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
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

You might be interested in
Two foreign companies want to trade shares of their stock on u.s. stock exchanges. one company follows ifrs but the other compan
Svetach [21]

Answer;

-A foreign company that wants to have their shares traded on U.S. stock exchanges who uses accounting practices that comply with IFRS

Explanation;

Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States. Generally accepted accounting principles (GAAP) is a set of accounting standards that have substantial authoritative support and which guide accounting professionals.

-FASB goal is to provide leadership for public companies in establishing and improving the accounting methods used to prepare financial statements. The FASB has the authority to set, but not enforce, accounting standards. Enforcement falls under the jurisdiction of the SEC. The FASB takes recommendations from the SEC and the AIPA when devising or improving standards; however, it is not required to.

3 0
3 years ago
Suppose nominal GDP in the base year was $380 million. Five years later, nominal GDP was $480 billion and the GDP price index wa
Ostrovityanka [42]

Answer: increased by $20 billion

Explanation:

Real GDP is year of interest is:

= (Nominal GDP in year of interest/ GDP Price index in year of interest) * 100

= 480/120 * 100

= $400 billion

Nominal GDP is equal to Real GDP in base year so increase in real GDP is:

= 400 - 380

= $20 billion

6 0
3 years ago
An export subsidy will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall d
Paladinen [302]

Answer:

increase; decrease; decrease; decrease.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

An export subsidy can be defined as any government policy that encourages the export of goods to other countries while discouraging the sales of goods in the domestic market through the use of tax reliefs, low cost loans, government foreign adverts, etc.

A surplus is the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.

Producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.

Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

Hence, an export subsidy will increase producer surplus, decrease consumer surplus, decrease government revenue, and decrease overall domestic national welfare.

5 0
2 years ago
Community college credits never transfer to a 4 year institution
vampirchik [111]
False they can transfer credits
7 0
3 years ago
Monotheism
Ghella [55]

Answer:

oooooooooooooooooiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiicxvbzshxgsxhjzxhsjhsjxshyxhs

Explanation:

4 0
2 years ago
Other questions:
  • A company had the following assets and liabilities at the beginning and end of the current year:
    7·1 answer
  • How can optimism help you as an entrepreneur?
    5·2 answers
  • American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed const
    7·1 answer
  • Which change was applied to the original paragraph? It was justified. It was left aligned. It was right aligned. It was centered
    15·2 answers
  • Rita Company buys merchandise on account from Linus Company for $590. Rita sells the goods to Ellis for $900 cash. Use a tabular
    6·1 answer
  • USA TEST PREP HELP ILL GIVE BRAINLIEST. If both monetary policy and fiscal policy were used at the same time to contract the eco
    14·1 answer
  • A product in the __________ stage of the product life cycle has a high number of competitors and competitive products.
    12·1 answer
  • Describe the difference between real gdp and nominal gdp.​
    11·1 answer
  • Case X: Compute cash received from customers:
    5·1 answer
  • What problems might face a company that focuses mainly on its most profitable customers?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!