Answer:
$232,825
Explanation:
Step 1: Calculation of cost of goods sold (COGS) under First In First Out (FIFO)
Since we know that;
Ending inventory = Beginning inventory + Purchase - COGS of FIFO
Therefore, we can rearrange to make COGS the subject of the formula and substitute the values as follows:
COGS under FIFO = Beginning inventory + Purchase - Ending inventory
= $110,000 + $237,500 - $114,000 =
COGS under FIFO = $233,500
Step 2: Calculation of COGS under Last In First Out (LIFO)
COGS under LIFO = COGS under FIFO - Rise in LIFO reserve
= $233,500 - $675
COGS under LIFO = $232,825
Therefore, the value of COGS LIFO for Brady Inc. in 2018 is $232,825.
Answer: Pharaohs journal $
Date
December 31, 2017
StaffBonusexpensesDr384,900
Accruede liability Cr384,900
Narration. Staff bonus due as at date.
February 15,2018
Accrued liability Dr 384, 900
Bank Cr. 384,900
Narration. Payment of staff bonus due
Explanation:
In line with the acrual concept of recognising expenses at the period they are due for payment. The staff bonus will be recognized as an expense to the income statement in 2017 and accrued as liability in the balance sheet if it's not paid.
The payment in 2018 will be a debit to the liability account and credit to the cash or bank account.
Answer:
Theodore Levitt
Explanation:
Theodore Levitt was an American economist and professor at the prestigious Harvard Business School (Cambridge, Massachusetts). Also editor of the economic magazine Harvard Business Review (HBR) where they published their articles. It marked a milestone in creating the concept of "globalization" focused on an economic point of view, specifically in its article "Globalization of Markets" was where he referred to it for the first time, thanks to what became very popular and joined the currents of economist thinking.
Answer:
d. Reported as a current asset on the balance sheet
Explanation:
Merchant inventory refers to st finished goods available for sale at any given time. Merchant inventory is commonly referred to as inventory. It is recorded as a current asset in the balance sheet.
Merchant inventory is acquired through purchasing by retailers, wholesalers, and distributors to be sold to customers. Merchant inventory will specifically refer to the unsold goods at the end of a period. It is recorded at its acquisition cost. i.e., the cost which the trader paid to obtain the merchandise.
Answer:
Journalize the transactions is given below
Explanation:
given data
Issued = 66,500 shares
cash = $6 per share
Issued = 41,500 shares
cash = $8 per share
solution
we get here Journalize the transactions
and we assuming that the common stock has a par value of $6 per share
so
Jan. 10 cash is 66,500 × 6 = 399000
and cash for July 1 is = 41,500 × 8 = 332000
and common stock = 41,500 × 6 = 249000
paid in capital excess = 332000 - 249000 = 83000
Date Account Titles Debit Credit
Jan. 10 cash 399000
common stock 399000
July 1 cash 332000
common stock 249000
paid in capital excess 83000
