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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

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Answer: Please see explanation column for answer.

Explanation:

a) Journal entry to record the budget

Account                                           Debit                     Credit

Estimated   Revenues         $2,500,000

Appropriation                                                        $2,000,000

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Calculation    

Budget fund= Estimated Revenues-Appropriation   = $2,500,000- $2,000,000= $500,000

b) Journal entry to record the  the expenditure when the interest comes due for payment.

Account                                           Debit                     Credit

Expenditure Interest              $2,000,000

Matured Interest payable                                            $2,000,000

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3 years ago
Farmer Brian has 3 acres of land which he farms efficiently. Each acre can support 10 apple trees. However the 3 acres differ in
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Answer:the opportunity cost of growing another apple tree is 2 orange trees

Explanation:

Opportunity cost represents the  value of cost  what must be given up toin order to obtain the best alternative.

Here Farmer Brain has 3 acres of land that can support 10 apple threes on each acre, and 30 orange tree on best acre, 20 on good acre and 10 oranges on bad acre.

that means he can grows 30 apples  on the 3 acres and 60 oranges at  on the 3 acres. giving us

the opportunity cost of growing an orange tree is

60 oranges ( 30+20+10)trees= 30 apples tress

1 orange tree = 30/60

1 orange tree=1/2 apples

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Answer:

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