Harry's Hardware started the month with 25 wrenches on the shelf, with an average per unit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Harry's Hardware started the month with 25 wrenches on the shelf, with an average per unit value of £3.25. During the month, Harry made these additional purchases: 1 April 100 wrenches @ £3.50 10 April 100 wrenches @ £3.75 20 April 150 wrenches @ £4.00 At the end of the month, Harry had 100 wrenches on the shelf. Calculate the value of the Closing Stock and the Cost of Goods Sold using the LIFO method. Harry's Hardware started the month with 25 wrenches on the shelf, with an average per unit value of £3.25. During the month, Harry made these additional purchases: 1 April 100 wrenches @ £3.50 10 April 100 wrenches @ £3.75 20 April 150 wrenches @ £4.00 At the end of the month, Harry had 100 wrenches on the shelf. Calculate the value of the Closing Stock and the Cost of Goods Sold using the LIFO method.
Expert Answer:
Answer rating: 100% (QA)
Heres how youd calculate the Closing Stock and Cost of Goods Sold using the ... View the full answer
Related Book For
Foodservice Management Principles and Practices
ISBN: 978-0135122167
12th edition
Authors: June Payne Palacio, Monica Theis
Posted Date:
Students also viewed these general management questions
-
A personnel manager may have a number of subordinate managers over whom the personnel manager has positional authority. In that sense, the personnel manager is a ________ manager. If however, the...
-
Suppose that the average number of defects in a unit is known to be 8. If the mean number of defects in a unit shifts to 16, what is the probability that it is detected by a U chart on the first...
-
Suppose that the average number of defects in a unit is known to be 10. If the mean number of defects in a unit shifts to 14, what is the probability that it is detected by a U chart on the first...
-
A managers key task is to balance which four customer service factors against which six logistics cost factors?
-
Use a statistical calculator or a statistics package like the one Excel offers to find the percentage of values in a chi square distribution with four degrees of freedom that are a. Greater than 7.83...
-
As part of a study of the relationship between brain size and IQ, a random sample of 250 adult males is obtained and their brain volumes are measured and found to be normally distributed. Decide...
-
The characteristics of services affect the development of marketing mixes for services. Choose a specific service and explain how each marketing mix element could be affected by these service...
-
Comparative balance sheets for 2013 and 2012, a statement of income for 2013, and additional information from the accounting records of Red, Inc., are provided below. Additional information from the...
-
Graymont Industries purchases Solvate, a chemical compound used in several of its products, from ChemMaster. ChemMaster has just increased the list price of Solvate to $8.00 per gallon. However,...
-
As the PowerPoint lecture indicated, healthcare is a business in which money is brought in via payment for services and money is spent toward providing those services. Every effort is made to...
-
In what ways can modern technology help managers in making decisions?
-
Joseph received an invoice for $6,000 that had payment terms of 3/15 n/30. He made a partial payment of $3,000 during the discount period. a. Calculate the amount credited. Round to the nearest cent...
-
Sasha plans to retire in 8 years from today with 283,422 dollars in her account. If she receives payments of 69,000 dollars per year and she receives her first 69,000 dollar payment in 9 years and...
-
Discuss considerations that should be fully taken into account when developing inventory related relevant costs for use in an economic order quantity (EOQ) model. Why do conflicts arise between the...
-
Hewlett Packard (HP) 2018 FY 10K filings highlights of financial analysis, and contrast to a non-manufacturing (or manufacturing) corporation's financial statements. about the company What areas are...
-
If the price of one of your stocks were to decline 80%, what return would it need to get back to even?
-
QUESTION 11 Alicia makes and sells arrows. Here is her cost and revenue information when she made and sold 1,000 arrows: Units sold 1,000 Sales revenue $21,000 Cost of goods sold $9,000 Selling...
-
A non-charmed baryon has strangeness S = 2 and electric charge Q = 0. What are the possible values of its isospin I and of its third component I z ? What is it usually called if I = 1/2?
-
A heat pump water heater: A. Humidifies the air in the kitchen B. Is less efficient that a conventional gas heater C. Requires a fireproof enclosure D. Uses recycled heat from kitchen equipment
-
Which of the following best represents a volume indicator for a Child Nutrition Program in a public school? A. Number of meals served B. Number of meal equivalents produced per labor hour C. Number...
-
Circle the appropriate response. 1. Because of energy costs, air conditioned kitchens are not common. 2. Radiant heat barriers are able to both reduce summer heat gain and reduce winter heat loss. 3....
-
Antonio Rossi set up a part-time business on 1 November 2004 buying and selling second-hand sports cars. On 1 November 2004 he commenced business with $66,000 which he immediately used to purchase...
-
Why is it necessary for financial reporting to be subject to (a) mandatory control and (b) statutory control?
-
How is it possible to make shareholders aware of the significance of the exercise of judgement by directors which can turn profits of 6m into losses of 2m?
Study smarter with the SolutionInn App