(Answered) Ken tuckie inc had a beginning inventory on january 1 of

Accounting

Ken Tuckie Inc. had a beginning inventory on January 1 of 100 units of Slatherbuns at a cost of $26 per unit. During the year, the following purchases were made:

Mar. 15300 units at $28Sept. 4300 units at $32

July 20200 units at $30Dec. 2100 units at $36

700 units were sold. Ken Tuckie uses a periodic inventory system.

Instructions

(a) Determine the total cost of goods available for sale.

(b) Determine (1) the value of ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost).

(c) Which cost flow method results in (1) the most money available to invest in the business? Which method has the lowest inventory amount for the balance sheet?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92580547
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - bowcutt company sold 400000 of 7 percent bonds

Question - Bowcutt Company sold $400,000 of 7 percent bonds on January 1, 2018, when the effective rate of interest was 6%. The bonds will mature in five years, and pay interest on June 30 and December 31. Using the effe ...

Question - on january 1 2017 shay issues 700000 of 10

Question - On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104½. All interest is ...

Question - tribune manufacturing purchased a machine for 60

Question - Tribune Manufacturing purchased a machine for $60 000 on 1 January 2015 which is expected to have a 5 year useful life, no residual value, and to produce a total of 20 000 gadgets before it is scrapped. Assumi ...

Question - nuthatch corporation began its operations on

Question - Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business-September, October, and November-are $245,000, $303,000, and $400,000, respec ...

Question -how much do i need to invest every month today in

Question - How much do I need to invest every month today in order to have a $1 million retirement fund in 35 years? Assume the interest rate of 5%, compounded daily. So you just won the lottery. What's a better deal $25 ...

Question -fill in all of the missing amounts show

Question - Fill in all of the missing amounts. Show computations. Recording Bad Debts and Interpreting Disclosure of Allowance for Doubtful Accounts Jayco Inc. started its operations in 2016. Its sales, all on account, t ...

Question - 1 what is gross profit margin and what is net

Question - 1. What is gross profit margin and what is net profit margin? What are in the between the two? Give a few examples to explain the items between these margins, and show how to analyze these items for improvemen ...

Question - who pays the first level of tax on a c

Question - Who pays the first level of tax on a C corporation's income? What is the tax rate applicable to the first level of tax? Did recent tax law changes increase or decrease the corporate tax rate? under new taxatio ...

Question - douglas bonds mature in 10 years and have an

Question - Douglas bonds mature in 10 years and have an annual coupon rate of 10.5 percent with semiannual payments. The $1,000 par value bond currently trades at $1,105 in the market. Compute the annual yield to maturit ...

Question - a company incurred the following transactions

Question - A company incurred the following transactions: 1. Wages of $2,650 accrued at the end of the prior fiscal period were paid this fiscal period. 2. Real estate taxes of $7,100 applicable to the current period hav ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert