Description of this paper

What is the cost of the ending inventory and the cost of goods sold?

Description

solution


Question

Problem 1;Hawaii Designer jeans had the following inventory figures for its Model #11 during 2010 as shown below.;Total Cost;Beg Inv = 36 units* $ 15=$540;Purchases;Jan 18 20 units * $16 = $320;March 3 25 units * $16 = $400;June 30 30 units * $14 = $420;Oct 18 36 units * $15 = $540;Total goods available for sale = 147 units, $2220;What is the cost of the ending inventory and the cost of goods sold?;a. Assume the company utilizes the FIFO method;b. Assume the company utilizes the LIFO method;c. Assume the company utilizes the average cost method;Instructions;SHOW ME YOUR WORK ? HOW DID YOU GET YOUR ANSWERS?;Round all computations to two decimal points. You can use this page for your submission or another form of your choice. Just label properly.;a. FIFO Ending Inv __$225;COGS ____$1770;Ending Inv = 15 units (Oct 15) *$15 = 225;COGS (132 units) = Beginning Inv + Purchases ? Ending Inventory;= 540 + 1455 ? 225 = $1770;???????????;b. LIFO Ending Inv ______$225;COGS _______$1770;Ending Inv = 15 units (Jan 1) * $15 = 225;COGS (132 units) = Beginning Inv + Purchases ? Ending Inventory;= 540 + 1455 ? 225 = $1770;c. Avg Cost method Ending Inv _$226.50;COGS $1993.50;Average Cost = Total Cost / Number of units;= $2220/147 = $15.10;Ending Inventory = 15 units * $15.10 = $226.50;COGS = $2220 - $226.50 = $1993.50;Problem 2;Mazzoni, Inc. was organized on June 1 of this year, with a charter providing for authorized capital as follows;a. 6,000 shares of preferred 9 percent stock, $40 par value.;b. 15,000 shares of no-par common stock, $15 stated value.;Instructions: Journalize on pg. 43 the following transactions with an explanation for each (calculations should be shown in the explanation). You can use the attached General Journal template or one that you make.;During the first year of operations, Mazzoni, Inc. completed the following transactions;June 1 Received subscriptions to 5,000 shares of common stock at $20 per share, collecting 40 percent of the subscription price.;June 7 Paid an attorney $3,680 for performing services needed for incorporating the firm.;June 15 Received $30,000 in cash for 700 shares of preferred 9 percent stock and issued the stock.;June 21 Subscribers to 5,000 shares of common stock paid an additional 30 percent of the subscription price.;June 22 Issued 50 shares of common stock to J. Gregory at $19 per share in return for promotional services.;June 30 Received an additional 30 percent of the subscription price from subscribers to 5,000 shares of common stock, and issued the stock.;Problem 3;The Johnson Corporation is authorized to issue 3,000 shares of 8 percent, $50 par-value preferred stock and 10,000 shares of no-par-value common stock with a stated value of $20 per share. On December 31, 2010, 1,000 shares of preferred stock and 4,000 shares of common stock are issued and outstanding. The corporation's transactions affecting stockholders' equity during 2011 are given below.;Instructions: Record the transactions on page 8 of a general journal. You can Omit descriptions. You can use any General Journal template or the one attached.;Problem 4;The following information was taken from the accounting records of the Gemini Corporation on December 31, 2010. Using this information, prepare the Stockholders' Equity section of the corporation's balance sheet in proper order and format. You can use the attached template or one of your own making.;Preferred Stock: 10%, $100 par value, 5,000 shares authorized, 1,200 shares issued and outstanding, Paid-in Capital in Excess of Par Value?Preferred Stock, $4,000;Common Stock: $50 par value, 10,000 shares authorized, 4,500 shares issued and outstanding, Paid-in Capital in Excess of Par Value?Common Stock, $5,000;Retained Earnings: Total, $105,000, appropriated for warehouse construction, $40,000

 

Paper#24735 | Written in 18-Jul-2015

Price : $22
SiteLock