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IgorLugansk [536]
2 years ago
10

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following ord

er: (1) 150 units at $7 on January 1, (2) 590 units at $8 on January 8, and (3) 890 units at $10 on January 29. M7-12 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic LIFO [LO 7-3] Assume 1,110 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.
Business
1 answer:
Jobisdone [24]2 years ago
5 0

Answer:

Goods available for sale = $14,670

Ending inventory = $9,470

Cost of goods sold = $5,200

Explanation:

As per the data given in the question,

Total units purchased = 150 + 590 + 890 = 1,630

Ending inventory = 1,110

Sales units = 1,630 units - 1,110 units = 520 units

Goods available for sale = 150 × $7 + 590 × $8 + 890 × $10

= $14,670

Ending inventory = 150 × $7 + 590 × $8 + 370 × $10

= $9,470

Cost of goods sold = $14,670 - $9,470

= $5,200

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Income statement under absorption costing and variable costing
Len [333]

Answer:

unitary product cost= $102

Explanation:

Giving the following information:

Manufacturing costs Direct materials per unit $60

Direct labor per unit $22

Variable overhead per unit $8

Fixed overhead for the year $528,000

Units produced= 44,000

The absorption costing method includes all costs related to production, both fixed and variable<u>. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead. </u>

Fi<u>rst, we need to calculate the unitary fixed overhead:</u>

Unitary fixed overhead= 528,000/44,000= $12

<u>Now, the unitary product cost:</u>

unitary product cost= 60 + 22 + 8 + 12

unitary product cost= $102

4 0
3 years ago
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a yea
kobusy [5.1K]

Answer: The correct answer is "a. $26,000".

Explanation: Implicit costs: Also known as opportunity costs have to do with alternative profit options, or money that we no longer receive when performing certain commercial actions.

A person incurs implicit costs when he waives an alternative action.

Implicit costs: $20000 + $6000 = $26000.

5 0
3 years ago
Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Pro
vlada-n [284]

Answer:

The mark up percentage on total cost is 13%.

Explanation:

Mark up percentage on total cost refers to the profit as a percentage of the total cost.

Therefore, the mark up percentage on total cost can be calculated using the following formula:

Mark up percentage on total cost = (Desired profit / Total cost) * 100 ......... (1)

Where;

Desired profit = $143

Total cost = $1,100

Substituting the values into equation (1), we have:

Mark up percentage on total cost = ($143 / $1,100) * 100 = 0.13 * 100 = 13%

Therefore, the mark up percentage on total cost is 13%.

8 0
2 years ago
BSW Corporation has a bond issue outstanding with an annual coupon rate of 7 percent paid quarterly and four years remaining unt
Liono4ka [1.6K]

Answer:

$788.35

Explanation:

For computing the fair present value we need to apply the present value formula which is to be shown in the attachment below:

Given that,  

Future value = $1,000

Rate of interest = 14%  ÷ 4 = 3.5%

NPER =  4 years × 4 = 16 years  

PMT = $1,000 × 7% ÷ 4 = $17.5

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the formula, the fair present value is $788.35

3 0
3 years ago
Given the following, calculate total manufacturing costs: Direct materials: $40,000; Direct labor: $100,000; Manufacturing overh
vfiekz [6]

Answer:

cost of goods manufactured= $278,000

Explanation:

Giving the following information:

Direct materials: $40,000

Direct labor: $100,000

Manufacturing overhead applied: $120,000

Beginning Work in process inventory: $30,000

Ending Work in process inventory: $12,000

<u>To calculate the total manufacturing costs, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 30,000 + 40,000 + 100,000 + 120,000 - 12,000

cost of goods manufactured= $278,000

4 0
3 years ago
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