merchandise sold 2660 * Merchandise inventory 2660 Sales 3900 Cost of merchandise sold 2660 Gross profit 1240 Ending inventory 3220 Inventory system 1. Perpetua: record sales and cost of merchandise sold uses FIFO LIFO 2. Periodic: records sales only FIFO LIFO and average CMS=MAFS-EI * Perpetual inventory * a/r 200 * sales 200 * CMS 80 * Merchandise inventory 80 Periodic inventory only sales recorded when inventory is sold. CMS is
Premium Inventory Balance sheet Generally Accepted Accounting Principles
transactions are related to Parashanlal Merchandizing Company. Income Tax is 10%; operating expenses are Rps 10‚000. Compute Net Income‚ and calculate the value of inventory remaining at the end of the month using the following methods: 1 LIFO 2 FIFO 3 Weighted Average Method No. | Date | Particulars | 01 | Jan 01 | Rps 100‚000 worth of inventory remaining from last years‚ which was bought at Rps 50 per KG. | 02 | Jan 01 | Bought 3000 Kg at Rps 60 per kg. | 03 | Jan 02 | Bought 5000
Premium 1967 Inventory 1966
yayavaram@yahoo.com EMBEDDED SYSTEMS UNITS IV & V Interfacing methods The interfacing of an I/O device to an embedded system is always an important task. Generally interfacing means ‚ both the physical connections of the hardware devices and the software routines that effect the data transfer .Due to incompatibility in speeds of the microcontroller and I/O devices ‚there is always a problem in data transfer between two devices .This leads to a concept
Premium Interrupt PCI Express Data transmission
Case：Sears‚ Roebuck and Co. vs. Wal-Mart Stores‚ Inc. Financial Statement Case analysis 1． How do the retailing strategies of Sears and Wal-Mart differ? How does each firm operate their business/attempt to create value? The two companies differs in retailing strategy in two ways. 1. Credit sales boost sales greatly in Sears‚ not in Wal-mart Since 1992 when Arthur C. Martinez was brought on board to head Sears’s retailing operations‚ credit sales‚ especially through the use of the
Premium Financial ratios Balance sheet Inventory
process of becoming finished products and the finished products themselves. Inventory usually comprises a significant portion of total assets. There are three main methods for calculating inventory: Last-in‚ First-out (LIFO); First-in‚ First-out (FIFO); and Average Cost Method (AVCO). Because the cost of raw materials can change over time‚ even during the same accounting
Premium Inventory
inventory of 6‚000 units on the basis of average cost method is $21‚300. b. First-in‚ first-out (FIFO): under FIFO the goods available for sale is sold first. The cost of goods sold of 7‚000 units is calculated as under: 5‚000 units will be valued at the rate of $3.23 and the remaining 2‚000 will be valued at the rate of $3.50 from the lot purchased on 16th September. The cost of goods sold under FIFO is $23‚150. The cost of ending inventory of 6‚000 units will be valued at the rate of purchases
Premium Inventory Revenue Supply chain management terms
perpetual system. With a perpetual system‚ a running count of goods on hand is maintained at all times. The perpetual inventory method is not a physical check of inventory but rather a recording of changes in inventory when sales transactions occur. The FIFO method‚ which is explained later‚ will produce the same financial statement results no matter whether it is applied on a periodic or perpetual basis. This occurs because the beginning inventory and early purchases are taken away and charged to the
Premium Inventory
CHAPTER 17 PROCESS COSTING 17-16 (25 min.) Equivalent units‚ zero beginning inventory. 1. Direct materials cost per unit ($750‚000 ÷ 10‚000) $ 75.00 Conversion cost per unit ($798‚000 ÷ 10‚000) 79.80 Assembly Department cost per unit $154.80 2a. Solution Exhibit 17-16A calculates the equivalent units of direct materials and conversion costs in the Assembly Department of Nihon‚ Inc. in February 2009. Solution Exhibit 17-16B computes equivalent unit costs. 2b. Direct materials cost
Premium Cost accounting Units of measurement Costs
1.00 $ 5.00 $ 6.00 Costs accounted for: Units completed (75‚000 $6.00) $450‚000 Ending work in process (12‚000 $1.00) + (11‚400 $5.00) 69‚000 Total costs accounted for $519‚000 5–6 Weighted Average Method‚ FIFO‚ Physical Flow‚ Equivalent Units 1. Physical flow schedule: Units‚ beginning work in process 12‚000 Units started 20‚000 Units to account for 22‚000 Units completed and transferred out: Started and completed
Premium Costs Total cost Units of measurement
Process costing Process costing is a system which mostly practices by a company whereby the manager of the company wants to know the cash flow from one department to another. Process costing give a clarify information to managers‚ therefore this activities is very important. Process costing is consisting of three ingredients which are direct materials‚ direct labor and manufacturing overhead. Direct material is the raw material which needs to produce a product‚ for example rubber for shoes‚
Premium Management Marketing Cost