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vredina [299]
3 years ago
14

Bonita uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $12.

00 each. During the month, the company made two purchases: 3100 units at $13.00 each and 12000 units at $13.50 each. Bonita also sold 13100 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month
Business
1 answer:
Lapatulllka [165]3 years ago
6 0

Answer:

$169,514

Explanation:

[(7,300 × $12) + (3,100 × $13) + (12,000 × $13.50] ÷(7,300 + 3,100 + 12,000)

=87,600+40,300+162,000÷22,400

=289,900÷22,400

=$12.94

Hence;

$12.94 × 13,100 = $169,514

Therefore using the average cost method, the amount of cost of goods sold for the month will be 169,514

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In a small​ economy, consumption spending is​ $6,000, government purchases are​ $1,200, gross investment is​ $1,500, exports are
Karo-lina-s [1.5K]

Answer:

$9700

Explanation:

Given that

C = 6000

G = 1200

I = 1500

X= 2000

M = 1000

Recall that,

GDP = C + I + G + ( X - M)

therefore

GDP = 6000 +1500 + 1200 + (2000 - 1000)

= 8700 + 1000

= 9700

Therefore, GDP = $9,700

5 0
3 years ago
Read 2 more answers
Crane Company has 900 shares of 4%, $100 par cumulative preferred stock outstanding at December 31, 2018. No dividends have been
labwork [276]

Answer:

c) $7200

Explanation:

Preference dividends have preference when it comes to payment of dividends.

This means that we pay the Preference Stock holders their dividend (which is fixed) and there after the remainder is paid up to the Common Stockholders

Preference dividend = 900 shares x $100 x 4 % =  $3600

When Preference Stock is Cumulative, it means that all previous dividends in arrears have to be paid up before any current year distributions are made.

<u>2018</u>

Cumulative Preference dividend = $3600 (2017) + $3600 (2018) = $7200

therefore,

Dividends in arrears at December 31, 2018 total $7200

8 0
3 years ago
Mister Jones was selling his house. The asking price was $220,000, and Jones decided he would take no less than $200,000. After
user100 [1]

Answer:

D) not able to be calculated from the information given.

Explanation:

Consumer surplus is the difference between willingness to pay of a consumer and the price actually paid for a good or service.

The price paid by Smith is $205,000 but there's no information on the willingness to pay of Smith. Therefore, the consumer surplus can't be calculated.

I hope my answer helps you.

5 0
2 years ago
Windsor, Inc. just began business and made the following four inventory purchases in June:
alisha [4.7K]

Answer:

c. the average cost method.

Explanation:

Windsor INC. purchased inventory during the month of June as follows:

June 1 129 units at $890

June 10 172 units at $1340

June 15 172 units at $1440

June 28 129 units at $ 1140

and at the end of the period, there are 180 units on hand.

In order to get highest gross profit the closing sock should be the highest, accordingly the value of inventory at hand should as as follows under different method explain below:

Under FIFO method the inventory first enter into the enterprise is available for sale at first so the inventory of 180 units at end should be values at the last price mentioned in the question i.e $1140, therefore the value amounts to $1140*180 units=$205200

Under LIFO method, likewise the last entered inventory will be available for sale and the inventory at the end of period will be valued at the price at which the inventory first bought i.e $890, therefore the value amounts to 180 units*$890=$160200

Under Average cost method the effect of differential price is distributed over the quantity bough during a period so that the company remains in ineffective condition during the period from the price change

Average cost per unit= (129*$890 +172*$1340+ 172*$1440+129*$1140)/602 units

=$1229.29

and for the 180 units the value amounts to 180*$122.29=$221271.429

so, as per explanation given above, it is certain that the highest value will be in average cost method.

The correct option is - c. the average cost method.

5 0
3 years ago
Act II Costumes currently has $120,000 in cash, $340,000 in inventory, and $20,000 in accounts receivable. The company also has
Len [333]

Answer:

Quick ratio = Current assets - Inventory/Current liabilities

= $480,000 - $340,000/$40,000

= 3.5

Current assets = $120,000 + $340,000 + $20,000 = $480,000

Current liabilities = $20,000 + $20,000 = $40,000

Explanation:

Explanation: Quick ratio is the ratio of liquid assets to current liabilities. Liquid assets are current assets less inventory. Liquid assets amounted to $140,000 while current liabilities are $40,000. The division of liquid assets by current liabilities gives quick ratio.                                                                                                                      

5 0
2 years ago
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