All categories

3 years ago

Consider the following information for Maynor Company, which uses a periodic inventory system:

Business

1 answer:

ohaa [14]3 years ago

8 0

Answer:

Instructions are below.

Explanation:

Giving the following information:

January 1 Beginning Inventory 29 $79 $2,291

March 28 Purchase 39 $85 3,315

August 22 Purchase 58 $89 5,162

October 14 Purchase 63 $95 5,985

The company sold 63 units on May 1 and 58 units on October 28.

First, we need to calculate the units in ending inventory:

Ending inventory in units= 189 - 121= 68

To calculate the ending inventory under the FIFO (first-in, first-out) method, we need to use the cost of the last units incorporated into inventory.

Ending inventory= 63*95 + 5*89= $6,430

COGS= 29*79 + 39*85 + 53*89= $10,323

To calculate the ending inventory under the LIFO (last-in, first-out) method, we need to use the cost of the first units incorporated into the inventory

Ending inventory= 29*79 + 39*85= $5,606

COGS= 63*95 + 58*89= $11,147

Finally, to calculate the ending inventory using the weighted-average, we need to calculate the weighted average price:

weighted average price= 16,753/189= $88.64

Ending inventory= 68*88.64= $6,027.52

COGS= 121*88.64= $10,725.44

You might be interested in

Bressette Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.20 Direct labor

Ugo [173]

Answer:

$65,750

Explanation:

Given:

Direct materials = $6.20

Direct labor = $3.70

Variable manufacturing overhead = $1.25

Fixed manufacturing overhead = $10,000

Sales commissions = $1.50

Variable administrative expense = $0.50

Fixed selling and administrative expense = $5,000

Number of unit Produced = 5,000 units

Calculation:

Production Cost = Direct Material cost + Direct labor cost + variable manufacturing overhead + Fixed manufacturing overheads.

= (5000 x $6.20) + (5000 x $3.70) + (5000 x $1.25) + $10,000

= ($31,000) + ($18,500) + ($6,250) + $10,000

= $65,750

8 0

3 years ago

Becoming future proof means ensuring that you _________.

poizon [28]

C) the people that purchase goods and services

4 0

3 years ago

What are three ways you can learn more about a company, organization, potential employer, and/or the open position you are apply

xeze [42]

Answer:

- research about it

- Ask questions

- study for it

6 0

3 years ago

You expect KT Industries (KTI) will have earnings per share of $5 this year and expect that they will pay out $1.25 of these ear

sleet_krkn [62]

Answer:

9.75%

Explanation:

EPS = Earning per share = $5

DPS = Dividend per share $1.25

ROI = return on investment = 13%, or 0.13

RR = Retention rate = (EPS - DPS)/EPS = ($5 - $1.25)/$5 = 0.75, or 75%

Growth = RR * ROI = 13% * 75% = 9.75%

Therefore, the expected growth rate for KTI's dividend is closest to 9.75%

7 0

3 years ago

When a bank has excess reserves, it can choose to turn its reserves into loans for consumers and businesses. Generally speaking,

topjm [15]

Answer:

reduce

Explanation:

Note that the bank has excess funds and thus wants to increase the number of available loans which in turn increases investment in the economy. For this strategy to work, the bank will reduce the interest rate it places on loans in order to entice its customers to procure the loans it offers.

For example, a bank that usually gives out 150 loans at 15% Interest rate may because of new banking policy and excess reserve decide to increase its loan capacity to around 300 loans per annum at an interest rate of 10%.

8 0

3 years ago