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
Dmitry_Shevchenko [17]
3 years ago
15

TB MC Qu. 05-112 Eastview Company uses a perpetual... Eastview Company uses a perpetual LIFO inventory system, and has the follo

wing purchases and sales: January 1 150 units were purchased at $9 per unit. January 17 120 units were sold. January 20 160 units were purchased at $11 per unit. January 29 150 units were sold. What is the value of cost of goods sold
Business
1 answer:
icang [17]3 years ago
6 0

Answer:

$2,730

Explanation:

The computation of the cost of goods sold using the LIFO perpetual inventory system is shown below:

Since 120 units and 150 units are sold

So, the same is to be considered

Therefore the cost of goods sold is

= 120 units × $9 per unit + 150 units × $11 per unit

= $1,080 + $1,650

= $2,730

We take the 120 units at $9 per unit and 150 units at $11 per unit so that the cost of goods sold is recorded

You might be interested in
Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $150,000 and that Greene is
Gekata [30.6K]

Answer:

1) net income = $115,000

a) Morrison receives $57,500

Greene receives $57,500

b) Morrison receives $86,250

Greene receives $28,750

c) Morrison receives $38,333

Greene receives $76,667

d) Morrison receives ($150,000 x 6%) + $51,500 = $60,500

Greene receives ($50,000 x 6%) + $51,500 = $54,500

e) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

f) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

2) net income = $200,000

a) Morrison receives $100,000

Greene receives $100,000

b) Morrison receives $150,000

Greene receives $50,000

c) Morrison receives $66,667

Greene receives $133,333

d) Morrison receives $9,000 + $94,000 = $101,000

Greene receives $3,000 + $94,000 = $97,000

e) Morrison receives $9,000 + $40,000 + $39,000 = $88,000

Greene receives $3,000 + $70,000 + $39,000 = $112,000

f) Morrison receives $9,000 + $40,000 + $30,000 = $79,000

Greene receives $3,000 + $70,000 + $18,000 + $30,000 = $121,000

8 0
3 years ago
A cost that remains fixed over limited ranges of volumes but changes by a lump sum when volume changes occur outside these limit
Reil [10]

Answer:

Variable cost

Explanation:

because sometimes companies set fixed price to other product

6 0
2 years ago
Braintree Inc., a manufacturer of smartphones, has entered into a 15-year partnership with a software company to develop sophist
Schach [20]

Answer:

strategic alliance

Explanation:

Based on the scenario being described within the question it can be said that the relationship in this scenario is best referred to as a strategic alliance. This term refers to an agreement between two parties in which they both help each other reach an agreed upon goal but still remain as their own independent organization. Instead it is only a strategy to reach the goals at a much faster time-frame than if each company were doing it alone.

6 0
3 years ago
Read 2 more answers
At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month?
Gnom [1K]

Answer:

you owe $43.47 in one month

Explanation:

Daily Interest (for one month) = Balance × APR rate × [number of month / Total month in a year]

Daily Interest = $1800 × 28.99% × 1/12

                      = $1800 × 0.2899 × 0.0833

                      = $43.47

5 0
3 years ago
For both unearned revenues and prepaid expenses, the cash payment occurs __________ the adjusting entry to record the earning of
alex41 [277]

Answer:

The correct answer that fills the gap is <em>d. before.</em>

Explanation:

Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.

The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.

The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.

The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:

  • Cumulative income not collected.
  • Customer advances.
5 0
3 years ago
Other questions:
  • A business that received a grant would not have to repay that money. True or False?
    11·2 answers
  • A shoe manufacturer pays part of the media bill when a local shoe store features the manufacturer's brand in its advertising. wh
    6·1 answer
  • At the beginning of the year, a company's balance sheet reported the following balances: Total Assets = $225,000; Total Liabilit
    10·1 answer
  • Jones Company uses the weighted-average method in its process costing system. The Finishing Department started the month with 40
    12·1 answer
  • Mighty Manny, Incorporated, manufactures ice scrapers and distributes them across the midwestern United States. Mighty Manny is
    5·1 answer
  • For more than a thousand years, the Catholic Church required its members to abstain from meat on Fridays. Catholics customarily
    5·1 answer
  • A company uses the weighted-average method for inventory costing. At the end of the period, 16,000 units were in the ending Work
    6·1 answer
  • What is the amount of tax paid for the year
    8·1 answer
  • Firm ML, a non-corporate taxpayer, exchanged residential rental property plus $15,000 cash for 20 acres of investment land with
    7·1 answer
  • I have a question<br><br> I dont know I was just wondering
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!