Moath Company reports the following for the month of June. Instructions a. Compute the cost of the
Question:
Moath Company reports the following for the month of June.
Instructions
a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
b. Which costing method gives the higher ending inventory? Why?
c. Which method results in the higher cost of goods sold? Why?
Transcribed Image Text:
Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 12 Purchase 400 6. 2,400 23 Purchase 300 7 2,100 30 Inventory 100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Inventory sold opening purchase closing 200 400300 100 800 units E67 A FIFO me...View the full answer
Answered By
Siddanthapu ashok
i am studying btech final year department of information technology. i have tutoring experience in online like chegg.
So I decided to start in solutioninn also so please kindly joining your family.thanking you solutioninn
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Moath Company reports the following for the month of June. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO (2) LIFO. (b) Which costing method gives...
-
Yount Company reports the following for the month of June. Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and(2) LIFO.(b) Which costing method...
-
Kaleta Company reports the following for the month of June. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO (2) LIFO. (b) Which costing method...
-
The Whitewater LLP is equally owned by three partners and has the following balance sheet at the end of the current tax year: Partner Petula is an active (i.e., general) partner retiring from the...
-
The molecules Have the same molecular formula (C3H8O) but different normal boiling points, as shown. Rationalize the difference in boiling points? (b) Ethyl methyl ether (a) Propanol 97.2C 10.8 C
-
Cheesy Poofs, Inc., is looking at setting up a new manufacturing plant in South Park to produce Cheesy Poofs. The company bought some land six years ago for \($7\) million in anticipation of using it...
-
Consider the set of vectors \((-1,1,1),(1,-1,1),(1,1,-1)\). a. Use the Gram-Schmidt process to find an orthonormal basis for \(R^{3}\) using this set in the given order. b. What do you get if you do...
-
Alladin Company purchased Machine #201 on May 1, 2012. The following information relating to Machine #201 was gathered at the end of May. Price ......................$85,000 Credit terms...
-
The controller of Bridgeport Housewares Inc. instructs you toprepare a monthly cash budget for the next three months. You arepresented with the following budget information: September October 2...
-
On June 24, 2021, Erika purchased a duplex with the intent of renting both units. The seller, Emanuel, had fallen behind on payments, so Erika paid Emanuel $50,000 in cash and assumed the $225,000...
-
Cody Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Determine the value of the companys...
-
Inventory data for Moath Company are presented in E6.7. Instructions a. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. b. Will the results in (a)...
-
a. Will the limitation to 20 stocks likely increase or decrease the risk of the portfolio? Explain. b. Is there any way Hennessy could reduce the number of issues from 40 to 20 without significantly...
-
In a certain year, there was measurable snowfall on 80 out of 365 days in Denver, and 63 out of 365 days in Chicago. A meteorologist proposes to perform a test of the hypothesis that the proportions...
-
When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include...
-
An accountants standard report on a compilation of a projection should not include a. A separate paragraph that describes the limitations on the presentations use fulness. b. A statement that a...
-
When an accountant compiles projected financial statements, the accountants report should include a separate paragraph that a. Describes the differences between a projection and a forecast. b....
-
Traffic engineers compared rates of traffic accidents at intersections with raised medians with rates at intersections with two-way left-turn lanes. They found that out of 4644 accidents at...
-
Explain how industry sales and industry profits behave over the product life cycle.
-
Write the general quadratic equation y2 - 8y - 4x + 28 = 0 in standard form. Determine the vertex, focus, and directrix of the parabola defined by this equation. Sketch a graph.
-
The following items are from the 2006 balance sheet of Kellogg Company. (All dollars are in millions.) Common stock ............$ 396.9 Other assets ............5,471.4 Notes payablecurrent...
-
These items are taken from the financial statements of Pinson, Inc. Prepaid insurance ........ $ 1,800 Equipment .......... 31,000 Salaries expense ....... 36,000 Utilities expense ....... 2,100...
-
You are provided with the following information for Milner Corporation, effective as of its April 30, 2010, year-end. Accounts payable ......... $ 2,400 Accounts receivable ........ 9,150 Accumulated...
-
A company finds that employees are accessing streaming websites that are not being monitored for malware or viruses. Which type of control can the network administrator implement to protect the...
-
1. Even as companies strive for greater efficiency, today's marketplace turbulence is also requiring them to strive for greater speed in responding to the threat of increasing variability in demand...
-
A decrease in demand and increase in supply will make price _ _ _ _ _ _ _ , and quantity _ _ _ _ _ _ . Question 3 3 options: Ambiguous, down Ambiguous, up Ambiguous, ambiguous Down, down Down,...
Study smarter with the SolutionInn App