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
VladimirAG [237]
3 years ago
12

Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following

dates and costs: April 5 $10 April 10 $12 April 15 $14 April 20 $16 April 22 $17 One unit is sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.
Business
1 answer:
Natasha2012 [34]3 years ago
6 0

Answer:

$59

Explanation:

Under the First in first out inventory valuation system, items sold are sold based on date of purchase i.e items that were first purchased will be sold before items purchased subsequently.

This is usually adopted for perishable inventory or inventories with expiration periods.

As such, the items sold on April 25 will be the one purchased on April 5, hence ending inventory balance

= $12 + $14 + $16 + $17

= $59

You might be interested in
Beauty Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per
Eddi Din [679]
Norovirus is a very contagious virus that causes vomiting and diarrhea. People of all ages can get infected and sick with norovirus. Norovirus spreads easily! People with norovirus illness can shed billions of norovirus particles. And only a few virus particles can make other people sick.
6 0
3 years ago
In intrapersonal communication, you use the language and symbols that were communicated to you through your culture.
steposvetlana [31]

Answer:

Idek what that is XD

Explanation:

6 0
3 years ago
ABD common stock is selling for $36.08 a share. The company has earnings per share of $.34 and a book value per share of $12.19.
Morgarella [4.7K]

Answer:

The market-to-book ratio is: $2.96

Explanation:

The market-to-book ratio compares the market value of an organization with its book value. The formula to calculate market-to-book ratio is equal to the market price per share divided by the book value per share. So,

Market-to-book ratio= $36.08/$12.19

Market-to-book ratio = $2.96

5 0
3 years ago
Kohlman Company began its operations on March 31 of the current year. Projected purchases for the first three months of business
bulgar [2K]

Answer:

c. $146,400 and 206,560.

Explanation:

Monthly Purchases are as follows;

April =$156,800

May= $195,200

June= $217,600

Since Admin expenses are paid every month,

April =$28,800

May = $28,800

June =$28,800

75% of April purchases will be paid in April . Use these to calculate the payments;

Pmts

April = 75%* $156,800 = $117,600

add Admin expenses to find total cash payments;

APRIL = $117,600+ $28,800 = $146,400

In May,20% of April purchases will be paid ,  75% of  May purchases will also be paid plus admin expenses. Use these to calculate the payments;

May= (20%* $156,800) + (75% * $195,200) + $28,800

MAY = 31360 +146400 +28800 = $206,560

7 0
3 years ago
Scarcity in economics means that: A) we often do not have sufficient resources to achieve our objectives. B) the wants of people
DanielleElmas [232]

Answer:

A) we often do not have sufficient resources to achieve our objectives

Explanation:

Scarcity is an economic problem that comes with scarce resources and unlimited wants. In this situation people have to decide on how to allocate resources better so as to satisfy their need, which involves opportunity cost.

Scarcity occurs when resources needs to satisfy ends are limited in supply. It is a foundational problem in economics.

5 0
3 years ago
Read 2 more answers
Other questions:
  • Determine the taxable income for a family of four (husband, wife, two children) if their adjusted gross income is $78,236.00 and
    10·2 answers
  • Gerome Houser is a pastry chef at McKay’s Eatery. His annual salary is $45,623. His benefits include $1,755 for two weeks of vac
    9·1 answer
  • What is the best definition of profit?
    11·1 answer
  • The listing agreement in which a broker is entitled to a commission no matter who sells the property is known as
    13·1 answer
  • one of the major criticisms of the G-20 is that they are completely ineffective in setting policies? true or false
    6·1 answer
  • In your research project on tourism, you must collect data before the tourist season ends because the project requires interview
    11·2 answers
  • A market-penetration pricing strategy is most suitable when Answer . A) a low price slows down market growth B) production and d
    8·1 answer
  • Between 1986 and 1998 the De Beers company controlled the world diamond market. De Beers and its affiliated association of produ
    9·1 answer
  • Organization development is a systemwide application of ________ knowledge to develop, improve, and reinforce the strategies, st
    5·1 answer
  • A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!