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Arisa [49]
3 years ago
14

The following lots of a particular commodity were available for sale during the year:Beginning inventory 5 units at $61First pur

chase 15 units at $63Second purchase 10 units at $74Third purchase 10 units at $77The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year.What is the amount of cost of good sold for the year according to the average cost method?
$1,380$1,375$1,510$1,250
Business
1 answer:
castortr0y [4]3 years ago
4 0

Answer:

$1,380

Explanation:

The computation of the average cost per unit is shown below:

= (Beginning inventory units × price per unit + first purchase inventory units × price per unit + second purchase inventory units × price per unit + third purchase inventory units × price per unit) ÷ (Beginning inventory units + first purchase inventory units + second purchase inventory units + third purchase inventory units)

= (5 units × $61 + 15 units × $63 + 10 units × $74 + 10 units × $77) ÷ (5 units + 15 units + 10 units + 10 units)

= ($305 + $945 + $740 + $770 ) ÷ (40 units)

= ($2,760 units) ÷ (40 units)

= $69

Now the cost of goods sold equals to

= (Inventory units × average cost per unit )

= 20 units × $69 per unit

= $1,380

Since there are total 40 units out of which 20 units are sold, so the remaining units i.e 20 units  would be consider as cost of goods sold

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Masteriza [31]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

3 0
3 years ago
Suppose a firm estimates its WACC to be 10%. Should the WACC be used to evaluate all of its potential projects, even if they var
Mademuasel [1]

Answer:

The WACC will be 10% for average risk

below when the risk is low

and above 10% when the risk is higher than average

as the cost of capital (required return from the stockholders) will increase pushing the WACC higher

Explanation:

As the WACC is composed by the cost of debt and the cost of equity a higher risk will require a better return for the investor thus, the equity proportion that determinates the WACC will change along the project risk.

6 0
3 years ago
Where can a Master Admin Accountant User view the apps connected to a client’s QuickBooks Online account from within QuickBooks
sashaice [31]

Answer:

The answer is below

Explanation:

A Master Administrator is normally the individual who is tasked at establishing the company file in QuickBooks Online.

In other words, Master Admin possesses access to all portions of the company file and can grant authorizations and access to other users.

Therefore, a Master Admin Accountant User can view the apps connected to a client’s QuickBooks Online account from within QuickBooks Online Accountant by doing the following:

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4 0
3 years ago
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2020. Mio's salary for 2020 is $190
vfiekz [6]

Answer:

Mio's foreign earned income exclusion is $99,960

Explanation:

The calculation of the Mio's foreign earned income exclusion is given below:

The foreign earned income exclusion limit for 2020 is $107,600

Now the foreign earned income exclusion depend on days equivalent to

=  Foreign earned income exclusion limit × (2020 days ÷ total number of days in a year)

= $107,600 × (340 days ÷ 366 days)

= $99,960

Hence, Mio's foreign earned income exclusion is $99,960

7 0
3 years ago
All liabilities involve a probable ____ sacrifice of economic benefits and arise as a result of _____ transactions or events.
stira [4]

All liabilities involve a probable future sacrifice of economic benefits and arise as a result of past transactions or events.

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied. Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed. A liability is an unfulfilled or unpaid obligation owed by one party to another. A financial liability is an obligation in the world of accounting, but it is more specifically characterized by previous business transactions, events, sales, exchanges of goods or services, or anything else that will generate income in the future.

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8 0
2 years ago
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