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kow [346]
2 years ago
11

The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 800 units @ $ 3.20 First purchase @ Ma

y 7 900 units @ $ 3.40 second purchase @ May 17 1,100 units @ $ 3.50 Third purchase @ May 23 700 units @ $ 3.60 Sales @ May 31 2,700 units @ $ 5.10 Determine the amount of ending inventory assuming the FIFO cost flow method.
Business
1 answer:
Anestetic [448]2 years ago
5 0

Answer:

$2,870

Explanation:

The computation of the ending inventory using FIFO cash flow method is shown below:

Closing inventory units

= Purchase units including opening inventory - sales units

where,

Purchase units = 800 units + 900 units + 1100 units + 700 units

                          = 3,500 units

And, the sales units is 2,700 units

So, the ending inventory units is 800 units

Now the ending inventory is

= Purchase units on May 23 × price on that date + Purchase units on May 17 × price on that date

= 700 units × $3.60 + 100 units × $3.50

= $2,520 + $350

= $2,870

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A group health plan that saves you money on health insurance is an example of a/an _____.
Ymorist [56]

The answer is C. it helps with medical, disability, life insurance.

Hope this helps!

~LENA~

7 0
3 years ago
Read 2 more answers
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct l
Katyanochek1 [597]

Answer:

Cost of Goods Available Sold $ 265,000

Adjusted Cost of Goods Sold  $ 255,000

<u>Net Income             $ 66,000    </u>

Explanation:

<u><em> Mason Company: </em></u>

<u><em>Cost Of Goods Schedule</em></u>

Inventories Beginning Raw materials $ 7,000

Raw material purchases $ 118,000

Inventories  Ending Raw materials  $ 15,000

Direct Materials Used $ 110,000

Direct labor cost $ 70,000

Manufacturing overhead applied to work in process $ 90,000

Total Manufacturing Costs $ 270,000

Add Work in process  Inventories Beginning  $ 10,000

Cost of Goods Available For Manufacture  $ 280,000

Less Work in process Inventories Ending $ 5,000

Cost of Goods  Manufactured $ 275,000

Add Finished goods  Inventories Beginning $ 20,000

Cost of Goods Available For Sale $ 295,000

Less Finished goods  Inventories Ending  $ 35,000

Cost of Goods Available Sold $ 265,000

<u>Mason Company: </u>

<u>Cost Of Goods Schedule Adjusted </u>

Inventories Beginning Raw materials $ 7,000

Raw material purchases $ 118,000

Inventories  Ending Raw materials  $ 15,000

Direct Materials Used $ 110,000

Direct labor cost $ 70,000

Manufacturing overhead applied to work in process $ 90,000

Total Manufacturing Costs $ 270,000

Add Work in process  Inventories Beginning  $ 10,000

Cost of Goods Available For Manufacture  $ 280,000

Less Work in process Inventories Ending $ 5,000

Cost of Goods  Manufactured $ 275,000

Add Finished goods  Inventories Beginning $ 20,000

Cost of Goods Available For Sale $ 295,000

Less Finished goods  Inventories Ending  $ 35,000

Cost of Goods Available Sold $ 265,000

Less Over Applied Overhead  $ 10,000

Adjusted Cost of Goods Sold  $ 255,000

Over applied overhead is deducted to get the actual Cost of Goods Sold.

<em><u>Mason Company: </u></em>

<em><u>Income Statement</u></em>

Sales $ 524,000

Less

Adjusted Cost of Goods Sold  $ 255,000

Gross Profit        $ 269,000

Less Selling expenses $ 140,000

Administrative expenses $ 63,000

<u>Net Income             $ 66,000      </u>    

5 0
3 years ago
Diversification is important in investing because...
Alenkinab [10]

Diversification is important in investing because "It helps you to balance your risk across different types of investments".

Explanation:

Diversification is a risk management approach that includes investing beyond or within various asset types to depreciate the ups and downs of economic exchanges. In different terms, diversification is thereby not owning all your eggs in one basket. Diversification goes by expanding properties beyond and within various asset types. Because asset types have their own individual financial rounds, when one class is making substantial profits, another may not be functioning as well. By expanding your purchases beyond and within distinct asset categories you’ll be in an immeasurable situation to offset the buoyancy of unique expenses.

8 0
3 years ago
Read 2 more answers
The Executive Director of Operations has assigned Joe Tanney the role of Team Leader for a high priority project. The task is to
svetlana [45]

Answer: Dysfunctional conflict

Explanation:

This is a team conflicts that have negative consequences on the firm.

The conflict is not multicultural because their cultures doe have an impact on the conflict results, it's equally not functional because it's not bringing in a positive results, Both gender and intergroup do not also have an effect on the conflict.

5 0
3 years ago
Benjamin jackson bought 100 shares of xyz two years ago at $10 per share. the stock paid a $0.50 dividend each year and he sold
GREYUIT [131]

Answer: 20%

Explanation:

7 0
1 year ago
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