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
Which of the following statements about cash companies is false
____ [38]

Answer:

What statements????????

Explanation:

6 0
3 years ago
What is promissory estoppel
Mademuasel [1]

Answer:

Promissory estoppel is the legal principle that a promise is enforceable by law

Explanation:

7 0
3 years ago
Read 2 more answers
Positioning maps are based on Multiple Choice the actual objective characteristics of products. the opinions of the marketing ma
Effectus [21]

Answer:

customers' perceptions of products.

Explanation:

Positioning maps are also called perception maps they are visual representation used by marketers to show perception of customers or potential customers. Positioning is based mainly in customer perception and not in what the company feels will be the best for the customer.

For example a company may feel that their products are high quality and will target the upper class, but if customers perceive the product as low quality sales will be low.

Positioning maps also show where a business stands in relation to competitors in the market, and can be used to identify profitable alliances or partnerships.

7 0
4 years ago
A corporation issued 5,000 shares of its no par common stock that was assigned a $1 stated value per share. The issue price was
ad-work [718]

Answer and Explanation:

The Journal entry is shown below:-

Cash account Dr. $50,000

        To Paid in Capital in Excess of Stated Value account $45,000

        To Common Stock account $5,000

(Stated Value 1 × $5,000)

Being common stock issued is recorded)

For recording the common stock issued we simply debited the cash account as it is increasing assets while we credited the paid in capital in Excess of Stated Value and common stock as equity is increasing.

4 0
4 years ago
Which might a sports or an event organization search to obtain marketing
N76 [4]

Answer:

internet

Explanation:

because internet system is global

8 0
3 years ago
Other questions:
  • An advantage of the single-step income statement over the multiple-step form is:______. a. its use in computing ratios. b. the a
    6·1 answer
  • Estate planning has two parts. The first part consists of: (PERSONAL FINANCE)
    15·1 answer
  • The actual mechanical advantage of a machine
    7·1 answer
  • Which statement about globalization is true? a. It has led to more quotas on trade around the world. b. It is a purely economic
    13·1 answer
  • Different between business management and business administration​
    5·2 answers
  • Find two competing products. Evaluate consumer reviews and ratings regarding these two products. Decide which is the superior pr
    7·1 answer
  • You buy a house for $220,000 in a neighborhood where home prices have risen 5% annually on average. You suspect that growth in h
    9·1 answer
  • You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products
    15·1 answer
  • What is the purpose of the FASFA4CASTER
    12·1 answer
  • What is market information?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!