Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales: January 1ġ60 units were purchased at $11 per unit. Use the following information for Davis Company to compute inventory turnover for Year 2. Compute the gross margin for each method.Ĭonnect Financial Accounting Chapter 5 Quiz Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.Ĭ. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.ī. Hemming uses a periodic inventory system.Ī. reported the following current-year purchases and sales for its only product. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.Ĥ. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.ģ. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Ģ. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory.ġ. The Company uses a perpetual inventory system. Laker Company reported the following January purchases and sales data for its only product. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $510.ĭetermine the cost of the inventory acquired from the estate. Walberg Associates insured the shipment at a cost of $170. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’s warehouse was $1,300. Walberg Associates, antique dealers, purchased the contents of an estate for $37,700. Home » Accounting Assignment Help » Financial Accounting Assignment Help » Connect Financial Accounting Chapter 5
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