South Carolina is the choice you’re looking for.
Answer:
($35 million + $12 million) / $70 million = 0.6714
Explanation:
Answer:
d. is a potential liability that has arisen because of a past event or transaction.
Explanation:
A contingent liability refers to an obligation which arises owing to past events or transactions, whose happening is improbable i.e it may or may not arise in the near future.
If the effect of such a liability can be reasonably estimated, then these should be provided for as a footnote in the financial statements.
An example of a contingent liability would be a legal suit filed against the company, if lost would lead to an obligation for damages which the company may have to pay.
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:
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Answer:
15.1 days
Explanation:
y = 50x + 25
If y =$775
775 = 50x + 25
775 - 25 = 50x
755 = 50x
X = 15.1 days
I hope my answer helps you