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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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Explain partner by estoppel ...and please follow me ​???
natita [175]

Answer:

Partnership by estoppel means that a person who is not technically a partner can be held liable as a general partner would be for any debts and damages owed to a third party.

6 0
3 years ago
Olivia likes to eat both apples and bananas. At the grocery store, each apple costs $0.20 and each banana cost $0.25. Olivia’s u
icang [17]

Answer:

Therefore, Olivia should buy 10 apples and 8 bananas to maximize her utility.

Explanation:

Let A represent the number of apples bought and B represent the number of bananas bought. Therefore since Olivia has $4 to spend:

0.2A + 0.25B = 4       (1)

Also, the tangency condition can be used to find the optimal amount of A to relative to B. It is give as:

MU_A/P_A=MU_B/P_B\\\\\frac{3\sqrt{\frac{B}{A} } }{0.2}= \frac{3\sqrt{\frac{A}{B} } }{0.25}\\\\15\sqrt{\frac{B}{A} }=12\sqrt{\frac{A}{B} }\\\\squaring\ both\ sides:\\\\\frac{225B}{A} =\frac{144A}{B}\\\\225B^2=144A^2\\\\B^2=0.64A^2\\\\Taking\ square\ root:\\\\B=0.8A

Put B = 0.8A in equation 1:

0.2A + 0.25(0.8A) = 4

0.2A + 0.2A = 4

0.4A = 4

A = 10

B = 0.8(A) = 0.8(10) = 8

Therefore, Olivia should buy 10 apples and 8 bananas to maximize her utility.

6 0
3 years ago
Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2019, for $151,200. He lived in the house
damaskus [11]

Answer:

1. Recognized gain = $54300

2. Realized gain = $45228

3. Adjusted basis of new asset = $150,000

Explanation:

The adjusted basis is the net cost of an asset after it has had depreciation deductions and/or capital expenditure increments. In other words, its actual worth at that particular point in time.

The amount realized is the fair market value and the sum of any money received at the sale of an asset.

1. A recognized gain or loss is the difference between the amount realized from the sale of the asset and the asset's adjusted basis on the time of its sale. A positive figure proves to be a gain and a negative figure proves to be a loss. In other words, when an asset is sold for a price higher than what it is actually worth at the time of sale, it is a recognized gain whilst if it is sold for a price lower than what its net cost is, it is a recognized loss.

In the current scenario:

The amount realized from the sale of the asset is $151,200.

Adjusted basis = Cost basis + capital improvements

Hence, $86,750 + $10,150 = $96900

Recognized gain/loss = $151,200 - $96900 = $54300

Due to the fact that it is a positive figure, i.e. amount realized at sale of asset is higher than the adjusted basis, it is a recognized gain.

2. A realized gain is the amount of <em>actual money</em> earned at sale. It does not simply look at the income from sale, but also takes into account any expenses that were present at the time of sale and deducts these.

In this case, there was an expense of the sale of $9072.

Hence, amount realized from sale of asset is $151200 - $9072 = $142128

Realized gain = $142128 - $96900 = $45228

3. Adjusted basis of new residence

The new residence has not had any capital increments. Hence, the adjusted basis is the same as the cost i.e. $150,000.

3 0
3 years ago
Beach Grub is a chain of "fast casual" restaurants that sells its menu items at higher prices than its competitors. Yet, the res
Lerok [7]

Answer:

Differentiation strategy

Explanation:

Differentiation strategies seek to create higher value for their customers by producing goods and services that offer unique features that differentiate them form their competitors. This is done while trying to keep the same or similar (maybe a bit more expensive) price levels as the competition .

In this case Beach Grub offers a differentiated service while keeping their prices higher than the competition but not as high as luxurious restaurants.

7 0
3 years ago
Manufactured truck parts are part of which industry
qwelly [4]

Answer:

c

Explanation:

4 0
2 years ago
Read 2 more answers
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