What is the cost of its ending inventory, Accounting Basics

+44 141 628 6080
[email protected]

What is the cost of its ending inventory

A company purchased $20,000 of merchandise. Transportation costs were an additional $240. The company returned $320 of the merchandise and then paid the invoice within the 2.0% discount period. What is the total amount of cash paid?

Alphabet Company, which uses the periodic inventory method, buys different letters for resale. It buys A thru G in January at $4.0 per letter. In February, it buys H thru L at $6.0 per letter. It buys M thru R in March at $7.0 per letter. It sells A, D, E, H, J and N in April.

If the company uses the weighted average method, what is the cost of its ending inventory?
If the company uses the LIFO method, what is the cost of its ending inventory?
If the company uses the FIFO method, what is the cost of its ending inventory?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the cost of its ending inventory

Reference No:- TGS0696016

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Explain how the accounting equation is impacted

Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month.

Q : Discuss the accounts receivable balance at the end of july

The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound.

Q : What is the inventory turnover ratio

Your company sells $749,300 of goods during the year at a cost of goods sold of $538,600. Inventory was $31,183 at the beginning of the year and $35,438 at the end of the year.

Q : Effect the acquisition of ortiz

The financial statements for Metzger Inc. and Ortiz Corp., just prior to their combination, for the year ending December 31, 2012, follow. Ortiz's buildings were undervalued on its financial records by $80,000.

Q : What is the cost of its ending inventory

Q : Problem based on interference fringes

Laser light of wavelength 635 nm is incident upon two narrow slits separated by .14 mm. On a screen 4.1 m beyond the slits, how far apart are the interference fringes? (in m)

Q : What is the cost of goods manufactured

Flagg Industries reported the following data for the year just ended: sales revenue, $800,000; cost of goods manufactured, $700,000; cost of goods sold, $600,000; and selling and administrative expenses, $100,000. Flagg's gross margin would be?

Q : Analyze if group difference is significant enough by anova

The following shows the impact of three different types of Head Start Program for young children on three randomly selected groups. Analyze if group difference is significant enough using ANOVA.

Q : How much setup cost will be allocated to each dress

Classic Attire is the designer and manufacturer of prom dresses. The president of Classic wants to switch to an activity-based approach in the upcoming year to assign prices to the gowns.

1961658

Questions
Asked

3,689

Active Tutors

1421507

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the cost of its ending inventory

Reference No:- TGS0696016

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Explain how the accounting equation is impacted

Q : Discuss the accounts receivable balance at the end of july

Q : What is the inventory turnover ratio

Q : Effect the acquisition of ortiz

Q : What is the cost of its ending inventory

Q : Problem based on interference fringes

Q : What is the cost of goods manufactured

Q : Analyze if group difference is significant enough by anova

Q : How much setup cost will be allocated to each dress

Outcome of the pregnancy of an adolescent client

Teaching regarding the use of oral contraceptives

Problem concerning antibody screening test

Client has suffered a head injury

Patient with advanced cancer has several morphine orders

Client undergoes a modified radical mastectomy

What drugs used for acute-painful musculoskeletal condition

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the cost of its ending inventory

Reference No:- TGS0696016

Recent Questions Asked Accounting Basics

Q : Explain how the accounting equation is impacted

Q : Discuss the accounts receivable balance at the end of july

Q : What is the inventory turnover ratio

Q : Effect the acquisition of ortiz

Q : What is the cost of its ending inventory

Q : Problem based on interference fringes

Q : What is the cost of goods manufactured

Q : Analyze if group difference is significant enough by anova

Q : How much setup cost will be allocated to each dress

Asked Questions