Allocating product cost between cost of goods sold and ending inventory
Jones Co. started the year with nno inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,060 and the other $ 1,380. Jones sold one of the itmes during the year.
Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of

A. FIFO?
B. LIFO?
C. Weighted average

The vaska company buys a patent on january 1, year one, and agrees to pay $100,000 per year for the next five years. the first payment is made immediately, and the payments are made on each january 1 thereafter. if a reasonable annual interest rate is 8 percent, what is the recorded value of the patent? 1. $378,4252. $431,2133. $468,9504. $500,000

At a roundabout, you must yield to a. already in the roundaboutb. entering the roundaboutc. only if their turn signal is ond. only if they honk at you

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.