Business, 13.01.2022 09:30 ryleerose255

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar 15 400 units at $23 July 20 250 units at $24 Sept. 4 Dec. 2 330 units at $26 100 units at $29 1,000 units were sold. Sekhon Company uses a periodic inventory system. Instructions:
(a) Determine the cost of goods available for
(b) Determine:
(1) the ending inventory, and
(2) the cost of goods sold under each of the sale. assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
(c) Which cost flow method results in
(1) the highest inventory amount for the balance sheet, and
(2) the highest cost of goods sold for the income statement?

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 17:10

American gas products manufactures a device called a can-emitor that empties the contents of old aerosol cans in 2 to 3 seconds. this eliminates having to dispose of the cans as hazardous wastes. if a certain paint company can save $75,000 per year in waste disposal costs, how much could the company afford to spend now on the can-emitor if it wants to recover its investment in 3 years at an interest rate of 20% per year?

Answers: 1

Answer

Business, 22.06.2019 09:30

Which of these is not a result of regular exercise

Answers: 1

Answer

Business, 22.06.2019 16:30

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

Answers: 3

Answer

Business, 22.06.2019 17:40

Slimwood corporation made sales of $ 725 million during 2018. of this amount, slimwood collected cash for $ 670 million. the company's cost of goods sold was $ 300 million, and all other expenses for the year totaled $ 400 million. also during 2018, slimwood paid $ 420 million for its inventory and $ 285 million for everything else. beginning cash was $ 110 million. carter's top management is interviewing you for a job and they ask two questions: (a) how much was carter's net income for 2018? (b) how much was carter's cash balance at the end of 2016? you will get the job only if you answer both questions correctly.

Answers: 1

Answer

You know the right answer?

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $...

Questions