Description of this paper

periodic and perpetual cogs and ending inventory valuation and depreciation problem (total 100 points)

Description

solution


Question

Question;Cost of Goods Sold(50 points);Redster Company is a manufacturing firm. Presented below is information concerning one of its products, Ander;DateTransactionQuantityPrice/Cost1/1Beginning inventory2,900$102/12Purchase3,300$153/2Sale2,400$284/18Purchase4,500$185/31Sale3,800$30Compute the cost of goods sold under the following situations;Periodic system, FIFO cost flowPerpetual system, FIFO cost flowPeriodic system, LIFO cost flowPerpetual system, LIFO cost flowPeriodic system, weighted-average cost flowPerpetual system, moving-average cost flow2.;Depreciation Expense (50 points) Valley;Corporation purchased a new piece of equipment on June 1, 2011. The;cost of this machine was $325,000. The company estimated that the;machine would have a salvage value of $25,000 at the end of its service;life. Its life is estimated at four years and its working hours are;estimated at 50,000 hours. Year end is December 31.Compute the depreciation expense under the following methods. Each of the following should be considered unrelated.;Straight-line depreciation for 2011.Units of production method for 2011, assuming that machine usage was 13,000 hours.Sum-of-the-years?-digits for 2012.Double-declining balance for 2012.

 

Paper#37531 | Written in 18-Jul-2015

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