Explore BrainMass


Financial Accounting : FIFO and LIFO Applied

Please see the attached file for the fully formatted problems. P6-4A The management of Aurora Co. is reevaluating the appropriateness of using its present inventory cost flow method, which is average cost. They request your help in determining the results of operations for 2002 if either the FIFO metho

How to do a balance sheet, income statement, cash flow

Magnolia Inc. is a profitable new company that has good prospects for growth. It is nearing the end of its first year in business and the president Mr. James must make some decisions regarding accounting policies for financial reporting to stockholders. Magnolia's controller and certified public accountant have gathered the

Follow Up on financial statements generation

In the question the teacher says that " ACRS accelerated depreciation and flow-through of the investment credit will be used for tax calculation and payment purposes regardless of the method chosen for reporting to stockholders." It looks like on the tax calculation worksheet you sent me, that you used accelerated for some,

What is the average waiting time spent by a customer in the system? What is the average time a customer has to wait before he/she is serve? What is the average number of customers in the queue? What is the EOQ for this component? What is the cycle time in months? Draw the network and label. Designate normal & Crash critical paths.Smulate 10 hours of car arrivals and compute the average number of arrivals per hour.

1. The Town Bank's management is very concerned about customer service and has hired you to do a study on their current service. You find the following; Customer arrive at an average of 35 per hour through the day except between 12 and 1 p.m. when it increases to one every minute. There are 4 teller windows an

Inventory Valuation and Accounts Receivables

4. The Howard Swatch Company had 300 swatches in its July 1 inventory. The company uses periodic inventory system and made the following purchases of swatches during July and August. July 8 40 swatches for $20 each July 27 100 swatches for $21 each Aug 18 50 swatches for $22 each Aug 24 60 swatches for $23

Cost of sales, Ending inventory under FIFO, LIFO

1) Use the following information to calculate 1.) ending inventory 2.) Cost of Sales and 3.) gross margin under the inventory methods shown below. Assume that a periodic inventory system is employed and all sales are made at a price of $15/unit. Date Description Quantity Per Unit Cost 11/1/2002 Beginning In