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
Becky had net credit sales in 2020 of $2,000,000. At December 31, 2020, before adjusting entries, the balances in selected accou
denpristay [2]

Answer:

Following Becky's estimation, the bad debt expense must be equal than the 8% of the total credit, less the value already booked in the balance sheet accounts (doubtful accounts).

Explanation:

In this case, 2,000,000*8%=160,000. Then this 160,000 must be subtracted to 2,200 (160,000-2,200=157,800). Finally, the bad debt expense to be reported is $157,800

3 0
3 years ago
Active endeavors specializes in sporting equipment. recently, it has decided to add to its business units by opening a steakhous
poizon [28]
<span>Active endeavors specializes in sporting equipment. Recently, it has decided to add to its business units by opening a steakhouse near a convention center. This strategy is an example of: conglomerate diversification. 

Conglomerate diversification is a growth strategy when organizations add new products or services that are vastly different from anything they've sold prior. These new business opportunities are unrelated to their previous and operate completely different. 

</span>
5 0
3 years ago
In A Knight's Tale, three friends are deciding what to do with 15 silver coins they won in a jousting tournament. They can spend
kondaur [170]

Answers:

Correct answer:

1. Investment

2. Trade-off of present for future benefit

Incorrect answers:

1. The only possible decision

2. The consumption of consumer goods.

3 0
3 years ago
The central route to persuasion is to ____ as the peripheral route to persuasion is to ____
pychu [463]
The central route to persuasion is to be persuaded by the content of the message as the peripheral route to persuasion is to agree on the message not based on the arguments but on the expertise of the speaker.For example, when a relationship expert speaks, you can decide to agree with him on the mere fact that he is a relationship expert but not on what he is saying because it may be correct or wrong.
8 0
3 years ago
According to the concept of comparative advantage, a good should be produced in that nation where?
snow_lady [41]

According to the concept of comparative advantage, a good should be produced in that nation where its <u>domestic </u><u>opportunity cost</u><u> is the least.</u>

This is further explained below.

<h3>What does the opportunity cost?</h3>

Generally, Opportunity cost, in microeconomics, refers to the value or advantage foregone by doing one action over another.

To put it another way: if you do one thing, you can't do anything other.

In conclusion, Opportunity cost, in microeconomics, refers to the value or advantage foregone by doing one action over another.

To put it another way: if you do one thing, you can't do anything other.

Read more about opportunity cost

brainly.com/question/13036997

#SPJ1

complete question

According to the concept of comparative advantage, a good should be produced in that nation where:

A) its domestic opportunity cost is greatest.

B) money is used as a medium of exchange.

C) its domestic opportunity cost is least.

D) the terms of trade are maximized.

7 0
1 year ago
Other questions:
  • The stage during which goals are set is
    10·1 answer
  • Assume that the inflation rate becomes much higher in the U.K. relative to the U.S. This will place ____ pressure on the value o
    6·1 answer
  • 13. The work day has just started and you receive reports that the inventory management server is not accessible on your company
    5·1 answer
  • Holly would like to plan for her daughter's college education. She would like for her daughter, who was born today, to attend co
    5·1 answer
  • . Machinery was purchased for $85,000. Freight charges amounted to $3,500 and there was a cost of $10,000 for building a foundat
    9·1 answer
  • Nate purchased an​ interest-bearing security last​ year, planning to hold it until maturity. He received interest​ payments, and
    12·2 answers
  • Principles are a. the obligations businesses have to maximize their positive impact and minimize their negative impact. b. mores
    13·1 answer
  • On July 1, 20X8, Pair Logic Corporation acquires 75 percent of Systems Inc. common stock for its underlying book value. At the t
    7·1 answer
  • Calico Company has two operating departments: Department A and Department B. Department A occupies 30% of the floor space of the
    6·1 answer
  • Television advertising offers many advantages to national advertisers, but it is a relatively ______ form of advertising
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!