Harold Co. reported the following current-year purchases and sales data for its

Question

Harold Co. reported the following current-year purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 100 units @ $10 = $ 1,000 Jan. 10 Sales 90 units @$40 Mar. 14 Purchase 250 units @ $15 = 3,750 Mar. 15 Sales 140 units @$40 July 30 Purchase 400 units @ $20 = 8,000 Oct. 5 Sales 300 units @$40 Oct. 26 Purchase 600 units @ $25 = 15,000 Totals 1,350 units $ 27,750 530 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Cost of Goods Sold Inventory Balance 1/1 $ 1/10 $ $ 3/14 $ 3/15 $ 7/30 $ 10/5 $ 10/26 $ Total $ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Cost of Goods Sold Inventory Balance 1/1 $ 1/10 $ $ 3/14 $ 3/15 $ 7/30 $ 10/5 $ 10/26 $ Total $

Explanation / Answer

https://docs.google.com/viewer?a=v&q=cache:GxZn5so-K8IJ:ww2.justanswer.com/uploads/BusinessTutor/2011-01-19_190219_jjpotter.docx+The+accounting+records+of+NuTronics,+Inc.,+include+the+following+information+for+the+year+ended+December+31,+2011.+Dec.+31+Jan.+1+Inventory+of+materials+%24+24,000+%24+20,000+Inventory+of+work+in+process+8,000+12,000+Inventory+of+finished+goods+90,000+80,000+Direct+materials+used+219,000+Direct+labor+107,000+Selling+expenses+170,000+General+and+administrative+expenses+140,000+Overhead+is+assigned+to+production+at+%24192,000.+a.+Prepare+a+schedule+of+the+cost+of+finished+goo&hl=en&gl=in&pid=bl&srcid=ADGEESj9TZN5kYNgTpbVXwdK8Uy3Ff-d5fprc0sdKZu5151ml32pOCnbw_YYNyIHX4kNHWCwfdSvCWf3xpXxth18YKraeDQ5drf_Y_BAvdcVKp76a0yEe0g74_66Xe6MyRTaVtnrxC_p&sig=AHIEtbRfXFimYaT3uwzuHHXk2DoJ_fLDBA

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.