The shirt shop had the following transactions for T-shirts for 2016, it, s first year of operations:

Jan. 20 Purchased 400 units @ $ 8 = $3,200
Apr. 21 purchased 200 [email protected] $10 = $ 2,000
july 25 purchased 280 units @$ 13 =3,640
sept, 19 purchased 90 units @$15 =1,350
During the year , the shirt shop sold 810 T-shirts for $30 each.

a. Compute the amount of ending inventory the shirt shop would report on the balance sheet, assuming the following cost flow assumption (1) FIFO (2) LIFO (3) weighted average
b. Record the above transactions in general journal form and post to T- account assuming the FIFO, LIFO, weighted average methods. Use a separate set of journal entries and T-accounts for each method . Assume all transactions are cash transactions
c. Compute the difference in gross margin between the FIFO AND LIFO cost flow assumption

There is a cost associated with each source of financing. discuss the cost of debt, preferred stock, common stock, and retained earnings in detail. which source of financing is typically less expensive? why? why do financial managers try to determine the optimal capital mix? be specific.

Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.

Lusk corporation produces and sells 14,300 units of product x each month. the selling price of product x is $25 per unit, and variable expenses are $19 per unit. a study has been made concerning whether product x should be discontinued. the study shows that $72,000 of the $102,000 in monthly fixed expenses charged to product x would not be avoidable even if the product was discontinued. if product x is discontinued, the annual financial advantage (disadvantage) for the company of eliminating this product should be: