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-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

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Sales revenue$ 4,000Purchases of direct materials$ 400Direct labor$ 450Manufacturing overhead$ 620Operating expenses$ 650Beginni
dlinn [17]

Answer:

The correct answer is D: $1900

Explanation:

Giving the following information:

Sales revenue$ 4,000

Purchases of direct materials$ 400

Direct labor$ 450

Manufacturing overhead $ 620

Operating expenses$ 650

Beginning raw materials inventory$ 200

Ending raw materials inventory$ 180

Beginning work in process inventory$ 320

Ending work in process inventory$ 410

Beginning finished goods inventory$ 250

Ending finished goods inventory$ 200

First, we need to calculate the cost of goods manufactured:

cost of goods manufactured= beginning work in process + direct materials + direct labor + manufacturing overhead - ending work in process

Direct materials= beginning inventory + purchase - ending inventory= 200 + 400 - 180= 420

cost of goods manufactured= 320 + 420 + 450 + 620 - 410= $1400

Now, we can calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished goods

COGS= 250 + 1400 - 200= 1450

Operating income= sales  - COGS - operating expenses

Operating income= 4000 - 1450 - 650= $1900

3 0
3 years ago
If you were to illegally reproduce for a profit a likeness or exact replica of a copyrighted logo, you would commit
tamaranim1 [39]

Answer:

copyright infringement

Explanation:

Copyright infringement is a broad term that refers to any kind of harm to someone's copyright, which includes copying a company's logo for profit. A logo, like any other visual product, is the legal possession of an individual or company, therefore it is illegal to copy it for your own business goal or profit.

5 0
3 years ago
Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in in
garri49 [273]
Unless the bankers are serious money moochers, the lowest interest (In Total Amount) will be:
C. Daily Compound
This is the most likely because the more time you take to pay your debt the more you have to pay in interest.
5 0
3 years ago
Bill has been adding funds to his investment account each year for the past 3 years. He started with an initial investment of $1
Nookie1986 [14]

Answer:

2.96% will be effective rate of the investment

Explanation:

First year:

1,000 x 1 + 10%) = 1,100

<em><u>Second year: </u></em>

1,100 + 3,000 = 4,100 invesmtent balance

4,100 x (1  - 5%) = 3,895

<em><u>Third year:</u></em>

3,895 + 2,000 = 5,895

5,895 x (1 + 2%) = 6012.9

<em><u>Fourth year:</u></em>

6012.9 + 500 = 6512.9

6,512.9 x (1+ 8%)  =  7033.932

We calcualte rate that is equivalent with the following cash flow:

1,000 (1+r)^4 + 3,000  (1+r)^3 +  2,000(1+r)^2 +  500(1+r) = 7,033.93

We solve using excel goal seek

0.029646151

6 0
3 years ago
Unique Stores common stock pays a constant annual dividend of $1.75 a share. What is the value of this stock at a discount rate
tatyana61 [14]

Answer:

the value of the stock is $13.21 per share

Explanation:

The computation of the value of the stock is shown below:

The Value of the stock is

= Constant annual dividend ÷ discount rate

= $1.75 ÷ 0.1325

= $13.21 Per share

Hence, the value of the stock is $13.21 per share

We simply applied the above formula so that the correct value could come

And, the same is to be considered

8 0
2 years ago
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