1 answer

ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per...

Question:

ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company reported the following inventory information for the month of May:  May 1    Beginning inventory 4,200 units @ $9 cost per unit May 6    Purchased 2,000 units @ $12 cost per unit May 8    Sold 3,000 units May 13   Purchased 4,000 units @ $8 cost per unit May 18   Sold 2,100 units May 21   Purchased 2,500 units @ $6 cost per unit May 28   Sold 2,200 units May 30   Purchased 2,300 units @ $17 cost per unit  ABC Company reported operating expenses of $26,100 for May and they had a tax rate of 43%.  Calculate the dollar amount of ending inventory shown on ABC Company's May 31 balance sheet using the FIFO method.

Answers

Unit Unit Cost Total cost
Beginning inventory 4200 9 37800
Purchase 1 2000 12 24000
Purchase 2 4000 8 32000
Purchase 3 2500 6 15000
Purchase 4 2300 17 39100
Total 15000 147900

Sales unit = 3000+2100+2200 =7300

Ending inventory unit = 15000-7300 = 7700 Units

Ending inventory = 39100+15000+2900*8 = $77300

.

Similar Solved Questions

1 answer
3.2.6 0ל Y ו PasswordCheck.py entered 2 passWOrd 3 tries = 3 abc123" abc123" 4 5#You...
3.2.6 0ל Y ו PasswordCheck.py entered 2 passWOrd 3 tries = 3 abc123" abc123" 4 5#You may modify the 1ines of code above, but don't move them! 6 #When you Submit you code, we 11 change these lines to 7 #assign different values to the variables. 9 #Above we've Created three...
1 answer
How do you simplify #(\frac { 2a ^ { 2} \cdot 2a b ^ { 2} } { a ^ { 4} b ^ { 5} } ) ^ { 3}#?
How do you simplify #(\frac { 2a ^ { 2} \cdot 2a b ^ { 2} } { a ^ { 4} b ^ { 5} } ) ^ { 3}#?...
1 answer
1. (You may use the fact that 2xy ++ y2 for all real 2 and y.)...
1. (You may use the fact that 2xy ++ y2 for all real 2 and y.) a. Show that the function f : E→ El defined by f(x, y) = y) if (r, y) + (0,0) 10 if (2,y) = (0,0) is a continuous function on all of E. b. Prove that the same function is uniformly continuous on the closed ball of radius 100 around ...
1 answer
Which inventory costing method results in the lowest ending inventory during a period of rising merchandise...
Which inventory costing method results in the lowest ending inventory during a period of rising merchandise inventory cost? a.) Weighted-average b.) Specific identification c.) First-in, first-out (FIFO) d.) Last-in, first-out (LIFO)...
1 answer
You buy 261 shares of stock at a price of $38 and an initial margin of...
You buy 261 shares of stock at a price of $38 and an initial margin of 70%. If the maintenance margin is 37%, at what price will you receive a margin call? (Express your solution to two decimals of accuracy.)...
1 answer
12. The objective ofis to select a single number such as Fors', basedon sample dat that...
12. The objective ofis to select a single number such as Fors', basedon sample dat that represents a sensible value (good guess) for the true value of the population parameter, such as ? or ?...
1 answer
Ch 16: Assignment - Financial Planning and Forecasting Attempts: Keep the Highest: 12 5. Using regression...
Ch 16: Assignment - Financial Planning and Forecasting Attempts: Keep the Highest: 12 5. Using regression analysis to forecast assets The APN equation and the financial statement-forecasting approach both assume that assets grow at relatively the same rate as sales. However, the relationship between...
1 answer
Line segment AB is shown in the coordinate plane below. A math teacher states the dilation...
Line segment AB is shown in the coordinate plane below. A math teacher states the dilation of a line segment is longer or shorter in the ratio given by the scale factor. please based on picture . identify a scale factor for a dilation through the origin so that the dilation is longer than AB. Draw...
1 answer
Which of the following compounds will undergo a substitution reaction? O C2H6 O C2 H4 O...
Which of the following compounds will undergo a substitution reaction? O C2H6 O C2 H4 O C2H2 O all of the above O none of the above...
1 answer
A dose of methylnaltrexone bromide is administered to patients weighing over 251 lbs at a level...
A dose of methylnaltrexone bromide is administered to patients weighing over 251 lbs at a level of 0.15 mg per kilogram of body mass. Each dose is administered through a subcutaneous injection every other day. If a patient weighs 264 lbs and the methylnaltrexone bromide solution has a concentration ...
1 answer
What if I had an unfair coin flip game where a head had a likelihood of...
What if I had an unfair coin flip game where a head had a likelihood of one in a million bu realization of $1,000,000 while a tail would mean $100,000 with the appropriate probability when the coin can only be one of two realizations. Find the expected value of this game and contrast your result wit...
1 answer
What is the equation that relates the speed of sound, frequency, and the wavelength of a...
What is the equation that relates the speed of sound, frequency, and the wavelength of a wave? (Use the following as necessary: f and λ.) v=...
1 answer
Please no plagiarism and must be in your own words 800 Discuss how and why companies...
Please no plagiarism and must be in your own words 800 Discuss how and why companies use cryptography....
1 answer
How do you solve #4(x-5)=44# using the distributive property?
How do you solve #4(x-5)=44# using the distributive property?...
1 answer
The following information applies to the questions displayed below.) On April 1, 2016, Cyclone's Back and...
The following information applies to the questions displayed below.) On April 1, 2016, Cyclone's Back and have a salvage value of $50,000. hoe Co. purchases a trencher for $300,000. The machine is expected to last five years or both years ending December 2016 and 2017 assuming the company uses t...
1 answer
The following table shows site type and type of pottery for a random sample of 628...
The following table shows site type and type of pottery for a random sample of 628 sherds at an archaeological location. Pottery Type Mesa Verde McElmo Mancos Site Type Black White Black-on-White Row Total Black-on-White | Mesa Top 77T 189 Cliff-Talus 81 213 Canyon Bench 226 Column Total 248 207 173...
1 answer
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,900,000 Interest revenue 91,000 Loss on sale of investments 28,000 Cost of goods sold 1,300,000 Loss on inventory write-down (obsolescence)...
2 answers
How do you find the derivative of #F(x) = sqrt( (x-8)/(x^2-2) )#?
How do you find the derivative of #F(x) = sqrt( (x-8)/(x^2-2) )#?...
1 answer
Required a. Match the terms (identified as a through g) with the definitions and phrases. For...
Required a. Match the terms (identified as a through g) with the definitions and phrases. For example the term "a. Assets" matches with definition, Economic resources that will be used by a business to produce revenue. b. Calculate the missing amounts in the following table: Complete this qu...