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aliya0001 [1]
3 years ago
14

A company had 260 units of inventory at a cost of $152 each on January 1. On June 5, the company purchased 460 units for $172 ea

ch. On November 10, the company purchased 160 units for $212 each. On December 15, the company sold 520 units. Given this information, determine the cost of the 520 units sold using the weighted average periodic inventory method. (Do not round your intermediate calculations; round the final answer to nearest dollar amount.
Business
1 answer:
Nadusha1986 [10]3 years ago
7 0

Answer:

$62,411

Explanation:

January 1:  260 units, cost of $152 each ($39,520 value)

June 5: purchased 460 units for $172 each ($79,120 value)

November 10: purchased 160 units for $212 each ($33,920 value)

December 15: the company sold 520 units.

Let's first find out the average weighted cost for the units purchased:

Total value: 39520 + 79120 + 33920 = $152,560

Total units bought: 260 + 460 + 160 = 880 units

Average cost: $152,560 / 880 units = $173,363636363636 /unit

Inventory left at the end:

I = 880 - 520 = 360 units

Value of the inventory:

V = 360 units * $173.3636363636 = $62,410.9090909

Rounded to the nearest dollar: $62,411

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3 0
3 years ago
Owen Company's unadjusted book balance at June 30 is $9,120. The company's bank statement reveals bank service charges of $50. T
Gala2k [10]

Answer:

$10,070

Explanation:

The true cash balance is the balance having considered the effect of the transactions that have happened but are yet to be captured in the books.

Reviewing the transactions,

  • bank service charges of $50 - This will be deducted from the book balance
  • Two credit memos are included in the bank statement: one for $940, which represents a collection that the bank made for Owen, and one for $60, which represents the amount of interest that Owen had earned on its interest-bearing account in June - Both will be added to the book balance

Hence the true cash balance

= $9,120 - $50 + $940 + $60

= $10,070

3 0
3 years ago
Choose the letter of the item that best completes the statement or answers the question. Last year Jackson earned $500,000, Vele
Vitek1552 [10]

1. According to their states’ tax laws, which require each one to pay a tax of $500 despite their different earnings, the best description of the tax is <u>(c) regressive</u>.

<h3>What is a regressive tax system?</h3>

A regressive tax system is one where taxpayers pay a disproportionate share of the tax burden, given their earning levels.

A regressive tax system is not proportional or progressive.

2. An example of an excise tax is (b) tax on perfume.

3. The amount Rose Chin paid for the purchase of school supplies based on the state sales tax of 5% is <u>a) $12.60</u> ($12 x 1.05).

4. An example of a property tax is a) a tax based on the value of one's home.

5. The best example of the ability-to-pay principle is <u>b) income tax</u>.

6. An example of a tax based on the benefits-received principle is (a) bridge toll.

7. In the United States, taxes are used to accomplish all of the following except (c) determine which brands consumers buy.

8. For the apartment tenants, the tax is <u>d) a sales tax</u>.

9. The ultimate tax-burden bearer in question 8 is <u>(d) the tenants</u>.

10. An example of a protective tariff is (d) tax on the importation of foreign-made cars.

Thus, while income tax is mostly progressive in the United States, sales taxes are proportional, while some taxes are regressive because the amount paid is fixed and does not depend on the ability-to-pay principle.

Learn more about tax systems at brainly.com/question/12890967

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5 0
2 years ago
The WPC Sports Company has noted that the size of individual "customer order" is normally distributed with a mean of $100 and st
nikdorinn [45]

Answer:

Standard error of the mean = 3

Explanation:

Given:

Mean Distribution = $100

Standard deviation = $12

Total number of player = 16 player

Standard error of the mean = ?

Computation of standard error of the mean:

Standard error of the mean = Standard deviation / √ Total number of player

Standard error of the mean = 12 / √16

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7 0
3 years ago
Maggie Stewart loves desserts. But, due to weight and cholesterol concerns, she has decided that she must plan her desserts care
nika2105 [10]

Answer:

The option that maximizes Maggie's taste index is 1 snack bar and 2 ice creams

Explanation:

<u>snack bar</u>                  <u>ice cream</u>

37 grams                   65 grams

120 calories              160 calories

5 grams of fat           10 grams of fat

Maggie wants to consume up to 450 calories and 25 grams of fat, but she needs at least 120 grams of dessert per day. Ice cream taste 95, snack bars 85.

  • maximize taste index = [85(37X) + 95(65Y)] / (37X + 65Y)
  • 5X + 10Y ≤ 25 ⇒ CONSTRAINT 1
  • 120X + 160Y ≤ 450 ⇒ CONSTRAINT 2
  • 37X + 65Y ≥ 120 ⇒ CONSTRAINT 3
  • X ≥ 0 ⇒ CONSTRAINT 4
  • Y ≥ 0 ⇒ CONSTRAINT 5

maximum possible combinations following constraint 1, 4 AND 5:

  • option 1: 1 snack bar - 2 ice creams (5 + 20 = 25)
  • option 2: 2 snack bars - 1 ice cream (10 + 10 = 20)
  • option 3: 3 snack bars - 1 ice cream (15 + 10 = 25)

possible combinations following constraint 2:

  • option 1: 1 snack bar - 2 ice creams (120 + 320 = 440)
  • option 2: 2 snack bars - 1 ice cream (240 + 160 = 400)

possible combination following constraint 3:

  • option 1: 1 snack bar - 2 ice creams (37 + 130 = 167)
  • option 2: 2 snack bars - 1 ice cream (74 + 65 = 139)

since we only have two possibilities, we can calculate which one generates the highest taste index

maximize taste index = [85(37X) + 95(65Y)] / (37X + 65Y)

  • option 1: 1 snack bar - 2 ice creams = [85(37) + 95(130)] / (37 + 130) = (3,145 + 12,350) / 167 = 92.78
  • option 2: 2 snack bars - 1 ice cream = [85(74) + 95(65)] / (74 + 65) = (6,290 + 6,175) / 139 = 89.68

5 0
3 years ago
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