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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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Bonita Industries reported the following year-end information: beginning work in process inventory, $190000; cost of goods manuf
Lunna [17]

Answer:

Bonita Industries's cost of goods sold for the year is $844,000

Explanation:

Beginning work in process inventory, $190000

Ending work in process inventory, $230000

Cost of goods manufactured, $866000

Beginning finished goods inventory, $252000

Ending finished goods inventory, $274000

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured – Ending Finished Goods Inventory

Cost of Goods Sold = $252000 + $866000 - $274000

Cost of Goods Sold = $844000

*Beginning work in process inventory and Ending work in process inventory has already been dealt in cost of goods manufactured calculations.

4 0
3 years ago
Which one of the following is not an assumption of the EOQ model? Decisions for one item can be made independently of decisions
irga5000 [103]

Answer:

Quantity discounts can be taken advantage of for large lot sizes.

Explanation:

The EOQ model assumptions:

the order of one item does not intervene with the other.

The order will arrive without delay and with a specific amount of goods.

no losses or damage in transit

The EOQ does not consider the discount for large lot size, their formula does not consider the value of the goods:

Q_{opt} = \sqrt{\frac{2DS}{H}}

Its use: Demand of the good

cost of Setup, or ordering cost.

and Holding cost, the cost of keeping the inventory

There is no variable to account for discounts for order size in this method

7 0
3 years ago
Assume an annual interest rate of 8%. You have $1. What is the value of the $1 one year in the future
seropon [69]

Answer:

the future value is $1.08

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $1 × (1 + 0.08)^1

= $1 × 1.08

= $1.08

Hence, the future value is $1.08

3 0
3 years ago
Jesse works for a canning factory that creates soda cans for distribution. his job is to move identically filled boxes from the
BigorU [14]

The correct answer is mass production. Mass production is being defined as having to manufacture products in large quantities by which they are likely utilized by an assembly of line technology. This is a process by which it creates similar products in large numbers.

3 0
3 years ago
The common method of trading in the distant past is known as
olga nikolaevna [1]

the common method of trading in the distant past is known as marketing

3 0
3 years ago
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