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fiasKO [112]
2 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]2 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:B Place the decimal point after 2

Explanation:

All you have to do is multiply 3.12 times 4

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Question 8 of 10
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It is important to name an executor B. To provide that beneficiaries acquire whatever they want from the estate.

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7 0
1 year ago
Read 2 more answers
You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months a
dusya [7]

Answer: $450

Explanation:

Total tickets purchased = 2

The cost of one ticket three months ago = $100

Current price of one ticket = $225

Total cost of two tickets = $225 × 2

                                        = $450

The opportunity cost is the benefit that is foregone by selecting some other alternative. So, here two options are available that either attend the concert or resell the ticket at $450. Therefore, the opportunity cost of attending the concert is $450.

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3 years ago
Environmental recovery company RexChem Partners plans to finance a site reclamation project that will require a 4-year cleanup p
Elina [12.6K]

Answer:

728,839.57883 per quarter.

Explanation:

1. Effective Annual Rate = 10%

Effective rate continuously compounded = eln(1+r) - 1

ln(1.1) = 0.09531018

Montly rate = 0.09531018/12 = 0.07942515

e0.07942515 -1 = 0.00797414

Hence, monthly continuous rate =

0.797414%

2. Effective Quarterly rate

= (1+(Rate per year/52))Number of weeks

=(1+Rate per quarter)4,

(1+(0.15/52))208=(1+r)4,

r = 16.1583394% per quarter

Now, using the PMT function in excel,

=PMT(16.1583394%,16,-4100000)

728,839.57883

per quarter

Therefore In order to earn 15% per year compounded weekly on its investment at the end of each quarter, the company will have to get $728,839.57883

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2 years ago
Which of the following best describes the correct sequence of the flow of costs for a manufacturing firm? Work-in-process, raw m
charle [14.2K]

Answer:

The correct answer is letter "B": Raw materials, work-in-process, finished goods, cost of goods sold.

Explanation:

The flow of costs reflects the way or route in which costs travel from a department to others inside a business cycle. This usually applies to manufacture companies where it is needed to appraise the<em> raw materials, work in process, finished goods supply, </em>and <em>cost of goods sold</em>. The flow of costs can be used in other processes where costs are inherently attached like labor.

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