Following are inventory data for 1999 for Kintech Company: lo01 1. January 1 inventory on hand. 400
Question:
Following are inventory data for 1999 for Kintech Company: lo01
Transcribed Image Text:
1. January 1 inventory on hand. 400 units @ $28.80. 2. January sales were 80 units. 3. February sales totaled 120 units. 4. March 1. purchased 200 units @ $30.24. 5. Sales for March through August were 160 units. 6. September 1. purchased 40 units @ $33.12. 7. September through December sales were 180 units. A physical inventory on December 31. 1999, showed 100 units on hand. Determine the cost of the ending inventory using the weighted-average method under periodic inventory procedure.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting A Business Perspective
ISBN: 9780075615859
7th Edition
Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher
Question Posted:
Students also viewed these Business questions
-
Following are inventory data for 1999 for Kintech Company: 1. January 1 inventory on hand, 400 units @ \(\$ 28.80\). 2. January sales were 80 units. 3. February sales totaled 120 units. 4. March 1,...
-
Please provide detailed responses to the questions. Here are the instructions: Refer to theLucent Techologiesarticle. Then, in a Word document, answer the three questions in the reading (p. 3)....
-
I need full professional answers for short-term financial management course, in attachment. FIN 644 Exam 1 Name___________ 1. Consider the following balance sheet and income statement data for...
-
28. The amount of time spent by an employee in the factory is usually recorded on: a. time tickets b. job order cost sheets c. employees' earnings records d. statement of owners'equity 29. The entry...
-
Find the z-score that corresponds to each percentile. 1. P 10 2. P 20 3. P 99 a. Write the percentile as an area. If necessary, draw a graph of the area to visualize the problem. b. Locate the area...
-
You have a loan outstanding. It requires making three annual payments of $1000 each at the end of the next three years. Your bank has offered to allow you to skip making the next two payments in lieu...
-
Purpose: To employ comparative data and industry data to evaluate a companys performance and fi nancial position. Address: http://www.msn.com/en-us/money, or go to www.wiley.com/college/kimmel Steps...
-
Offhaus Manufacturing produces office supplies but outsources the delivery of its products to third-party carriers. Offhaus ships to 20 cities from its Dayton, Ohio, manufacturing facility and has...
-
Department# 1 had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material. 14,000 units of direct materials...
-
Use the data in Exercise 7-15 to compute the cost of the ending inventory using the LCM method applied to the total inventory. lo1
-
Following are selected transactions of Gamble Company: 1. Purchased 100 units of merchandise at $240 each: terms 2/10, n/30. 2. Paid the invoice in transaction I within the discount period. 3. Sold...
-
Evaluate D and X (Equations 8.46 and 8.47). Check your answers against Equations 8.48 and 8.49. 0=0(800)|2|0}, D a (8.46)
-
The transmitted energy expands out into space as it propagates at 3 GHz between the transmitter and the receiver over 30 km distance. Calculate the free space loss using a suitable formula and any...
-
What is the company featured in this episode of Undercover Boss? List 3 good professional activities that the CEO/president learned about their company by going undercover? List areas of the...
-
Assume there is a national lottery in the winning ticket is worth $10 million one winning ticket will be selected if there are 225 million tickets sold. What is the chance that a buyer of one ticket...
-
Description: Reference: Basu Thakur. (2015). PostcolonialTheory and Avatar (pp. 85-150,157-172). Bloomsbury PublishingUSAPre-Peer Paper Review for the Postcolonial Application Paper 1: Collecting...
-
NOT ASKING THE ACTUAL SHEAR STRESS. Please READ! Derive the shear stress distributed equation over the cross-section. Derive the equation and plot. 15 15 30 15 15 120 -90 20 0.5 m 72 kN 20 20 40 40...
-
Riley Co. has outstanding $40 million face amount of 15% bonds that were issued on January 1, 1998, for $39,000,000. The 20-year bonds mature on December 31, 2017, and are callable at 102 (that is,...
-
Ball bearings are widely used in industrial applications. You work for an industrial food machinery manufacturer and your role is to design the driveshaft assembly on a new type of equipment that...
-
Given the following financial data for the Smith Corporation, calculate the length of the firm's operating cycle (OC). Sales $2,610,000 Cost of Good Sold $2,088,000 Inventory $ 278,400 Accounts...
-
The predetermined overhead rate is usually calculated Group of answer choices At the end of each year At the beginning of each month At the beginning of the year At the end of the month
-
ajax county collects property taxes for the cities within the county, Ajax county collected 1000 from citizens in Beatty city that belong to Beatty city what would be the appropriate entries for ajax...
Study smarter with the SolutionInn App