1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
-Dominant- [34]
3 years ago
10

Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100

$3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $ ___________.
Business
1 answer:
Radda [10]3 years ago
6 0

Answer:

Ending Inventory = $555

Cost of Goods Sold = $2,430

Explanation:

                                   Date             Units   Unit Cost  Closing Inventory

Opening Balance   September 1      100      $3.00       $300.00

Purchases

                                September 8     450     $3.50       $1,575.00

                                September 18    300     $3.70       $1,110.00

Ending Inventory   September 30   150      $3.70       $555.00

According to FIFO the the material first purchased will be sold first. So, the closing Inventory of 150 units will be valued at the rate of last purchase of 300 units @ $3.77/unit.

Cost of Goods Sold = $300 + $1575 + (( 300 - 150 ) x 3.70) = $2,430

You might be interested in
Which one of the following statements concerning the balance sheet is correct? Total assets equal total liabilities minus total
Margarita [4]

Answer:  Assets are listed in descending order of liquidity

Explanation:

According to accountant principles, the assets are always listed starting with the most liquid asset. It has the special purpose of helping to the shareholders and company owners to know what assets are easily sold and become in cash flow. The most liquid asset is always the cash, it is the first in the list. Commonly the second asset listed is the inventory, then we have ththe realizable value ( it includes bonds, stocks and other stock market elements), followed by the elements available for sell, at the end we can find listed long term resources including fixed assets and intangible assets.

8 0
3 years ago
Which of the following companies is an example of a manufacturer? a. H&R Block b. Best Buy c. Intel d. Trism e. Walmart
Otrada [13]

Answer: Intel.

Explanation:

A manufacturer is a company that makes finished or semi-finished goods for sale from raw materials. Intel produces various chips and microprocessors used in making most computers in the market.

7 0
3 years ago
Confronted with the same unit cost data, a monopolistic producer will charge Group of answer choices
dsp73

Answer:

a higher price and produce a smaller output than a competitive firm

Explanation:

A monpolistically competitive firm is a firm that :

1. Sells differentiated products from other firms in the industry.

2. Has many buyers and sellers

3. Is a price maker

4. Has no barrier to entry or exist of firms

An example of a monpolistically competitive firm is a resturant.

A competitive firm is a firm that:

1. Sells identical goods with other firms in the industry.

2. Is a price taker . Prices are set by forces of demand and supply

3. Has many buyers and sellers

4. There are no barriers to entry or exist of firms.

When a monopolistic and competition firm are faced with the same unit cost, a monopolistic firm would aim to earn profit by increasing its price and reducing the quantity produced.

While a perfect competition would sell at the price set by the forces of demand and supply. The firm can increase the quantity produced in order to increase revenue.

A monopolistic firm is able to charge a higher price for its products while a perfect competition isn't.

5 0
3 years ago
Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The fi
irina1246 [14]

Answer:

The answer is marketing intermediary

Explanation:

Jonathan works for a firm that assists companies in promoting, distributing, and selling their products to end consumers. The firm Jonathan works for is a marketing intermediary.

A marketing intermediary links producers to the final consumers. Examples are agents, wholesalers, retailers, distributors etc.

Most producers do not directly sell to their final consumers. These intermediaries help them to achieve their goals

7 0
3 years ago
Jerry has an insurance policy with a premium of $150 per month. In June, he’s in an accident and receives a bill with a total co
bazaltina [42]

$250

COVERAGE LIMIT-DEDUCTIBLE = $4000-$1500 = 2500

$2500/10 = $250

3 0
3 years ago
Other questions:
  • (Ignore income taxes in this problem.) Blaine Corporation is considering replacing a technologically obsolete machine with a new
    10·1 answer
  • What does reliability ensure? A. The system has the ability to operate in many different operating systems B. The system is easy
    13·1 answer
  • Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25, and each c
    9·1 answer
  • Where are you most likely to encounter lead on a construction site?
    5·1 answer
  • At the time a $450 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of
    12·1 answer
  • In marketing, promotion usually involves a company or organization
    11·1 answer
  • Jackson is a recent college graduate who just got his first job. He commutes approximately 35 minutes each way
    15·1 answer
  • The balance sheet for Monty Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $1
    6·1 answer
  • An IAC (industrially advanced country) had a per capita income of $44,000, while a DVC (developing country) had a per capita inc
    5·1 answer
  • concepts like value and relationship marketing are important in designing an organization's marketing program because such a pro
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!