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Arisa [49]
2 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]2 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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kow [346]

Answer:

<u>For Maths;</u>

<u>The student would increase time studying for maths.</u>

<u>For English;</u>

<u>The student would increase time studying for English.</u>

<u>Explanation:</u>

This is the case in both cases because there's a certainty that the student earns an A in both cases if he puts in the equivalent  $ amount worth of effort.

The student's ability to adapt to change comes under great test over the next  6 weeks in other to get an A in the math and English classes.

7 0
3 years ago
The truth in lending act is contained in title of I of the:
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Answer:

truth of lending act

Explanation:

laid the foundation for consumer protection

6 0
2 years ago
At its date of​ incorporation, McCarty Company issued​ 100,000 shares of its​ $10 par common stock at​ $11 per share. During the
Paul [167]

Answer:

(C) Decrease No effect

Explanation:

at purchase:

30,000 shares x 16 dollars each:

Treasury stock  480,000 debit

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--purchase of own share--

Then we will decrease retained earnings for the difference in the cash proceed on the sale and our treasury stock.

30,000 x 12 dollars = 360,000 cash proceeds

treasury stock             480,000

decrease in RE            120,000

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retained earnings    120,000 debit

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8 0
3 years ago
depreciation expense and amortization expense represent ______ items requiring adjustments to net income under the indirect meth
vodka [1.7K]

Based on the information depreciation expense and amortization expense represent non-cash items.

Non-cash items has to do with expense that does not involve paying cash.

Depreciation expense and amortization expense are non cash item as no cash payment is involve.

Although this expense may be included in a company profit or loss account or net income but they do not have effect on a company cash flow.

Non cash item like depreciation expenses and amortization expense often have effect on a company overall net income.

Inconclusion  depreciation expense and amortization expense represent non-cash items.

Learn more about non-cash item here:

<em>brainly.com/question/23158497</em>

5 0
3 years ago
Chang Industries has 1,300 defective units of product that already cost $48 each to produce. A salvage company will purchase the
dolphi86 [110]

Answer: Sunk Cost

Explanation:

A sunk cost is an expense which a company or entity has already incurred and which cannot be recovered and so should not be considered when making decisions regarding incremental benefits or costs to an investment.

The $48 had already been incurred to produce the defective units and cannot be recovered so it is a sunk cost that should not be considered moving forward.

7 0
3 years ago
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