Aiello, Inc. had the following inventory in fiscal 2016. The company uses the FIFO method of...
Aiello, Inc. had the following inventory in fiscal 2016. The company uses the FIFO method of accounting for inventory. Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $6,045.00 C. $6,157.50 D. $5,305.75 E. None of the above
Homework Answers
Units sold = (130+200+50+110) - 120 = 370 units
Cost of Goods Sold under Fifo
= (130*15) + (200*18) + (40*13.50)
= 6090
Option A is the answer
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Aiello, Inc. had the following inventory in fiscal 2016. The
company uses the FIFO method of...
Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of...
Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $1,800.00 C. $5,305.75 D. $6,157.50 E. None of the above
show work as necessary and please be neat 34. McKinnon Enterprises owns a professional ice hockey...
show work as necessary and please be neat
34. McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcoming season and receives $960,000 cash. The season starts January 1, 2018, with five home games occurring monthly over the next six months. How much revenue will McKinnon Enterprises recognize from its season ticket sales through the end of April 2018? A) $480,000 B) $640,000 C) $960,000 D) $320,000 E) None of the...
Gift & Shop had the following inventory in fiscal 2018. The company uses the FIFO method...
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FIFO METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2...
FIFO METHOD:
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FIFO, LIFO, and WEIGHTED AVERAGE METHOD: Hurst Company's beginning inventory and purchases during the fiscal year...
FIFO, LIFO, and WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1,20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 g. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,500 10.00$ 15,000.00 500 11.50$ 5,750.00 600 S14.50$ 8,700.00 1,200 15.00 18,000.00 800 $ 16.50$ 13,200.00 300 $...
Safe Search THIS PAGE IS SAFE Hotel Del Live Web Cam C... - WVU G Google...
Safe Search THIS PAGE IS SAFE Hotel Del Live Web Cam C... - WVU G Google - CareLink JJJ ACCESS SHARE VIA VAULT FACEBOOK Fox News - Breaking News ... QUESTION 5 Fischer Inc. had the following inventory in fiscal 2017. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 2017: 130 units @ $10.00 Purchase 200 units @ $12.00 Purchase 50 units @ $9.00 Purchase 110 units @ $10.50 Ending Inventory, December 31, 2017:...
MC MR 3. (14 points) Hogwallop Company uses the periodic inventory method and had the following...
MC MR 3. (14 points) Hogwallop Company uses the periodic inventory method and had the following inventory information will Unit Cost 1/1 Beginning Inventory Total Cost 150 $ 600 1/20 Purchase 2.400 7/25 Purchase 10/20 Purchase Units 400 200 310 1,060 1.400 2.480 $6,880 A physical count of inventory on December 31 revealed that there were 380 units on hand. Instructions Answer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO...
100 Irish Company uses the periodic inventory method and had the following inventory information available: Units...
100 Irish Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory $ 500 1/20 Purchase 400 2,400 7/25 Purchase 200 1,400 10/20 Purchase 2,400 1.000 $6.700 A physical count of inventory on December 31 revealed that there were 480 units on hand. S6 300 Instructions Answer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of...
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MASTERY PROBLEM ,250Hurst Company's beginning inventory and purchases during the fiscal year end December 31, 20-2,...
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show work as necessary and please be neat
34. McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcoming season and receives $960,000 cash. The season starts January 1, 2018, with five home games occurring monthly over the next six months. How much revenue will McKinnon Enterprises recognize from its season ticket sales through the end of April 2018? A) $480,000 B) $640,000 C) $960,000 D) $320,000 E) None of the...
FIFO METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00 $ 15,000.00 500 $11.50 5,750.00 600 $14.50 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 $5,400.00 700 18.50 12,950.00 400 20.00S8,000,00 $87,000.00 300...
FIFO, LIFO, and WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1,20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 g. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,500 10.00$ 15,000.00 500 11.50$ 5,750.00 600 S14.50$ 8,700.00 1,200 15.00 18,000.00 800 $ 16.50$ 13,200.00 300 $...
Safe Search THIS PAGE IS SAFE Hotel Del Live Web Cam C... - WVU G Google - CareLink JJJ ACCESS SHARE VIA VAULT FACEBOOK Fox News - Breaking News ... QUESTION 5 Fischer Inc. had the following inventory in fiscal 2017. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 2017: 130 units @ $10.00 Purchase 200 units @ $12.00 Purchase 50 units @ $9.00 Purchase 110 units @ $10.50 Ending Inventory, December 31, 2017:...
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