1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sergio [31]
3 years ago
10

The following lots of Commodity Z were available for sale during the year. Beginning inventory 7 units at $49 First purchase 18

units at $50 Second purchase 53 units at $59 Third purchase 18 units at $64 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a.$5,522 b.$1,447 c.$1,127 d.$1,143
Business
1 answer:
yuradex [85]3 years ago
3 0

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Beginning inventory 7 units at $49

First purchase 18 units at $50

Second purchase 53 units at $59

Third purchase 18 units at $64

The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year.

To calculate the ending inventory using the LIFO (las-in, first-out), we need to use the cost of the firsts units incorporated to inventory:

Ending inventory= 7*49 + 16*50= $1,143

You might be interested in
Retail Operations, Inc., a U.S. firm, obtains a judgment in a U.S. court against Shinobu, Ltd., a Japanese business. Whether the
maw [93]

Whether the court's judgment will be enforced by a court in Japan depends on the Japanese court's application of the principle of comity .

Option d

<u>Explanation: </u>

The constitutional reciprocity, the idea that some courtesies must apply to others or to other jurisdictions in the same country, is unique to the committee of law. The legitimacy and efficacy of their administrative, legislative and judicial decisions is known in particular.

The International Committee doctrine was described in different ways "as a principle of choice of law."

Lord Mansfield, an English solicitor and jurist, introduced the concept of a committee into English legislation. Mansfield considered the application of the committee to be taxable, with courts using foreign law "except to the extent that it was incompatible with public policy principles.

8 0
3 years ago
Which of the following are recommended ways to learn more about IT careers? Check all of the boxes
Snowcat [4.5K]

Answer:

  • scheduling an appointment with a career counselor at a school
  • attending an informational session
  • applying for an internship
  • contacting a professional organization, such as CompTIA

Explanation:

To learn more about IT careers or just carriers in general, one can contact the Career counselor at school. Their job is to help students find out more abut careers so that they know which path they would like to follow.

One can also attend information sessions where they can listen to people speak on IT careers and ask questions they would like answers to as well.

A practical way to find out about IT careers is to intern at an IT firm. This way you get to see first hand what the job entails and if it is the kind of thing you would like to do.

There are also professional organizations that offer certifications in IT such as CompTIA. As they are well versed in the area, they can provide more information on IT careers including the educational background required.

3 0
2 years ago
Ramort Company reports the following cost data for its single product. The company regularly sells 21,500 units of its product a
Fittoniya [83]

Answer:

Gross margin= $744,760

Explanation:

<u>The absorption costing method includes all costs related to production, both fixed and variable.</u> The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 52,900 / 21,500= $2.46

Total unitary production cost= 10.3 + 12.3 + 3.3 + 2.46= $28.36

<u>Now, the gross margin:</u>

Gross margin= sales - COGS

Gross margin= 21,500*63 - 21,500*(28.36)

Gross margin= $744,760

7 0
2 years ago
A company’s unit costs based on 100000 units are: Variable costs $75 Fixed costs 30 The normal unit sales price per unit is $165
Simora [160]

Answer:

$81,000

Explanation:

The computation of the incremental profit (loss) from accepting the order is shown below:

Contribution per unit = $165 - $75

= $90

Now

Loss on contribution for giving up regular sales  is

= $4,100 × 90

= $369,000

Now Incremental contribution for special order is

= ($135 - $75) × 7,500

= $450,000

So,  

Incremental profit is

= $450,000 - $369,000

= $81,000

3 0
2 years ago
The demand for a product is likely to be more​ elastic:
vivado [14]

The demand for a product is likely to be more elastic if there is a presence of more time passes which is letter c. As a demand of a product will likely be affected with the price changes over the period of time. It is because a demand elasticity occurs when there is a presence of change in regards to the demand for goods, such examples are the income of the consumer.

6 0
3 years ago
Other questions:
  • Too Young, Inc., has a bond outstanding with a coupon rate of 6.9 percent and semiannual payments. The bond currently sells for
    7·1 answer
  • On January​ 2, 2019, Kornis Corporation acquired equipment for $1,000,000. The estimated life of the equipment is 5 years or 100
    15·1 answer
  • The unemployment rate of full-employment is also called the rev: 05_30_2018 Multiple Choice cyclical rate of unemployment. poten
    8·1 answer
  • Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair
    12·1 answer
  • Coca-Cola sells two zero-calorie versions of Coke: Diet Coke and Coke Zero. It has chosen to attempt to appeal to men with Coke
    14·1 answer
  • If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be repo
    5·1 answer
  • During the current Year, Bob’s Ceramics Shop had sales revenue of $150,000, of which $73,000 was on credit. At the start of the
    15·1 answer
  • On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest payments are paid annually, each
    13·1 answer
  • For 126 consecutive days, a process engineer has measured the temperature of champagne bottles as they are made ready for servin
    14·1 answer
  • Firms often use a(n) __________ when working on a major project involving the production of a large item such as an airplane, sh
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!