Answer:
<h2>The specific identification method</h2>
a) matches each unit of inventory with its actual cost
d) would be beneficial to a company that makes fine jewelry
Explanation:
The specific identification inventory valuation method is one of the inventory valuation method allowed by U.S. GAAP. The other allowed methods are weighted average; and first in, first out (FIFO). The specific identification method identifies every item kept in inventory and its price and tracks it from purchase to resale. Some types of businesses that use the specific identification method are jewelry companies and stores, car dealerships, art galleries, and furniture stores, who can easily identify each item and track the cost and price respectively.
Answer:
Cost of merchandise = $235150
Explanation:
Below is the calculations:
Cost of merchandise = Opening inventory - ending inventory + purchases - purchase return - purchase discount + freight
Now plug the value in the above formula:
Cost of merchandise = 96610 - 100530 + 254660 - 13340 - 6320 +4070
Cost of merchandise = $235150
Tertiary means commercial services.
Primary business purpose is a phrase denoting that the main intent of traveling out of town was to transact business.
A secondary industry makes products that are more likely to be consumed by individuals.
Hope this helps, have a good day. c;
Answer: c. $1.994
Explanation:
Cost per Equivalent Unit of Production (EUP) for Conversion = Total Conversion costs/ EUP
Total Conversion cost
= Conversion cost for beginning work in process inventory + Conversion cost incurred in the month
= 7,840 + 203,300
= $211,140
EUP = Units completed + Percentage of ending Units completed with regards to conversion
= 92,900 + (90% * 14,450)
= 105,905 units
Cost per Equivalent Unit of Production (EUP) for Conversion = 211,140 / 105,905
= $1.9936
= $1.994
Answer:
Change in Assets is $127,500
Explanation:
The accounting equation for a corporation is:
Assets = Liabilities + Stockholders' Equity
⇒ Liabilities = Assets - Stockholders' Equity
= $285,000 - $130,500
= $154,500
At the end of years,
- Liabilities amount = Liabilities in the beginning + Change in liabilities = $154,500+ $90,000 = $244,500
- Stockholder's equity amount = Stockholder's equity + Change in stockholder's equity = $130,500 + $37,500 = $168,000
The assets at the end of year = $168,000 + $244,500 = $412,500
Change in Assets = $412,500 - $285,000 = $127,500
Shorter answer:
Change in Assets = Change in Liabilities + Change in Stockholders' Equity
= $90,000 + $37,500 = $127,500
