Business, 26.02.2020 03:12 datboyjulio21

The shirt shop had the following transactions for T-shirts for 2016, it, s first year of operations:

Jan. 20 Purchased 400 units @ $ 8 = $3,200
Apr. 21 purchased 200 [email protected] $10 = $ 2,000
july 25 purchased 280 units @$ 13 =3,640
sept, 19 purchased 90 units @$15 =1,350
During the year , the shirt shop sold 810 T-shirts for $30 each.

a. Compute the amount of ending inventory the shirt shop would report on the balance sheet, assuming the following cost flow assumption (1) FIFO (2) LIFO (3) weighted average
b. Record the above transactions in general journal form and post to T- account assuming the FIFO, LIFO, weighted average methods. Use a separate set of journal entries and T-accounts for each method . Assume all transactions are cash transactions
c. Compute the difference in gross margin between the FIFO AND LIFO cost flow assumption

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 22:50

What happens when a bank is required to hold more money in reserve?

Answers: 3

Answer

Business, 22.06.2019 00:10

What are the forecasted levels of the line of credit and special dividends? (hints: create a column showing the ratios for the current year; then create a new column showing the ratios used in the forecast. also, create a preliminary forecast that doesn’t include any new line of credit or special dividends. identify the financing deficit or surplus in this preliminary forecast and then add a new column that shows the final forecast that includes any new line of credit or special dividend.) now assume that the growth in sales is only 3%. what are the forecasted levels of the line of credit and special dividends?

Answers: 1

Answer

Business, 22.06.2019 16:40

Match the situations that will develop one's personality and those that won't peter is surrounded by friends who are always encouraging him jonathan always watches television when he wants to take a break from his books libby sets small targets for herself and strives to achieve them. the smiths indulge in an animated discussion on varied topics every evening after dinner. brook loves junk food and exercises once in a while. develops your personality develops doesn't develop your personality

Answers: 2

Answer

Business, 22.06.2019 23:40

Gdp has grown in a country at 3% per year for the last 20 years. the labor force has grown at 2% per year and the quantity of physical capital has grown at 4% per year. a 1% increase in average physical capital per worker (other things equal) raises productivity by 0.3%. average education has not changed. how much has growing physical capital per worker contributed to productivity growth in this country? choose the correct answer from the following choices, and then select the submit answer button. answer choices 0.3% 0.6% 3.0% 6.0%

Answers: 1

Answer

You know the right answer?

The shirt shop had the following transactions for T-shirts for 2016, it, s first year of operations:...

Questions