FREE Trial

You are provided with the following information for Aylesworth Inc. for the month ended October 31, 2012. Aylesworth uses a periodic method for inventory. Instructions(a) Calculate (i) ending inventory , (ii) cost of goods sold, (iii) gross profi t, and

You are provided with the following information for Aylesworth Inc. for the month ended October 31, 2012. Aylesworth uses a periodic method for inventory.

image

Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profi t, and (iv) gross profit rate under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost.(b) Compare results for the three cost flowassumptions.

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:

Unit Cost or Description Beginning inventory Purchase Sale Purchase Units Date October 1 October 9 October 11 October 17 October 22 October 25 October 29 Selling Price 60 120 100 70 $25 26 35 27 40 28 60 Sale Purchase Sale 80 110 40

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
  • Tutor Answer

Cost of Goods Available for Sale Date Explanation Units Unit Cost Total Cost October 1 Beginning Inv…View the full answer


answer-question
Related Book For  answer-question
Accounting Principles

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books
Question Details
Chapter # 6
Section: Problem Set A
Problem: 5
Posted Date: October 24, 2011 08:05:46
See More Questions

Students also viewed these Managerial Accounting questions

Q:
You are provided with the following information for Pavey Inc. for the month ended October 31, 2010. Pavey uses a periodic method for inventory. Instructions(a) Calculate (i) ending inventory , (ii)...
A:
Cost of Goods Available for Sale Date Explanation Units Unit Cost Total Cost October 1 Beginning Inv......
Q:
You are provided with the following information for Matthew Inc. for the month ended October 31, 2014. Matthew uses a periodic method for inventory. Instructions (a) Calculate (i) ending inventory ,...
A:
Cost of Goods Available for Sale Date Explanation Units Unit Cost Total Cost October 1 Beginning Inv......
Q:
On 1 June 2022 Sydney Ltd enters into a firm commitment with SanFran Co. to buy US$1 000 000 of inventory. The inventory will be transferred to Sydney Ltd (making Sydney Ltd therefore liable for the...
A:
ANSWER On 1 June 2022 Sydney Ltd enters into a firm commitment to buy US 1 000 000 of inventory and......
Q:
The Smiths had $110,000 in savings at age 51. They had a desired retirement age of 65. They want to fund through age 92. Assume a 4 percent inflation rate and a 5 percent after tax rate for...
A:
1 Pre Retirement Period Age 51 65 Revenues Household Income 140 000 Expenses Household Expenditures......
Q:
In this exercise, you modify one of the Projected Sales applications from this chapters Apply lesson. Use Windows to make a copy of the Projected Sales Solution-ForNext folder. Rename the copy...
A:
Microsoft Visual Studio Solution File Format Version 12 00 Visual Studio 15 VisualStudioVersi......
Q:
Pittsburgh Steel Company has a convertible bond outstanding, trading in the marketplace at $960. The par value is $1,000, the coupon rate is 10 percent, and the bond matures in 20 years. The...
A:
Purebond valu......
Q:
Gloria sells land that she held as an investment for $2,000 to the Lacy for Senate Campaign Committee. Gloria purchased the land twenty years ago for $2,000. The chairman of the Lacy for Senate...
A:
Sec 84 a requires transfers of appreciated property to political organizations to be treated as having been sold at the fair market value of the property on the date of the transfer Because the land i......
Q:
Shared and weak pointers are one way to solve memory leaks. When a shared pointer points at something, it adds one to a refcount. When the pointer stops pointing at it, the refcount goes back down....
A:
Here is the solution a The class definitions for SharedPtr and WeakPtr might look something like this cpp A class that represents a shared pointer template class SharedPtr private A pointer to the obj......
Q:
Raminder paid a cheque, $975, to Kumar in full settlement of a debt of $1,000. How did Kumar record this? Debit Credit A bank 975 Raminder 1000 discount allowed 25 B bank 975 Raminder 1000 discount...
A:
Solution The correct ans......
Q:
The management of Reiko Co. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. They request your help in determining the results of operations...
A:
a REIKO CO Condensed Income Statement For the Year Ended December 31 2012 FIFO LIFO Sales revenue 86......
Q:
You have the following information for Goodspeed Diamonds. Goodspeed Diamonds uses the periodic method of accounting for its inventory transactions. Goodspeed only carries one brand and size of...
A:
a 1 To maximize gross profit Goodspeed Diamonds should sell the diamonds with the lowest cost Sale D......
Q:
For the following exercises, use the graph in Figure 1 showing the profit, y, in thousands of dollars, of a company in a given year, x, where x represents years since 1980. Find and interpret the...
A:
Here also we need to find y intercept it means x 0 for find the linea......
Q:
C. Assume that the ASB Bank has the following structure of assets and liabilities: Assets Floating rate business loans $250 Federal funds sold 50 Fixed rate loans and investments 700 Total Assets...
A:
a To calculate the dollar or maturity gap of the bank you need to subtract the dollar amount of liabilities from the dollar amount of assets The dolla......
Q:
Lead Foot Locker, Inc. reported retained earnings of $500,000 on December 31, 2019. During the year, the company recorded net income of $200,000 and paid dividends of $80,000. Lead Foot Locker had no...
A:
To calculate the retained earnings on December 31 2018 you can use the following formula Retain......
Q:
The following extract is obtained from an article published by RSM International Ltd. titled The business risks in post-pandemic Africa: Unstable financial markets. Odirile Setlhoka, RSM Botswana,...
A:
The passage highlights several financial risks that impact investors and companies in Africa in the post pandemic era Here are five key financial risk......
Q:
Once legislation receives Royal Assent, what is the role of the courts when it is a dispute about the meaning of the legislation? Provide an example of one Taxation Ruling that seeks to provide a...
A:
Once legislation receives Royal Assent and becomes law the role of the courts in case of a dispute a......
Q:
Jill is 40 Has income of 120k Calculates a war of 66.67% (use 2/3rds) Plans on retiring at 63 Expects to live to 87 Has 50k in current savings Invests 50% in the stock market Once retired plans on...
A:
To calculate how much savings Jill should have left at different ages we can follow these steps 1 Calculate how many years Jill will be in retirement from age 63 to age 87 2 Determine her annual expen......
Q:
Determine an expression for the general term of each arithmetic sequence. 6, 3, 0, -3, . . .
A:
In the given sequence 6 3 0 3 To move from one term......
Q:
On October 1, 2014, the Dow Jones Industrial Average (DJIA) opened at 17,042 points. During that day it lost 237 points. On October 2 it lost 4 points. On October 3 it gained 209 points. Deter-mine...
A:
17 0......
Q:
Numerous articles have been written that identify early warning signs that you might be getting into trouble with your personal debt load. You can find many good articles on this topic on the Web....
A:
Some common signals identified in articles are Bills......
Q:
Numerous articles have been written that identify early warning signs that you might be getting into trouble with your personal debt load. You can find many good articles on this topic on the Web....
A:
Some common signals identified in articles are Bills......
Q:
Numerous articles have been written that identify early warning signs that you might be getting into trouble with your personal debt load. You can find many good articles on this topic on the Web....
A:
Some common signals identified in articles are Bills......
Q:
BriteLite Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated activity costs and activity bases...
A:
a Estimated Total Activity Activity Activity Activity Cost Base Usage Rate Cas......
Q:
Garfield Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity...
A:
A B Activity Casting Assembly Inspecting Setup Materi......
Q:
Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity...
A:
a Budgeted Total Activity Activity Activity Activity Cost Base Rate Casting 570 000 19......
Q:
Read the article Job Design, Job Characteristics, and Job Crafting and write a paper about it
A:
Job Design Job Characteristics and Job Crafting Introduction Every job undergoes continual adjustment due to the effect of automation and mechanization Some employments become redundant while several......
Q:
At the beginning of 2016, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet frozen foods. The equipment was estimated to have a...
A:
Requirement 1 2018 expense using CEO s approach 42 000 000 Cost 4 200 000 Previous annual depreciati......
Q:
Use the depths (km) of the 600 earthquakes included in Data Set 21 "Earthquakes." Use a class width of 10.0 km and begin with a lower class limit of 0.0 km. Does the frequency distribution appear to...
A:
No the frequency distribution......
Q:
Use the first four rules of inference to derive the conclusions of the following symbolized arguments.
A:
Click to View...
Q:
1. What are the major problems facing Google in 2009? 2. Given the economic environment in 2009 as described in the case, what implications, opportunities and threats does this context pose for...
A:
1 Google has a multitude of issues in 2009 Their key issue is to how to maintain their corporate entrepreneurship and innovation activities Google grew through such initiatives Chiefly it needs to att......
Q:
Sandesh is an employee of Ajax Fasteners (Ajax) and has recently been offered a promotion to manage Ajax's Head Office in Bendigo. He has negotiated the following remuneration package with Ajax:...
A:
The Fringe Benefits Tax FBT consequences for Ajax regarding the provided information are as follows......
Q:
Timpano Communication Inc. had the following shareholders' equity on January 1, 2017: Preferred shares, $2.00, cumulative (1 year in arrears), liquidation price of $20, 100,000 shares authorized,...
A:
Req 1 General Journal DATE 2017 ACCOUNT TITLES AND EXPLANATION POST REF DEBIT CREDIT Jan 14 Retained......
Q:
Kitchen Mate, Inc., is estimating the activity cost associated with producing ovens and refrigerators. The indirect labor can be traced into four separate activity pools, based on time records...
A:
a b A 2 Factory overhead 3 Activity base 4 Activ......
Q:
Oasis Palms Hotel uses activity-based costing to determine the cost of servicing customers. There are three activity pools: guest check-in, room cleaning, and meal service. The activity rates...
A:
Guest check in 9 40 1 che......
Q:
Briefly describe three situations in which the first-in, first-out (FIFO) discipline rule is not applicable in queuing analysis.
A:
The first in first out priority rule is often not va......
Q:
Of the six methods for assessing project feasibility, which is the most important? In which situation is each method more or less important?
A:
The six methods for assessing project feasibility are usually considered to be technical feasibility economic feasibility legal feasibility operational feasibility scheduling feasibility and resource......
Q:
Describe the difference in the role of a systems analyst in the SDLC versus prototyping.
A:
In the context of software development a systems analyst plays a crucial role in both the traditional Software Development Life Cycle SDLC and the prototyping approach However their roles and responsi......
Q:
What is RAD? How does it compare to the typical SDLC?
A:
RAD which stands for Rapid Application Development is a software development methodology that prioritizes speed and flexibility in the development pro......
Q:
What is off balance sheet financing? Why are long-term operating leases considered to be a form of off balance sheet financing?
A:
Off balance sheet financing refers to a financial arrangement in which a company is able to obtain funds or assets without recording them directly on its balance sheet This can be done through various......
Q:
Research how to prepare an RFP.
A:
Preparing a Request for Proposal RFP involves a structured process to solicit proposals from vendors or service providers for a specific project or in......
Q:
Why is it that a cat that accidentally falls from the top of a 50-story building hits a safety net below no faster than if it fell from the twentieth story?
A:
The terminal speed attained by the falling cat is the same whe......
Q:
Software Solution is family-owned business that has been in operation for more than 15 year. The board of directors is comprised of mainly family members, plus a few professionals such as an...
A:
A Yes this is ethical dilemma for Regima because she is not able to perform her duty of......
Q:
Write discussion board post effectively, you will need to finish reading Elena Ferrante's "My Brilliant Friend" Write an initial post in which you focus on your interpretation of the novel so far.
A:
My Brilliant Friend The novel is interesting to read as it is if full of suspense that make a reader try to imagine of what could be the fact behind L......
Q:
You will need to understand solved problem S4 before answering this question. In an island population, the following data were obtained for the numbers of people with each of the four blood types:...
A:
The first thing we need to do is to determine the allele frequencies Lets let p represent i q repres......
Q:
You will need to understand solved problem S4 before answering this question. A muscle - specific gene was cloned and then subjected to promoter bashin. As shown here, six regions, labeled A - F,...
A:
Based on these results there are enhancers that are located in regions A D and E When these e......
Q:
Suppose that there is parity between the Australian dollar and the United States dollar. Let x be a positive number and assume that the United States dollar increases by 100x % in Australian dollars....
A:
If there is parity between the Australian dollar and the United States dollar then one Australian do......
Q:
Helen is buying a $12,375 automobile with a $3000 down payment, followed by 36 monthly payments of $325 each. The down payment is' paid immediately, and the monthly payments are due at the end of...
A:
9 375 325 P A i 36 P A i 36 9 375 32......
Q:
Anguilla Company, an electronics repair store, prepared the following trial balance at the end of its first year of operations: For preparing the adjusting entries, the following data were assembled:...
A:
a Accounts Receivable 3 200 Fees Earned 3 20......
Q:
For each of the following lists of premises, derive the conclusion and supply the justification for it. There is only one possible answer for each problem.
A:
Click to View...
Q:
Sapsora Company uses ROI to measure the performance of its operating divisions and to reward division managers. A summary of the annual reports from two divisions is shown below. The companys...
A:
a Division B is more profitable because it has a higher after......
Q:
What are the three types of muscle tissue. Please discuss the uniques characteristics of all three. Also upload a video link showing Peristalsis.
A:
The three types of muscle tissue in the human body are skeletal muscle smooth muscle and cardiac muscle Each type has unique characteristics 1 Skeleta......
Q:
A coach must select two players to serve as captains. He wants to randomly select two players to be the captains. Obtain a simple random sample of size 2 from the following list: Mady, Breanne, Evin,...
A:
We will use one digit labels and assign the labels across each row i e Mady 0 Breanne 1 and so on In......
Q:
Lopez Corp. produces and sells one product. In November it expects to sell 12,000 units of this product. The company's variable selling and administrative expenses are $6.00 per unit sold and its...
A:
The estimated selling and administrative expense is calculated as follows 12......
Q:
The final project for this course will be a short (3-5 page) paper over a problem that might usefully be approached using an interdisciplinary approach, and specifically by using the three...
A:
Outline Climate change refers to long term changes in temperature and weather patterns Such changes in temperature and weather patterns should be expected but since the 1800s it has been clear that hu......
Q:
You are given that | = 0.20 for t 0, 1, ...,4 %3D Calculate 2Pr+2.
A:
Click to View...
Q:
How are a companys internal and external logistics supported by AI technologies?
A:
AI technologies are increasingly being used to support a company s internal and external logistics operations These technologies offer numerous benefits in terms of efficiency cost savings and overall......
Q:
Should employers continue to do drug testing for things like marijuana, which continues to be controversial with varying state laws? Why or why not?
A:
The question of whether employers should continue to conduct drug testing for substances like marijuana is a complex and debated issue There are valid......
Q:
You are about to buy a car. Using Simons (1977) four phase model, describe your activities at each step in making the decision.
A:
Herbert A Simon s four phase model of decision making proposed in 1977 provides a structured framework to understand how individuals go through the process of making decisions Let s apply this model t......
Q:
Relate AI to the steps in the classical decision-making process.
A:
AI can play a significant role in various steps of the classical decision making process which typically includes the following stages Problem Identification and Definition AI can help identify and de......
Q:
How does AI facilitate training?
A:
Artificial Intelligence AI plays a significant role in facilitating training across various domains Here are several ways AI contributes to the training process Personalized Learning AI can analyze a......
Q:
Let AABC be a triangle in E.G. If E ,F are points on the interior of AB, AC respectively such that ZAEF = LACB, AB=12 ,AF=6, FC=2. AE= A) 6 B) 12 C) 4 D) N.A.
A:
Click to View...
Q:
What steps must a business take to implement a program of social responsibility?
A:
The steps are as follows Commitment of top executives Top executives should develop a policy statement that outlines key areas of concern Planning Managers should form a plan that deals with each of.........
Cost Accounting Principles And Applications 5th Edition - ISBN: 0070081522 - Free Book