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Nastasia [14]
3 years ago
13

In its first month of operations, Novak Company made three purchases of merchandise in the following sequence: (1) 190 units at

$5, (2) 300 units at $7, and (3) 395 units at $9. Assuming there are 250 units on hand. Compute the cost of the ending inventory under the FIFO method and the LIFO method. Novak uses a periodic inventory system
Business
1 answer:
NikAS [45]3 years ago
7 0

Answer:

Instructios are below.

Explanation:

Giving the following information:

Purchases:

190 units at $5

300 units at $7

395 units at $9

Assuming there are 250 units on hand

1) FIFO (first-in, first out). Under the FIFO method, the ending inventory cost is calculated using the cost of the last units incorporated.

Ending inventory= 250*9= $2,250

2) LIFO (last-in, first-out). Under LIFO method, the ending inventory cost is calculated using the cost of the firsts units incorporated.

Ending inventory= 190*5 + 60*7= $1,370

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Amber's employer, Lavender, Inc., has a § 401(k) plan that permits salary deferral elections by its employees. Amber's salary is
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2 years ago
Franz Tress, a cosmetics manufacturing company, offers an annual subscription plan to its customers where the customers have the
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3 years ago
term fixed price contract to build an office tower for​ $10,000,000. In the first year of the contract Tullis incurs​ $3,000,000
almond37 [142]

Answer: $750,000

Explanation:

Given that,

Fixed price contract = $10,000,000

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= \frac{3}{8} \times 100percent

= 37.5%

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Income recognized = Revenue recognized - Cost incurred in the first year

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How can producers maximize their profit?
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