mexican pesos in 180 days. The Mexican interest rate is 3% over 180 days and the US rate is 2% over the same period. The spot rate for the Mexican peso is...
-
After watching the video from "The Big Bang Theory, describe what was occurring in the scene. What types of listening were demonstrated. How could this conversation be improved so that both parties...
Study smarter with the SolutionInn App