Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during september, the company sells 960 watches fo

During September, the company sells 960 watches for $239.75 each. The company has the following...

60.1K

Verified Solution

Question

Accounting

image
During September, the company sells 960 watches for $239.75 each. The company has the following inventory purchase transactions for September: Date Transaction # of Units Unit cost Total Cast 1-Sep Beginning Inventory 100 $157.00 $15,700 4-Sep Purchase 550 $161.00 88,550 Purchase 350 $162.00 56,700 1,000 $160,950 24-Sep For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. $ Calculate ending inventory (LIFO) 12. $ _Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation. 14. S Calculate ending inventory (WA) 15. $. Calculate cost of goods sold (WA) 16. $ Calculate gross profit (WA) 17. Based on the above, which method would show a larger net income number? (FIFO, LIFO or WA)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

explain the importance of financial literacy in both in your life and your or other people'...

Finance
Q

Two circles intersect at A and B. P is any point on the circumference of one...

Basic Math
Q

Determine whether the series converges absolutely, conditionally, or not at all. ∞ n = 1 (−1)n 1 + n3

Basic Math
Q

In order to expand, El Cap Climbing Company (ECCC) is considering taking out a mortgage for...

Finance
Q

Choose the word pair that has a similar relationship to that of as the given...

Biology
Q

2 f x x 2 5 a Find the inverse of f x Show the...

Algebra
Q

Bramble Company estimates that it will produce 7,680 units of product IOA during the current...

Accounting
Q

Wet Pets Inc. makes 100-gallon plexiglass aquariums. They reported the following financial information for last...

Accounting
Q

Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be...

Accounting
Q

The comparafive balance sheet for Joumey Travel Services, Inc., for Docember 31, 2017 and 2016,...

Accounting
Q

RipplingBrook Mining Co. had operating cashflow equal to $50,000. Depreciation expense during the year was...

Accounting
Q

schedule k-1 (form 1065) is used to report: a) Total partnership income, deductions, and credits...

Accounting