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
victus00 [196]
3 years ago
8

Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning

Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $1,800.00 C. $5,305.75 D. $6,157.50 E. None of the above
Business
1 answer:
quester [9]3 years ago
8 0

Answer:

The correct answer is B. $1,800.00

Explanation:

LIFO Perpetual table is attached.

The table shows purchases, sales and balance of each period.

As the final inventory is 120 units, we suppose the sales of the year.  Applying LIFO,  our ending inventory cost is 120 units, each one at $15

So,  total cost is $1800 (120* 15)

Download xlsx
You might be interested in
In April 2013, Sparkle Enterprises purchased the Crimson Mine at a cost of $18,000,000. The mine is estimated to contain 500,000
DaniilM [7]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

In April 2013, Sparkle Enterprises purchased the Crimson Mine for $18,000,000. The mine is estimated to contain 500,000 tons of ore with a residual value of $2,000,000 after mining operations are completed. During 2013, 120,000 tons of ore were removed from the mine and sold.

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= (16,000,000/500,000)*120,000= $3,840,000

6 0
3 years ago
True or False: A decrease in the general price level resulting from an increase in the cost of production is known as cost-push
seropon [69]

Answer: False. The General price level will only increase. It will not decrease at any cost of having cost pull inflation and the demand full inflation.

Explanation:

For every production of the single unit, the expenses incurred on the wages and the cost incurred on using raw materials  are prominently considered. The rate of demand has an inverse relationship with the increase in the cost of production. Then the price level of the products increases with the effects of Cost-push inflation.

Secondly, The rate of the demand for particular products increases beyond the equilibrium level when the output rate remains below the capacity to meet the requirements of the consumers' demand. In one particular stage, Demand-full inflation takes place which utmost leads to an increase in the price level and acts as a cause for Demand-full inflation.

4 0
3 years ago
Exercise 21.2 you are the dba for the veryfine toy company and create a relation called employees with fields ename, dept, and s
nekit [7.7K]
Check the attached files for the solution.

3 0
3 years ago
Required information Skip to question [The following information applies to the questions displayed below.]
Dimas [21]

Answer:

($148 million)

Explanation:

Calculation to determine Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021

Cash flow from Investing activities ($ Million)

Proceeds from sale of land 12

Purchase of Investment (160)

Net cash inflows (outflows) from Investing activities ($148)

Therefore Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021 will be ($148 million)

8 0
3 years ago
WILL GIVE BRAINLIEST A business owner is aware that the Department of Labor has created rules that require overtime pay for empl
slega [8]
The correct answer is: A.)
5 0
3 years ago
Other questions:
  • Complete the description of how George financed his car purchase.
    11·1 answer
  • Do you think trade of goods and services between countries is important?
    13·1 answer
  • What is the next step for a marketer once market segmentation has been done?
    10·1 answer
  • Fanning Company makes a product that sells for $30 per unit. The company pays $16 per unit for the variable costs of the product
    12·1 answer
  • You have been called in as a consultant toset up a Kanban control system. The first thing to do is to determine the number of Ka
    6·1 answer
  • Parker is a dog whisperer who has consulted with some of the most famous Hollywood stars and their canine friends. He issued an
    9·1 answer
  • _____ data exist in the format in which they were collected.
    7·1 answer
  • Play-It-Loud, LLC, provides music-streaming services online subject to complex pricing schedules. To control specific offers for
    10·1 answer
  • Which of the following statements about government regulation of business is true?
    12·2 answers
  • Which financial statement is prepared last? a. statement of owner's equity b. income statement c. balance sheet d. the financial
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!