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Periodic inventory systems are discussed.

Subject: What is the difference between perpetual and periodic inventory system? Details: 1//03 beginning inventory 50 units @ $30 2/22 purchase 70 @$33 3/7 sale(sold) (100) 4/15 purchase 90 @ 35 6/11 purchase 140@ 36 9/28 sale (100) 10/13 Purchase 50@ 38 12/4 sale (100)

Accounting statements of the firm have inflated inventory

I have a problem to solve: I am the newly named CEO of a large Fortune 500 company. This company has been publicly traded on the NYSE for many years and is well known with the average investor. The company is currently having a difficult time with its earnings. I have discovered that the accounting statements of the firm ha

What are the costs assigned using Average Cost, FIFO and LIFO?

Compute the cost to be assigned to ending inventory for each of the methods indicated, given the following information about purchases and sales during the year (see attached). a. Cost assigned on an average cost basis b. Cost assigned on a FIFO basis c. Cost assigned on a LIFO basis

Cost Accounting - General Ledger - purchases/overhead/invertory

The following account balances as of January 1, 2008, were selected from the general ledger of Browning Manufacturing Company: Work in process inventory $0 Materials inventory 521,000 Finished goods inventory $44,000 Additional data: 1) Actual manufacturing overhead for January amounted to $59,000. 2) Total direc

Inventory cost.

3. Consider a DAG supermarket selling chicken noodle soup manufactured by the Campbell Soup Company. Customer demand for chicken noodle soup is R cans per year. The price Campbell charges is $C per can. DAG incurs a holding cost rate of {see attachment}. The ordering cost is $K per order. Using the EOQ formula, DAG normally orde

Financial Accounting : LIFO and FIFO - Application Problem

The management of Congo Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2002, the accounting records show the following data. Inventory, January 1 (10,000 units) $35,000 Cost of 110,000 units purchased 478,000 Selling price of 95,000 units sold 665,000

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/Gross margins..

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