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vazorg [7]
2 years ago
13

West Co. recorded the following inventory information during the month of February:

Business
1 answer:
Masteriza [31]2 years ago
6 0

The correct option is C. The valuation of the cost of goods sold which is recorded in its book as $5,900 and stock available for sale is $3,900  under the FIFO method.

<h3>Why is the FIFO method used for Inventory Valuation?</h3>

FIFO will enable you to claim a higher average cost-per-piece on newer inventory, which can help you save money on taxes if your inventory costs are declining over time. Because it assumes that older products are no longer in use, FIFO does not necessitate as much documentation as LIFO.

Calculation Cost of Goods Sold (COGS) under FIFO Method:

COGS = 800 x 2 + 700 x 3 + 300 x 3 + 1300 x 1 =

COGS = $5,900

The calculation for Stock available for Sale:

Stock available for Sale = 700 x 1 + 800 x 4

Stock available for Sale = $3,900

Thus, the Cost of Goods Sold is $5,900, and the stock available for sale is $3,900  under the FIFO method.

Learn more about FIFO here:

brainly.com/question/17924678

#SPJ1

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A cosmetics company is conducting a second-year review of one of its newest products. The marketing department expects that the
-BARSIC- [3]

Answer:

sensitivity analysis

Explanation:

According to my research on different business strategies, I can say that based on the information provided within the question the senior management is undertaking sensitivity analysis. This is a study of what kind of relationship exists between the inputs and outputs of a system and how much uncertainty exists between them. This is what the senior management is undertaking when determining different factors which might lead to different profit projections.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

6 0
3 years ago
Due to the rise of large-scale production, the influx of peasants to urban areas to find work, and the development of a system o
Strike441 [17]

Answer:

Barter system

Explanation:

Barter system - it is system of exchanging the good and service with others good and service in that return. the main point to note in this is that medium of offering services and goods is ignored i.e. money.

these type of system is used in society from centuries and long time back before money was introduced.

8 0
3 years ago
Nirav, Samantha, and Nev want to incorporate their small skateboard business. To do so, they must file legal documents with the
Sophie [7]

Based on the fact that the legal documents in question are to be used to incorporate the skateboard business, these are<u> Articles of Incorporation. </u>

<h3>What are Articles of Incorporation?</h3>

When a company needs to be created and registered with the government, it will need to supply certain documents that lead to its creation.

These are the Articles of Incorporation which serve as proof that a company has been registered / incorporated in a certain state.

Find out more on Articles of Incorporation at brainly.com/question/1198900.

5 0
2 years ago
How does the consumer drive the economy?
Juli2301 [7.4K]

Answer:

The consumer drives the economy by spending money.  The more money they spend, the better the economy is.

Explanation:

8 0
3 years ago
The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for prem
exis [7]

Answer:

1.  Insurance expense A/c Dr $30,700

          To Prepaid insurance A/c $30,700

(Being the insurance expense is adjusted)

2. Insurance expense A/c Dr $30,700

          To Prepaid insurance A/c $30,700

(Being the insurance expense is expired)

Explanation:

The journal entries are shown below:

1. Insurance expense A/c Dr $30,700

          To Prepaid insurance A/c $30,700

(Being the insurance expense is adjusted)

The computation is shown below:

= Balance in  prepaid insurance account + premiums on policies purchased - unexpired insurance applicable

= $3,000 + $32,500 - $4,800

= $30,700

2. Insurance expense A/c Dr $30,700

          To Prepaid insurance A/c $30,700

(Being the insurance expense is expired)

7 0
2 years ago
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