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A purchasing department may have difficulty getting a product quickly as it may not be readily available so may have to wait for it and also, there may be a problem getting a product at a reasonable price which means the purchaser would have to search elsewhere for it which could take time.
Answer:
$86,000
Explanation:
FIFO means first in, first out. It means that the first purchased inventory is the first to be sold.
This means thay the 500 units sold would be taken from the earliest purchased inventory and the ending inventory would be the most recently purchased inventories.
Ending inventory = (80 × $150) + (370 × $200) = $12,000 + $74,000 = $86,000
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Answer:
The property will be transferred according to the Statute of Descent and Distribution.
Explanation:
Intestacy is the situation where a person dies without leaving a will for the sharing of his estate.
When this happens the descent and distribution statute comes into play.
The heirs or next of kin are beneficiaries to the estate. Heirs can be be blood relatives, adopted children, adopted parent, or surviving spouse.
The line of descent is the order of beneficiaries that are from an ancestor. The line of descent can be direct such as sons, or collateral such as cousins.
In this case where Olive Maccones dies without a will and she has three sons and seven grandchildren, her estate will be distributed by a court based on the line of descent of her sons and grandchildren.
If we used the retail method to estimate the ending inventory first we get the given of the problem that can be used in solving.
Given
Sales - 200,000
Goods available for sale - 261,000 (cost) & 450,000 (retail)
First, we need to get the cost of retail ratio. the formula is
Cost to Retail ratio= Cost/ Retail
261,000
CRR= ------------- = 0.58
450,000
Next is to get the ending inventory by following this steps
Cost Retail
Cost of Goods Available for Sale $261,000 $450,000
- Sales $200,000
------------------
Ending Inventory $250,000
x Cost to Retail Ratio .58
------------------
Ending Inventory $145,000
So, the estimated ending inventory for the month of July is $145,000.
