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
galben [10]
3 years ago
6

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 215 units, where 190 are

from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Business
1 answer:
Charra [1.4K]3 years ago
7 0

Answer:

Ending inventory:

  • (a) specific identification = $2,720
  • (b) weighted average = $2,810.05
  • (c) FIFO = $2,687.50
  • (d) LIFO = $3,010

Cost of goods sold:

  • (a) specific identification = $6,495
  • (b) weighted average = $6,404.95
  • (c) FIFO = $6,527.50
  • (d) LIFO = $6,205

Explanation:

Date        Activity                 Units       Cost        Total

Jan. 1       Beg. inventory     215          $14          $3,010

Jan. 10     Sales                    165

Jan. 20    Purchase              160         $13          $2,080

Jan. 25    Sales                     190

<u>Jan. 30    Purchase              330        $12.50     $4,125</u>

total         Purchases            705        $13.07      $9,215                              

Ending inventory:

(a) specific identification = (190 x $12.50) + (5 x $13) + (20 x $14) = $2,720

(b) weighted average = 215 x $13.07 = $2,810.05

(c) FIFO = 215 x $12.50 = $2,687.50

(d) LIFO = 215 x $14 = $3,010

Cost of goods sold:

(a) specific identification = $9,215 - $2,720 = $6,495

(b) weighted average = $9,215 - $2,810.05 = $6,404.95

(c) FIFO = $9,215 - $2,687.50 = $6,527.50

(d) LIFO = $9,215 - $3,010 = $6,205

You might be interested in
E-businesses use the physical rather than the virtual value chain
Olenka [21]

Answer:

trueee

Explanation:

5 0
3 years ago
Students for a Democratic Society (SDS) was an activist organization in the 1960s that protested the Vietnam War, racial injusti
Lorico [155]
Answer: counterculture

explanation: "subculture" is wrong, as are "ethnocentric group," "popular culture organization," and "movement for cultural diffusion"; the counterculture was a biggg force in the 60's and this was definitely an example of it
3 0
3 years ago
Read 2 more answers
a. Create the most efficient way to move products from producer to consumer b. Create a network of suppliers, intermediaries and
schepotkina [342]

Answer:

a. producers-wholesalers-retailers-consume

b.

Explanation:

it is easy to cut cost of transport, storage ,etc

8 0
3 years ago
How does unsafe food harm us<br>​
Flauer [41]

Answer:

Unsafe food creates a vicious cycle of disease and malnutrition, particularly affecting infants, young children, elderly and the sick. Foodborne diseases impede socioeconomic development by straining health care systems, and harming national economies, tourism and trade.

6 0
2 years ago
Read 2 more answers
16. Who has the control and management of company? (1) (a) Managing committee (b) Partners
Oksana_A [137]

Answer:

(d) Board of directors

Explanation:

The board of directors is at the summit of a company's organizational structure. It is the most senior decision-making organ of a company. It is composed of a group of individuals elected to represent the shareholders. The board of director's main role is to give policy direction and oversight the top management.

The board of directors is a  purely managerial body. It meets at intervals to discuss company affairs. The board of directors recruits the chief executive officer of the company.

8 0
2 years ago
Other questions:
  • In the movie 9 to 5​, Maria Delgado worked mornings and her​ sister, who came in a few minutes before Maria​ left, worked the sa
    9·2 answers
  • A group of college students start a dog-walking service. At the end of the first month, they meet to discuss their business perf
    12·1 answer
  • Choose the correct price-elasticity label for each pair of goods. Assume this involves demand for the total of all people curren
    8·1 answer
  • Rodney Cashman has been investing $2,000 quarterly for the past 18 years in an equity mutual fund. How much is the fund worth no
    13·1 answer
  • Skymont Company wants a raw materials ending inventory each month equal to 30% of that month's production needs. The production
    14·1 answer
  • Luxury Swiss chalet hotel general manager reported to her owner that the hotels occupancy index for calendar year 2019 was 1.25.
    9·1 answer
  • Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $200,000 and
    6·1 answer
  • Ian loaned his friend $30,000 to start a new business. He considers this loan to be an investment, and therefore requires his fr
    6·1 answer
  • It will be difficult to institute fiscal policy in a stabilizing manner because politicians will find
    14·1 answer
  • Advertising a home for sale in a minority area exclusively in a paper aimed at that minority group would most likely be regarded
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!