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3241004551 [841]
3 years ago
14

At the end of January, Mineral Labs had an inventory of 895 units, which cost $12 per unit to produce. During February the compa

ny produced 1,500 units at a cost of $16 per unit. a. If the firm sold 2,050 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)
Business
1 answer:
FromTheMoon [43]3 years ago
3 0

Answer:

$30,600

Explanation:

Under the LIFO Method, the cost of good sold equals to

= February units × cost per unit + Remaining units × cost per unit

= 1,500 units × $16 + 550 units × $12

= $24,000 + $6,600

= $30,600

Since the firm has sold 2,050 units, so out of which 1,500 units sold at a price of $16 and the remaining 550 units sold at a price of $12

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8. Brady Inc. reported FIFO ending inventory of $114,000 and FIFO beginning inventory of $110,000 for 2018. Inventory purchases
atroni [7]

Answer:

$232,825

Explanation:

Step 1: Calculation of cost of goods sold (COGS) under First In First Out (FIFO)

Since we know that;

Ending inventory = Beginning inventory + Purchase - COGS of FIFO

Therefore, we can rearrange to make COGS the subject of the formula and substitute the values as follows:

COGS under FIFO = Beginning inventory + Purchase - Ending inventory

                               = $110,000 + $237,500 - $114,000 =

COGS under FIFO = $233,500

Step 2: Calculation of COGS under Last In First Out (LIFO)

COGS under LIFO = COGS under FIFO - Rise in LIFO reserve

                              = $233,500 - $675

COGS under LIFO = $232,825

Therefore, the value of COGS LIFO for Brady Inc. in 2018 is $232,825.

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2 years ago
Is a notary public required to purchase an error and ommission policy
Kaylis [27]
Answer - Keep in mind a notary errors and omissions insurance policy is a must-have coverage if you are a notary. According to state laws, the notary public has unlimited financial liability if he or she causes the public harm as a result of an error or omission.
6 0
3 years ago
Add my instaa for brainliest<br> sadface.sadlife xD
Papessa [141]

Answer:

i did it

Explanation:

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3 years ago
Department stores are most likely characterized by ________. Group of answer choices wide varieties of product lines predatory p
AURORKA [14]

Answer:

brands specialty

Explanation:

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3 years ago
What should you not do in a persuasive claim or complaint message? Check all that apply. Use an irrational, emotional tone Striv
xz_007 [3.2K]

Answer: A. Use an irrational emotional tone.

D. Give a blow - by - blow chronology of details.

Explanation:

Persuasive claims or complaint messages are usually presented by customers when they encounter challenges like damaged goods, wrong deliveries or any other mistakes that could be a fault of the organization in question.

When such claims or complaints are presented, they are best started with a sincere praise of the organization, presented in a calm tone. This is followed by a logical explanation of the problem encountered and measures that were taken to address it.

It is then concluded with proposals of how the customer wants the issue to be resolved. It could be in the form of a refund or a fitting replacement for the damaged product.

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3 years ago
Read 2 more answers
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