Using the information provided above, calculate the cost of sales and inventory value using the FIFO method.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 91% (12 reviews)
Units Unit price 2500 1500 1000 50...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
Accounting For Managers Interpreting Accounting Information for Decision Making
ISBN: 978-1119979678
4th edition
Authors: Paul M. Collier
Question Posted:
Students also viewed these Managerial Accounting questions
-
Calculate: The total job cost and the cost per table The cost of sales The value of inventory The gross profit for the tables that were sold
-
Terrier Financial Services has fixed costs of 12,500,000. Shareholders expect a profit return before interest and taxes of 5,000,000. Terrier achieves an average margin of 1.5% on the volume of...
-
Within its relevant range, MaxiVent sells its highest volume of 150,000 units at a total cost of 85,000. Selling its lowest volume of 100,000 units incurs total costs of 75,000. Variable costs per...
-
The formula F(x) = 3x + C gives a different function for each value of C. All of these functions, however, have the same derivative with respect to x, namely F(x) = 3. Are these the only...
-
In teams of three or four, visit an appliance retailer. Check the warranties on various products to find out their duration, disclaimers, and any other related information. What safety information is...
-
The temperature of argon is \(100^{\circ} \mathrm{F}\), the pressure \(42 \mathrm{psia}\), and the velocity \(2264 \mathrm{ft} /\) sec. Calculate the Mach number and stagnation pressure.
-
An angular contact thrust bearing consists of 18 balls, each of diameter \(10 \mathrm{~mm}\), and is mounted on a shaft that rotates at \(1500 \mathrm{rpm}\). If the contact angle of the bearing is...
-
Utopia Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on October 31, 2012, is shown below. The following business transactions were...
-
Problem 3: Let us suppose you have a mass sitting on a rough surface. You apply some force at an angle of 45. You could either push the mass at this angle or pull the mass to move it. Is the force...
-
Harper Electronics is considering investing in manufacturing equipment expected to cost $250,000. The equipment has an estimated useful life of four years and a salvage value of $25,000. It is...
-
Using the information provided above, calculate the cost of sales and inventory value using the weighted average method.
-
a. Calculate the cost per equivalent unit for the month of April using the weighted average method of process costing. b. Calculate the value of work in progress and the value of completed stock...
-
In each of the following formulas, supply the words that should be inserted for each number in parentheses. (a) (Actual quantity (1)) (Standard quantity (2)) = Total materials variance (b) ((3) ...
-
(a) Consider an attractive spherical-well potential: V(x) = r < R and Vir) - 0, otherwise. Compute the a-wave phase shifts and -Vo for the scattering cross-sections for a particle of mass m in the...
-
What is the weight of a body with 7.3 kg mass? Assume g=9.81 m/s 2 . Provide your answer in N and round to the nearest two decimal places.
-
1. A cart (coach with a horse) is simultaneously accelerated from a zero velocity to 24 m/s and climbs to a height of 100 m. Find the work required for this process (34 Points).
-
1) A block is pushed forward along a frictionless horizontal surface using a handle inclined at 40 above the horizontal. The force pushing the block is 500N along the handle. Draw a suitable diagram...
-
7.12 A strip of elastomer 1 mm x 1 mm x 10 cm that obeys the affine network model is stretched to 40 cm length at T=300 K at the engineering stress 1 x 107 Pa. The volume occupied by each monomer is...
-
A matrix (a ij ) Mat n R is said to be Prove that the set of all diagonal matrices is a subring of Mat n R which is (ring) isomorphic to R x x R(n factors). Show that the set T of all triangular...
-
On October 1, 2021, Adoll Company acquired 2,600 shares of its $1 par value stock for $38 per share and held these shares in treasury. On March 1, 2023, Adoll resold all the treasury shares for $34...
-
What are the three major objectives of budgeting?
-
What are the three major objectives of budgeting?
-
What are the three major objectives of budgeting?
-
The future price of Gold for August 2022 delivery is $1,920. Future contracts are for 100 ounce of gold and assume that the margin requirement is $6,000 per contract and the maintenance margin...
-
Houston stock is selling for $47 and has the following six-month options outstanding. Strike Price Option Market Price Call Option $45 $5 Call option $50 $2 a. Which option(s) is (are) in the...
-
A regional electrical distributor currently has 1,000 customers who buy an average of $5,000 per year, generating a 50% margin. From experience, the company knows that 20% of its customers will not...
Study smarter with the SolutionInn App