3. Cost of Sale / Ending inventory (24 marks) Giants Ltd began September with 80 units of...

Fantastic news! We've Found the answer you've been seeking!

Question:

3. Cost of Sale / Ending inventory (24 marks) Giants Ltd began September with 80 units of inventory that cost $120 each. During September, the firm made the following purchases: Purchases Date Units Unit Cost 3 Sep 20 $100 15 Sep 60 $90 28 Sep 80 $80 Additional information: Giants Ltd uses the periodic inventory system and the physical count at 30 September indicates that 40 units of inventory are remaining on hand. Sales revenue for September totalled $25,000. Giant Ltd has not changed the price of selling merchandises during the month of September. The firm does not provide any trade discounts to their customers as well. Q3-1 Assume that the company uses the FIFO method, please calculate the amount of ending inventory at 30 September (4 marks)

Posted Date: May 18, 2024 08:09 PM

See More Questions

In Problems 4352, graph each system of linear inequalities. State whether the graph is bounded or unbounded, and label the corner points. 0 x y 0 x + y = 1 x + y 7 2x + y 10
Kopecky Corp. had the following balances in receivable accounts at October 31, 2012 (in thousands): Allowance for Doubtful Accounts $52; Accounts Receivable $2,910; Other Receivables $189; Notes...
As these examples have indicated, games can be played with figures and ratios. What are some other quirks in the system? Ratio analysis can be a very important ingredient in financial analysis. And...
Go to Deloitte.com and select "Services" and then "Analytics." Choose a topic on data analytics and/or artificial intelligence and write about how Deloitte is using the technology to help its clients.
Metro Industries is considering the purchase of new equipment costing $1,200,000 to replace existing equipment that will be sold for $180,000. The new equipment is expected to have a $200,000 salvage...
On June 15, 20X1, Evans Corp. purchased a building and a machine for a combined cost of $600,000 by paying $300,000 down in cash and financing the remaining $300,000 by issuing a two-year, 12%, note....
1. Create a new program called Lab9A that will calculate the factorial for a number. a. Create an int function named calcfactorial that receives an integer parameter (x) and will return the factorial...
How do we implement change if a College wants to change the learning management system from Moodle to Canvas? What change approach and of the methodology for the project (supported by a diagnosis...
1. Who has the access to employee and payroll records aside from the human resources? How does HR protect the privacy of these files? 2. Can someone collect unemployment after being fired in an at...
A Bright Shiny Object (BSO) is a set of measures or criteria that aims to add knowledge to what specialists currently emphasize when educating about a discipline (Church, Scrivani, & Paynter, 2019). ...
1. Discuss how the original transition into the New York office should have been handled from and International Human Resources Management perspective. 2. Discuss the bank's international...
We wish to compare the performance of two different machines: M1 and M2. The following measurements have been made on the machines Program Time on M1 Time on M2 1 10 s 5 s 2 3 s 4 s Which machine is...
show that (a) The product of two diagonal matrices is diagonal (b) The transpose if a 4 x 4 lower triangular matrix is an upper triangular matrix. Show that: (a) The product of two diagonal matrices...
Four GWU students have been selected to taste food sold by 3 different food trucks labeled as food truck A, B and C on H & 22nd Streets every Monday for 3-weeks. For each student, food trucks are...
Claire Corporations trial balance includes the following expenses: Assuming no change in the work-in-process and finished goods inventory balances for the year, what total amount should Claire report...
Carson Company reported the following amounts for December: What amount of raw materials was used in production in December? a. $71,000 b. $73,000 c. $77,000 d. $85,000 Beginning raw materials...
Carson Company reported the following amounts for December: What is cost of goods manufactured for December? a. $176,000 b. $182,000 c. $186,000 d. $188,000 Beginning raw materials inventory....

3. Cost of Sale / Ending inventory (24 marks) Giants Ltd began September with 80 units of...

Question:

Expert Answer:

Students also viewed these accounting questions