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photoshop1234 [79]
3 years ago
6

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Dete

rmine the cost assigned to cost of goods sold using LIFO.
Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 150 units @ $10.00
5 Purchase 220 units @ $12.00
10 Sales 140 units @ $20.00
15 Purchase 100 units @ $13.00
24 Sales 150 units @ $21.00
a. $2,260
b. $3,180
c. $1,860
d. $3,580
e. $2,100
Business
1 answer:
storchak [24]3 years ago
5 0

Answer:

The cost of goods sold using the LIFO menthod is;

d. $3,580

Explanation:

Last in First Out (LIFO) method is an inventory method where the recently purchased good is sold first. This means that when accounting for the cost of goods sold, we use the unit cost of the goods that were purchased recently. In our case;

1 Beginning Inventory 150 units @ $10.00

5 Purchase 220 units @ $12.00

10 Sales 140 units @ $20.00

15 Purchase 100 units @ $13.00

24 Sales 150 units @ $21.00

<em>Step 1: Determine total number of units sold;</em>

Total number of units sold=number of sales on May 24+number of sales on May 10

where;

number of sales on May 24=150 units

number of sales on May 10=140 units

replacing;

Total number of units sold=(150+140)=290 units

Total number of units sold=290 units

<em>Step 2: Determine total cost of goods sold</em>

The first 100 units sold were each sold at $13

The remaining 190 units were each sold at $12

Total cost of goods sold=(100×13)+(190×12)=(1,300+2,280)

Total cost of goods sold=$3,580

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Paolucci Corporation's relevant range of activity is 4,000 units to 8,000 units. When it produces and sells 6,000 units, its ave
ratelena [41]

Answer:

$12.50

Explanation:

Variable costs are those costs which changes with the change in activity driving the cost (Sales. production etc.). It can be direct or indirect costs.

Whereas fixed costs are those costs which remains constant and do not change with the change in activity.

All the following costs are variable costs

                                                          Average Cost per Unit

Direct materials                                   $6.45

Direct labor                                          $3.30

Variable manufacturing overhead     $1.25

Sales commissions                              $1.00

Variable administrative expense       <u>$0.50</u>

Total variable cost per unit                <u>$12.50</u>

All the following costs are fixed costs.

Fixed manufacturing overhead         $3.00

Fixed selling expense                        $1.05

Fixed administrative expense           $0.60

3 0
3 years ago
due to changes in production, hanson steel gave each employee 75 percent of the cost savings. hanson steel uses a ________ compe
mihalych1998 [28]

Due to changes in production, Hanson steel gave each employee 75 percent of the cost savings. Hanson steel uses a <u>gainsharing </u>compensation plan.

A compensation plan refers to the practices, methods, and intentional approach that's used by an organization in maintaining financial interests and developing, retaining, attracting, and rewarding employees in an industry.

It should be noted that the gainsharing compensation plan refers to a compensation plan that is used to increase profitability as employees share in the company's gain. Since the workers share 75% of the cost savings, this is a gain-sharing compensation plan.

Read related link on:

brainly.com/question/25356534

8 0
2 years ago
The ________, published by the Department of Labor, lists more than 20,000 job titles and descriptions and serves as a useful to
matrenka [14]

Answer:

Dictionary of Occupational Titles

Explanation:

The answer is the Dictionary of Occupational Titles because this is a document created by the United States Department of Labor in which it establishes a big amount of different jobs in many areas and what they involve to help employers and the government to be able to define them in their organizations.

6 0
3 years ago
The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight
Salsk061 [2.6K]

Answer:

See the explanation below.

Explanation:

Given the following:

Asset    Acquisition-Cost   Expected-Life    Residual-Value   Time-Used

Land        $104,300                 Infinite               $100,000            10 years

Building     430,000               25 years                30,000             10 years

Machine     285,000                5 years                  10,000              2 years

Patent          80,000                10 years                     0                    3 years

Truck            21,000             100,000 miles           3,000         44,000 miles

Therefore, we have:

Building annual depreciation = ($430,000 - $30,000) / 25 = $16,000

Building net book value (NBV) = $430,000 - (16,000 * 10) = $270,000

Machine annual depreciation = ($285,000 - 10,000) / 10 = $27,500

Machine NBV = $285,000 - ($27,500 * 2) = $230,000

Patent annual amortization = $80,000 / 10 = $8,000

Patent net written down value = $80,000 - ($8,000 * 3) = $56,000

Truck accumulated depreciation = ($21,000 - 3,000) * (44,000 / 100,000) = $7,920

Truck NBV = $21,000 - $7,920 = 13,080

Westfield Semiconductors Balance Sheet (Partial) as of December 31, 2019.

<u>Details                                                             $</u>

Property, plant, and equipment:

Land (Cost)                                                104,300

Building (NBV)                                          270,000

Machine (NBV)                                         230,000

Truck (NBV)                                             <u>    13,080</u>

Total PPM                                                  617,380

Intangible assets:

Patent (NRV)                                              <u> 56,000</u>

Total tangible and intangible assets    <u> 673,380</u>

4 0
3 years ago
The monitoring step of the mission and vision statements development process is analogous to which step of the principles of man
jeyben [28]

Answer: The "Controlling" step of the management framework.

Explanation: Management principles have been categorised into 4 main functions namely: planning, organising, leading and controlling. In short this is known as the P-O-L-C framework. The aim of this framework is to act as a guide used to assist management in addressing challenges faced by the organisation.

In the monitoring step of the mission and vision statements development is analogous (related) to the controlling element of the framework. In this step, key milestones are identified and recognised over time. Using these milestones, progress is monitored and measured against the objectives of the organisation. Audit can be an important tool used during this step of the process, to confirm whether milestones are effectively monitored.

3 0
3 years ago
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