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Nuetrik [128]
3 years ago
8

Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 un

its are sold on August 6. Using the perpetual FIFO inventory method, what amount will be reported as cost of goods sold for the 18 units that were sold
Business
1 answer:
Lelechka [254]3 years ago
6 0

Answer:

Cost of goods sold is $196

Explanation:

Using FIFO inventory sold are valued at the price of the most earliest stock in inventory.

The 16 units would be valued at $11 per one while the remaining 2 units would be valued at price of the purchase made on August 3 which cost $10 each

costs of goods sold=($11*16)+($10*2)

                                =$176+$20=$196

The costs of goods sold would be $196 if FIFO method of inventory valuation is used

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Ms. Towne is buying a home for $250,000 and is putting down 20% cash on the purchase. She is financing the rest with a 30-yr, fi
kipiarov [429]

Answer:

$180

Explanation:

the monthly payment = principal / annuity factor

  • principal = $250,000 x 80% = $200,000
  • PV annuity factor, 360 periods, 0.38542%= 194.4995527

monthly payment = $200,000 / 194.4995527 = $1,028.28

in total, you will pay $1,028.28  x 360 = $370,180.80, so total interests = $370,180.80 - $200,000 = $170,180.80

the biweekly payment = principal / annuity factor

  • principal = $250,000 x 80% = $200,000
  • PV annuity factor, 780 periods, 0.178%= 421.62071

monthly payment = $200,000 / 421.62071 = $474.36

in total, you will pay $474.36  x 780 = $370,000.80, so total interests = $370,000.80 - $200,000 = $170,000.80

During the 30 year period, you will be able to save $170,180.80 - $170,000.80 = $180 in interests

3 0
3 years ago
Paulson Company began the year with retained earnings of $500,000. During the year, the company issued $720,000 of common stock,
Murljashka [212]

Answer:

Revenue for the period = $2,100,000

Explanation:

Provided information,

Opening balance of retained earnings = $500,000

Expenses recorded for the period = $2,000,000

Dividends paid during the period = $80,000

Closing balance of retained earnings = $520,000

Therefore increase in retained earnings = $520,000 - $500,000 = $20,000

Earnings for the period - Expenses for the period - Dividend for the period = $20,000

Now, putting values in above,

Earnings - $2,000,000 - $80,000 = $20,000

Earnings = $20,000 + $80,000 + $2,000,000 = $2,100,000

Revenue for the period = $2,100,000

6 0
3 years ago
In a perfectly competitive industry, influence over price is exerted by
tigry1 [53]

Answer:

(C) the forces of supply and demand

Explanation:

In a perfectly competitive industry, no single buyer nor seller will be able to influence prices thus marking the forces of demand and supply (the invisible hand) the determinant of pricing. Each buyer or seller will only account for a minute portion of total demand and supply thus making their influence of market price insignificant.

Options (A), (B) and (D) are incorrect as the largest firms, individual sellers and individual buyers do not influence pricing over price in a perfectly competitive market.

8 0
3 years ago
Explain at least one potential implication for the genetic diagnosis of traits such as intelligence and criminality.
tankabanditka [31]
When we're trying to determine a genetic foundation for intelligence and criminality we're allowing for the possibility of genetic determinism being a true thing which we obviously know it's not. For that reason it might be problematic to conclude anything about a genetic diagnosis for either of those considering there are always multiple variables which are at play. 
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Which type of break can you insert if you want to force text to begin on the next page?
pav-90 [236]
Insert a page break.
4 0
3 years ago
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