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fiasKO [112]
3 years ago
7

Sheridan Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is avai

lable. Units Unit Cost Total Cost April 1 inventory 280 $17 $ 4,760 April 15 purchase 420 20 8,400 April 23 purchase 300 22 6,600 1,000 $19,760 Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
Business
1 answer:
vesna_86 [32]3 years ago
8 0

Answer:

Closing inventory - $10,160

Costs of goods sold - $9,600

Explanation:

Under the LIFO Method, the cost of good sold equals to

= April 23 units × cost per unit + Remaining units × cost per unit

= 300 units × $22 + 150 units × $20

= $6,600 + $3,000

= $9,600

Since the firm has sold 450 units, so out of which 300 units sold at a price of $22 and the remaining 150 units sold at a price of $20

The ending inventory equals to

= Remaining units × cost per unit + April 1 × cost per unit

= 270 units × $20 + 280 units × $17

= $5,400 + $4,760

= $10,160

Since on April 23, the 420 units were purchase, out of which 150 units are transferred to the cost of good sold and the remaining units 270 units at $20 is transferred to the ending inventory

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Answer:

d. $51,500

Explanation:

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50,000 x 103/100 = 51,500

The company will recognize a gain from the sale of 1,500 dollars as it sold  the investment for 51,500 while it was valued at 50,000 in their books

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3 years ago
For each scenario, select the appropriate distribution density classification.1. Snack Time-Frito-Lay knows that hunger can stri
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Answer:

1. Intensive Distribution

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3. Intensive Distribution

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5. Selective Distribution

6. Exclusive Distribution

Explanation:

Intensive Distribution is the one in which the product is available almost everywhere. That the product is easily available and the company ensures that it has a wide range of consumers.

Selective Distribution is the one in which the product is available only at some identified places, as for example the 5. point the apple phones are available usually at apple stores or some other specified mobile sellers, thus it is easily available yet at some limited shops only.

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3 years ago
1. If you were a manager conducting a job interview to applicants and you encountered the following querries
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2 years ago
Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60
Taya2010 [7]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment.

Total labor force= 60 + 20 + 20= 100

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3 years ago
bank pays interest quarterly with an EAR of 9​%. What is the periodic interest rate applicable per quarter​
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Answer:

2.18%

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Effective interest rate = (1+i/m)^n - 1

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Here, the compounding is quarterly and the effective interest rate is 8%

Since one year is equal to 4 quarter, the value of m is equals to 4

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i/4 = 2.18%

7 0
3 years ago
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