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kow [346]
3 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]3 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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4 0
3 years ago
Place the following obligations as a corporation (as identified by Archie B. Carroll) in order, starting with the highest-level
BabaBlast [244]

Explanation:

1. Being a good global corporate citizen

2. Being ethical in its practices

3. Obeying the law

4. Making a profit

According to Archie B. Carroll,

The first one is Being a good global corporate citizen: How a good citizen is important for the country, being a good global corporate citizen is equally important for the corporate world.

The second one is the ethical practices: This is very closely related to citizenship. There are some professional ethics to be maintained for a corporate world to grow.

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3 years ago
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Mama L [17]

Answer:

B. False

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Self- owned business includes all types of business
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No. it includes people who work for themselves and stated only by themselves i believe.
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2 years ago
Seal Polymer Industries (SPI) sold two freight containers of latex gloves to Med-Express, Inc., a company based in North Carolin
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Answer:

Can SPI sue Med-Express in an Illinois court? Why or why not? Which statute (rule) applies here?

Yes, SPI can sue Med-Express in an Illinois court due to the minimum contacts doctrine. This is an actual court case that the North Carolina Court of Appeals ruled in favor of SPI. The minimum contacts rule states that in order for a business to be sued in another jurisdiction it must have maintained minimum contacts with residents of that state. Minimum contacts may include making business with individuals or companies that reside in the other state, visiting the other state or incorporating in the other state. In this case, Med-Express made business with SPI, and SPI is a resident of Illinois.

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3 years ago
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