financial statements on that period? What steps do we take? A flow chart would be very nice here.
financial statements on that period? What steps do we take? A flow chart would be very nice here.
Please do not copy and paste from a website.
of Rival State University, has prepared financial statements that contained the following questionable items:
(a) The balance sheet reports land at $100,000. Included in this amount is a piece of property held for speculation at a cost of $30,000.
(b) Current liabilities include $50,000 for long-term debt that comes due in 3 months. The company has received a suitable firm commitment to refinance the debt for 5 years and intends to do so.
(c) Investments in marketable securities include $20,000 in short-term, high-grade commercial paper which is a cash equivalent.
(d) Please discuss how the above items should be classified and accounted for.
amounts shown below:
Batch 1 – 9,500 units @ $2.10 per unit
Batch 2 – 4,300 units @ 2.08 per unit
Batch 3 – 3,600 units @ 2.04 per unit
Batch 4 – 7,200 units @ 2.01 per unit
10,800 units were sold after Batch 2 was purchased, while 3,400 units were sold after Batch 3 was purchased.
Required:
1. Calculate cost of goods sold and ending inventory under the FIFO method, using the perpetual inventory system.
2. Calculate cost of goods sold and ending inventory under the FIFO method, using the periodic inventory system
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