Orion iron corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. assume its accounting records provided the following information at the end of the annual accounting period, december 31. transactions units unit cost a. inventory, beginning 200 $ 12 for the year: b. purchase, april 11 950 9 c. purchase, june 1 850 13 d. sale, may 1 (sold for $40 per unit) 200 e. sale, july 3 (sold for $40 per unit) 700 f. operating expenses (excluding income tax expense), $18,500

required:

1. calculate the number and cost of goods available for sale.

2. calculate the number of units in ending inventory.

3. compute the cost of ending inventory and cost of goods sold under (a) fifo, (b) lifo, and (c) weighted average cost.

4. prepare an income statement that shows under the fifo method, lifo method and weighted average method.

5. which inventory costing method minimizes income taxes?

You invest all the money you earned during your summer sales job (a total of $45,000) into the stock of a company that produces fat and carb-free cheetos. the company stock is expected to earn a 14% annual return; however, 5 years later it is only worth $20,000. turns out there wasn't as much demand for fat and carb-free cheetos as you had hoped. what is the annual rate of return on your investment?

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.