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
nlexa [21]
2 years ago
9

Concord Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transac

tion Quantity Price/Cost 1/1 Beginning inventory 1,500 $14 2/4 Purchase 2,500 21 2/20 Sale 3,000 35 4/2 Purchase 3,500 27 11/4 Sale 2,700 39 (a) Your Answer Correct Answer Correct answer iconYour answer is correct. Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ eTextbook and Media Solution Attempts: 3 of 3 used (b) Partially correct answer iconYour answer is partially correct. Compute cost of goods sold, assuming Concord uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
Business
1 answer:
quester [9]2 years ago
4 0

Answer:

Concord Company

1. Average cost per unit = $168,000/7,500 = $22.40

2. Cost of goods sold:

(a) Periodic system, FIFO cost flow $

= Cost of goods available for sale Minus Ending Inventory

= $168,000 - $48,600

= $119,400

(Ending Inventory = 1,800 x $27 = $48,600)

(b) Perpetual system, FIFO cost flow $

= $119,400

(c) Periodic system, LIFO cost flow $

= Cost of goods available for sale Minus Ending Inventory

= $168,000 - $27,300

= $140,700

(Ending Inventory = 1,500 * $14 + 300 * $21 = 27,300)

(d) Perpetual system, LIFO cost flow $

= Cost of goods available for sale - Ending Inventory

= $168,00 - $35,600

= $132,400

= 2,500 * $21 = $52,500

+ 500 * $14    = $7,000

+  2,700 * $27 = $72,900

Total 5,700   =  $132,400

(Ending Inventory = 1,000 * $14 + 800 * 27 = $35,600)

(e) Periodic system, weighted-average cost flow $

= 5,700 * $22.40

= $127,680

(f) Perpetual system, moving-average cost flow $

= 3,000 * $18.375 =  $55,125

+ 2,700 * $25.083 = $67,724.10

Total 5,700 units = $122,849.10

Explanation:

Data about Product Hawkeye:

Date Transaction             Quantity  Price/Cost      Costs  Moving     Sale

                                                                                           Average  Revenue

1/1     Beginning inventory 1,500             $14      $21,000

2/4   Purchase                  2,500               21       52,500   18.375

2/20 Sale                         (3,000)       35                                        $105,000

4/2  Purchase                   3,500              27       94,500  25.083

11/4  Sale                          (2,700)       39                                          105,300

12/31 Ending inventory     1,800

Goods available for sale 7,500                      $168,000

Goods sold                      5,700                                                    $210,300

Average cost per unit = $168,000/7,500 = $22.40

You might be interested in
Colina Production Company uses a standard costing system. The following information pertains to the current year. Direct labor h
mash [69]

Answer:

variable overhead efficiency variance= $562.5 unfavorable

Explanation:

Giving the following information:

The actual production of 5,500 units

Actual direct labor hours= 11,250

Standard direct labor for 5,500 units:

Standard hours allowed 11,000 hours

First, we need to determine the variable overhead rate:

Variable overhead rate= 22,500/10,000= $2.25 per direct labor hour

Now, using the following formula we can determine the variable overhead efficiency variance:

variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

variable overhead efficiency variance= (11,000 - 11,250)*2.25

variable overhead efficiency variance= $562.5 unfavorable

3 0
3 years ago
Peter Ittig's department store, Ittig Brothers, is Amherst's largest independent clothier. The store receives an average of 8 re
Irina-Kira [14]

Answer:

C-chart is the best suited for this since it is widely used to determine if the defects or returns are within the control limits or not.

Mean = average = 8 per day

Z=3

UcL = mean + 3[square root of mean]= 8+ 3 (Sq root of 8) = 16.48

LcL= mean - 3[ square foot of mean] = - 0.485

So the returns are within the control limits.

6 0
3 years ago
According to ______________, stock prices react instantaneously, completely and accurately to all publicly available information
Lelu [443]

Answer:

Theory of Efficient markets

Explanation:

According to this theory stock prices react instantaneously to new information

4 0
2 years ago
Which of the following statements about depreciation is correct? When depreciation expense is incurred, cash balances are reduce
Ksju [112]

Answer:

The correct answer is letter "B": Depreciation reduces the book value of assets .

Explanation:

Depreciation shows how much and the value of the assets was used up. This also aims to balance an asset's cost to the revenue that the asset has helped the business gain. Used as an income tax deduction, depreciation calculations offer businesses an annual allowance for the use and deterioration of tangible (physical) assets.

<em>Depreciation reduces the book value of assets because, after the depreciation calculation is done, the amount computed decreases the current value of the asset it represents.</em>

6 0
3 years ago
A company borrowed cash from the bank and signed a 6-year note at 7% annual interest. The present value for an annuity (series o
nikklg [1K]

Answer:

Explanation:

Present value of note = Annual payment x present value annuity factor

Annual payment = 8,400

PVAF = 4,7665

= $ 8,400 x 4.7665

= $ 40,038.60

So, the present value of note is $ 40,038.60

5 0
3 years ago
Other questions:
  • Flyer estimates bad debt expense assuming that 1% of credit sales have historically been uncollectible. How much is Flyer’s bad
    12·1 answer
  • 6.3) Annie Lennox recently took over a cleaning supply store. Her predecessor always ordered carpet shampoo in quantities of 100
    11·1 answer
  • A company uses the periodic inventory method. If beginning inventory is understated by $10,000 because the prior’s year’s ending
    13·1 answer
  • On June 1, 2017, Pharoah Company was started with an initial investment in the company of $22,350 cash. Here are the assets, lia
    8·1 answer
  • A small self-service store that is open long hours and carries a narrow product assortment in convenient locations is best descr
    13·1 answer
  • The majority of the public would consider it unethical to increase executive salaries significantly while minimum wage employees
    6·1 answer
  • Preferred stock has characteristics of both debt and common stock. Which characteristics of preferred stock resemble that of com
    8·1 answer
  • the budgeted standard hours of a factory is 12000.the capacity utilization for april 2017 stood at 90% while the efficiencyratio
    15·1 answer
  • Select all the correct answers.
    7·1 answer
  • As the market revolution took on steam, some critics described wage labor as the very essence of slavery.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!