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Drupady [299]
3 years ago
15

Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no b

eginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 5 $20 10 Sale 3 17 Purchase 10 24 20 Sale 6 23 Sale 3 30 Purchase 10 30 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method.
Business
1 answer:
Sveta_85 [38]3 years ago
7 0

Answer:

$136

Explanation:

Date      Transaction       Units         Cost           Total          

3             Purchase             5            $20             $100

10            Sale                     3

17            Purchase            10            $24            $240

20           Sale                     6

23           Sale                     3

30           Purchase           10             $30            $300

using the first in, first out method, the COGS is calculated based on the oldest price of the units in merchandise inventory:

6 units were sold on May 20th, 2 of them costed $20 (May 3rd purchase) per unit = $40, while 4 of them costed $24 (May 17th purchase) = $96. Total COGS = $40 + $96 = $136.

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The price elasticity of supply for umbrellas is 2. Suppose you're told that following a price increase, quantity supplied increa
salantis [7]

Answer:

15%

Explanation:

The formula and the calculation of the price elasticity of supply are presented below:

Price elasticity of supply = (Percentage change in quantity supplied ÷ percentage change in price)

where,

Price elasticity of supply = 2

And, the percentage change in quantity supplied is 30%

So, the percentage change in price is

= 30% ÷ 2

= 15%

7 0
3 years ago
(tco 7) which access control method is characterized by the information owner being responsible for assigning privileges to appr
Tems11 [23]
<span>Web applications need access controls to allow users (with varying privileges) to use the application.They also need administrators to manage the applications access control rules and the granting of permissions or entitlements to users and other entities. Various access control design methodologies are available. To choose the most appropriate one, a risk assessment needs to be performed to identify threats and vulnerabilities specific to your application, so that the proper access control methodology is appropriate for your application.</span>
3 0
3 years ago
A delivery truck costing $25,000 is expected to have a $1,500 salvage value at the end of its useful life of four years or 125,0
Helga [31]

Answer:

a.

Depreciation expense year 2 Straight line = $5875

b.

Depreciation expense year 2 Double declining = $6250

c.

Depreciation expense year 2 units of activity = $5264

Explanation:

a.

Straight line method is a depreciation method that charges a constant depreciation expense through out the useful life of the asset. Straight line depreciation per year is,

Straight line depreciation = (Cost - Salvage value) / Estimated useful life

Straight line depreciation = (25000 - 1500) / 4    =  $5875 per year

Straight line rate = 100% / 4 = 25%

b.

Double declining balance is an accelerated method of depreciation that charges more depreciation in the initial years and less in later years. Double declining balance depreciation is calculated as follows,

Depreciation expense = 2 * Straight line rate * Book value at start of the period

Depreciation expense year 1 = 2 * 0.25 * 25000     = $12500

Book value at start of year 2 = 25000 - 12500 = $12500

Depreciation year 2 = 2 * 0.25 * 12500  =  $6250

c.

The units of production method charges depreciation based on the activity for which asset is used as a proportion of the estimated useful life in terms of activity.

Depreciation expense year 2 = (28000 / 125000) * (25000 - 1500)

Depreciation expense year 2 = $5264

7 0
2 years ago
Which of the following items would be included on the capital expenditures budgeta. spending for adding a new product line.
777dan777 [17]

Answer:

A

Explanation:

Capital expenditures are a long-term investment. It is the purchase of assets with a useful life of at least one year

5 0
3 years ago
A shoe factory has an elasticity of supply of .5 as the price if shoes raises from $50 to $75. if the factory produced 100,000 s
lidiya [134]
E S ( elasticity of supply ) = .5 ( supply is inelastic: E S < 1 )
The formula is:
E S = Δ Q / Δ P * P / Q,
where: Δ Q is the change in quantity, Δ P is change in price, P is initial price and Q is initial quantity.
.5 = Δ Q / 25 * 50 / 100,000
Δ Q = .5 * 25 * 100,000 / 5
Δ Q = 25,000
Quantity at the new price: Q ( new ) = 100,000 + 25,000 = 125,000 
4 0
3 years ago
Read 2 more answers
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