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GuDViN [60]
3 years ago
12

The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inv

entory of 22,000 units consisted of the following, listed in chronological order of acquisition: 13,000 units at a cost of $8.00 per unit = $104,000 9,000 units at a cost of $9.00 per unit = 81,000 During 2021, inventory quantity declined by 12,000 units. All units purchased during 2021 cost $12.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note, assuming the amount determined is material.
Business
1 answer:
ddd [48]3 years ago
4 0

Answer:

$61,000

Explanation:

Given:

Beginning inventory = 22,000

13,000 units at a cost of $8.00 per unit = $104,000

9,000 units at a cost of $9.00 per unit = 81,000

inventory quantity declined by 12,000 units

All units purchased during 2021 cost = $12.00 per unit

Now,

Liquidation quantity = Beginning inventory - acquisition

thus,

20000 - 13000 = 7000  units at a cost of $8.00 per unit

20000 - 9000 = 11,000 units at a cost of $9.00 per unit

Total liquidation quantity = 7,000 + 11,000 = 18,000 units

LIFO profit for units at a cost  $8.00 per unit = Purchasing cost - unit cost

= $12 - $8 = $4

LIFO profit for units at a cost  $9.00 per unit = Purchasing cost - unit cost

= $12 - $9 = $3

Now,

The LIFO profit = 7,000 × $4 + 11,000 × $3

or

The LIFO profit = 28,000 + 33,000 = $61,000

Hence,

The before tax LIFO profit is $61,000

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The correct alternative is letter c. marketing. Predicting what types of bicycles different customers will want and deciding which of those customers the company will try to satisfy are activities that a company must do as part of marketing.

<h3 /><h3>What is marketing?</h3>

It corresponds to a set of techniques and strategies developed by a company whose main objective is to create value for its consumers through communication, organizational image, products and services, establishing relationships that increase competitiveness and profitability in the active market.

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5 0
1 year ago
Acme Global hired a director of safety to help the organization ensure proper compliance with the Occupational Safety and Health
Yakvenalex [24]

Answer:

The action of ACME global represent the influence of  Government  in the external environment of an organisation

Explanation:

The external environment of an organisation represents the factors outside the environment that is capable  of influencing  the decision of the organisation.  It consists of the outside factors that influences the organisation.  e.g social cultural, political, economic, technological  factors among others.

One of these factors is the Political/ Legal factor:

The political / legal factor focuses on the influence of government on business organisations. It reviews how government laws, policies, and rules affects the operation of business. The rules and regulations or policies put in place by the government has the capacity to influence the business decision.

In the case of ACME global hiring a director of safety, they are doing so in other to comply to the occupational safety and Health Act that is most definitely enacted by the government.

Therefore we can say that  the action of ACME global represent the influence of  Government  in the external environment of an organisation

5 0
3 years ago
What is the relationship between the gross public debt and the net public​ debt?
timofeeve [1]
The gross debt is the total amount of debt the gov. has issued . the difference is that the net debt does not include debt owned by the gov. to itself
3 0
3 years ago
The U.S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound of butter they sup
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the price is 546

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3 0
3 years ago
A deposit of $800 is planned for the end of each year into an account paying 8 percent/year compounded annually. The deposits we
SSSSS [86.1K]

Answer:

The amount in 23 years will be A = $4697.17

Explanation:

Using the Formula

A = P(1 + r/n){nt}

Where:

A deposit of (Principle) $800

Interest Rate =8% or 0.08

Compounded annually  (t) = 1

Number of years  (n) = 25-2 = 23 years

Applying the figures into the formula:

A = 800(1 + 0.08/1){1 *23}

A = 800(1 x 0.08){23}

A = 800(1.08){23}

A = 800(5.8715)

A = $4697.17

8 0
3 years ago
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