000*0.6) = 62‚000 (2) Compute cost per equivalent unit under FIFO method. EUs for DM = 50‚000 + 20‚000 – 30‚000 = 40‚000 EUs for Conv: 50‚000 + 12‚000 – 30‚000 * 0.3 = 53‚000 DM: $120‚000/40‚000 =$3 per DM EU Conv: $199‚810/53‚000=$3.77 per Conv EU Total: $3+$3.77= $6.77 per EU (3) Calculate the cost of units completed and transferred out using the weighted-average method. Under WA 50‚000*$6.71 = $335‚500 Under FIFO # of units started & completed this period = 50‚000 - 30‚000 =
Premium
of gooda available for sale. -the consistency principle states that the busineses should use the same accounting methods from period to period. -under the FIFO‚ the ending inventory is based on the cost of the most recent purchases. -the value of purchases remains the same irrespective of the inventory valuation method used. -using FIFO‚ the COGS is based on the oldest purchases. -the accounting conservatism principle requires that financial statements should report LEAST favorable figures.
Premium Revenue Generally Accepted Accounting Principles Income statement
LRU Page Replacement The key distinction between the FIFO and OPT algorithms (other than looking backward versus forward in time) is that the FIFO algorithm uses the time when a page was brought into memory‚ whereas the OPT algorithm uses the time when a page is to be used. If we use the recent past as an approximation of the near future‚ then we can replace the page that has not been used for the longest period of time (see Fig. 9.14). Figure 9.14: LRU page-replacement algorithm. This approach
Premium
inventory turnover rate. 16. The consistency principle requires a company to use the same accounting methods period after period‚ so that financial statements are comparable across periods. 17. In a period of rising prices‚ FIFO usually gives a lower taxable income‚ which leads to an advantage when it comes to paying income tax. 18. An advantage of LIFO is that it assigns the most recent costs to cost of goods sold and does a better job of matching current
Premium Generally Accepted Accounting Principles Balance sheet Income statement
AC 210 – Spring 2012 Exam 2 Version A Name: CWID: Score: /100 1. McKinney‚ Inc has a debt-to-assets ratio of 0.45. This means that: A. stockholders’ equity is 55% of total assets. B. stockholders’ equity is 45% of total assets. C. the asset turnover ratio also is 0.55. D. the asset turnover ratio also is 0.45. 2. A company files a Form 10-K with the SEC to submit its: A. quarterly report. B. annual report. C. press releases. D. report
Premium Revenue Balance sheet Inventory
ACC/290 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions‚ which are related to each week’s objectives. In addition‚ refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Basic Accounting Principles and Concepts Objective: Identify the four basic financial statements. 1. Which of the four basic financial statements has three main
Premium Revenue General ledger Generally Accepted Accounting Principles
Bean Zone Internal (Part Two) Perpetual Inventory System How does it work? The perpetual inventory system keeps a running record of all inventory that should be on hand. The system requires the use of inventory cards (or other ledger accounts) that record whenever inventory‚ e.g. Arabica beans‚ are bought or sold‚ to keep a record of the inventory the business (Bean Zone) should have by increasing or decreasing the inventory account. In addition‚ it keeps a running record of cost of goods sold
Premium Inventory
|Accounting I (ACC 101) | | | |2012 | |Kroger Co (KR:New York) |Project | Yakub Hashim Noor 9403 American Collage Dubai
Premium Inventory Balance sheet
CHAPTER 10 - AVERAGE AND FIFO COSTING TRUE OR FALSE 1. TRUE 2. TRUE 3. TRUE 4. FALSE 5. TRUE 6. TRUE 7. FALSE 8. TRUE 9. TRUE 10. TRUE MULTIPLE CHOICE - THEORY 1. B 11. C 2. A 12. C 3. A 13. C 4. B 14. C 5. A 15. D 6. C 7. A 8. A 9. D 10. A Problem 1 1) FIFO Units in process‚ beg. Units started 6‚000 42‚000 48‚000 Units completed & transferred (40‚000) IP beg. 6‚000 Started & completed 34‚000 Units in process‚ end 8‚000 48‚000 2) AVERAGE Units in process‚ beg. 6‚000 Units started 42‚000 48‚000
Premium Costs Inventory Units of measurement
Financial Statement: A Summary report which quantitatively describes the financial health of a company Purpose of financial Statement: The objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an enterprise to the shareholders and lenders. it is useful to a wide range of users in making economic decisions. Components of Financial Statement: Profit & Loss Statement / Income Statement Retained earnings
Premium Generally Accepted Accounting Principles Depreciation Balance sheet