Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 8.00

Bitten Company

 

Problem 5-10 Comparison of Inventory Costing Methods—Periodic System

Bitten Company’s inventory records show 600 units on hand on October 1 with a unit cost of

$5 each. The following transactions occurred during the month of October:

Date                   Unit Purchases               Unit Sales

 

LO2•3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LO5•6 • 7

 

 

October 4

 

500  @ $10.00

8

800  @ $5.40

 

9

 

700  @ $10.00

18

700  @ $5.76

 

20

 

800  @ $11.00

29

800  @ $5.90

 

All expenses other than cost of goods sold amount to $3,000 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes.

Required

1.        Prepare a chart comparing cost of goods sold and ending inventory using the periodic system and the following costing methods:

Cost of Goods Sold             Ending Inventory                Total

Weighted average FIFO

LIFO

2.        What does the Total column represent?

3.        Prepare income statements for each of the three methods.

4.        Will the company pay more or less tax if it uses FIFO rather than LIFO? How much more or less?

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 01:07 PM My Price 8.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------

Not Rated(0)
Relevent Questions