Answer:
1. Ending inventory = $3519
2. Cost of Goods Sold = $21030
3. Sales Revenue = $27279
4. Gross Profit = $6249
Explanation:
FIFO method of inventory valuation is whereby the stock that first comes into the business, leaves first. This is common in perishable inventory such as vegetables or fruits.
Jan 1. Beginning inventory: 53 units x $45 = $2385
Total
53 units x $45 = $2385
Apr 7. Purchase 133 units x $47 = $6251
Total
53 units x $45 = $2385
133 units x $47 = $6251
Jul 16. Purchase 203 units x $50 = $10150
Total
53 units x $45 = $2385
133 units x $47 = $6251
203 units x $50 = $10150
Oct 6. Purchase 113 units x $51 = $5763
53 units x $45 = $2385
133 units x $47 = $6251
203 units x $50 = $10150
113 units x $51 = $5763
1. Ending inventory = 502 - 433 = 69 hence,
69 units x $51 = $3519
2. Cost of Goods Sold =
[$2385 + $6251 + $10150 + (44 units x $51)] = $21030
OR $24549 - 3519 = $21030
3. Sales Revenue =
433 units x $63 = $27279
4. Gross Profit = Sales Revenue - Cost of Goods Sold hence,
$27279 - 21030 = $6249
Answer:
a. Brokers bring buyers and sellers together and assist in negotiation.
Explanation:
Brokers are a kind of agents as, they help the buyers find the sellers, and the sellers to find the buyers.
They help in price negotiations and settling the deals. They are hired for individual deals, and not for a specified period.
They do not get any payments in the form of salary, but they get payment in the form of commission, based on the price of settlement of the deal.
Answer:
Being recognized for a job well done
Explanation:
Answer:
The $12 million is the net increase in the denominator of the EPS fraction if the market price of the common shares averages $5 per share during 2018.
Explanation:
1. The journal entry is shown below:
For December 31, 2017:
Compensation Expenses A/c Dr ($18 million × $5 per share) ÷ 3 = $30 million
To Restricted Shares $30 million
(Being compensation expenses recorded for 2017 year)
For December 31, 2018:
Compensation Expenses A/c Dr ($18 million × $5 per share) ÷ 3 = $30 million
To Restricted Shares $30 million
(Being compensation expenses recorded for 2018 year)
2. The net increase in the denominator of the EPS fraction for 2018 year is shown below:
= 2018 shares - Restricted shares
= $30 million - $18 million
= $12 million
Hence, the $12 million is the net increase in the denominator of the EPS fraction if the market price of the common shares averages $5 per share during 2018
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