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Kryger [21]
3 years ago
9

(1 pt.) Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year ended De

c. 31 Inventory at current year cost Price index 2012 $19,750 100 2013 22,140 108 2014 25,935 114 Instructions: Compute the value of the 2013 and 2014 inventories using dollar-value LIFO. g
Business
1 answer:
Natali5045456 [20]3 years ago
8 0

Answer:

A.2013 $20,560

B.2014 $23,125

Explanation:

2013 inventory at base amount ($22,140 ÷ 1.08)$20,500

2012 inventory at base amount(19,750)

Increase in base inventory $750

2013 inventory under LIFO

Layer one ($19,750 × 1.00)$19,750

Layer two ($750 × 1.08)810

Total $20,560

2014 inventory at base amount ($25,935 ÷ 1.14)$22,750

2013 inventory at base amount(20,500)

Increase in base inventory $2,250

2013 inventory under LIFO

Layer one ($19,750 × 1.00)$19,750

Layer two ($750 × 1.08)810

Layer three ($2,250 × 1.14)2,565

Total $23,125

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Selected data pertaining to Castile Co. for the current calendar year is as follows: Net cash sales: $ 3,000 Cost of goods sold:
kumpel [21]

Answer:

2.0 times

Explanation:

The inventory turnover ratio indicates how efficient a company is in converting its inventory into sales. It shows the number of times a business sells and restocks its inventory in a period.

The formula for calculating inventory turnover is as follows.

Inventory turn over = Costs of goods sold/ Average inventory

For Castile Co.

COGS is $18,000

Average inventory = Beginning inventory + ending inventory /2Beginning inventory = $6,000

if COGS = Beginning inventory + Purchases - Ending inventory

Then $18,000 = $6000 +$24,000 - ending inventory

=$18,000 = $30,000 -ending inventory

Ending inventory = $30,000-$12,000

Ending Inventory =$12,000

Average inventory = $6000+$12,000/2

Average inventory = $9,000

Inventory turnover = $18000/$9000

=2.0

6 0
3 years ago
*Will award Brainliest if right!*
Serhud [2]

Answer:

https://quiz   let.co  m/96700748/chapter-4-flash-cards/

Explanation:

Link above provides answers

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8 0
2 years ago
Read 2 more answers
Which of the following is not a step in the decision-making model? Select one: a. identify alternatives b. determine costs and b
storchak [24]

Answer:

The answer for what is not a step in the decision making model is option E) consider qualitative factors

Explanation:

The steps in decision making model includes the following

  1. defining the problem
  2. collation of data
  3. Identifying the alternatives
  4. determining costs and benefits for both feasible and unfeasible alternatives
  5. total relevant costs and benefits for each alternative
  6. action Plan

Considering qualitative factors is a post decision making action. It happens during the decision analysis phase.

7 0
3 years ago
Use the following information about the current year's operations of a company to calculate cash provided by operations.Net inco
NikAS [45]

Answer:

Cash from operations:

Net income                                   $100,000

Depreciation Expense                       6,000  

Decrease in Accounts Payable        (5,000)

Increase in Accounts Receivable     (4,000)

Increase in Merchandise Inventory (8,000)

Decrease in Salaries Payable          (2,000)

Cash from operations                   $87,000

Explanation:

a) Data and Calculations:

Net income $ 100,000

Decrease in Accounts Payable 5,000

Increase in Accounts Receivable 4,000

Increase in Merchandise Inventory 8,000

Decrease in Salaries Payable 2,000

Depreciation Expense 6,000

Not an operating activity:

Gain on Sale of Machinery 2,000

b) The gain on the sale of machinery is not an operating activity or a cash flow item.  Cash inflow is recorded when there is a sale of the machinery  and as an investing activity.  Increase in current assets (except cash) are uses of fund together with decreases in current liabilities.

5 0
3 years ago
According to Marx, what phrase sums up communist theory
aalyn [17]

From each according to his ability, to each according to his needs is the phrase Marx used

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