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Studentka2010 [4]
2 years ago
9

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 40 $ 10

July 13 Purchase 200 11 July 25 Sold ( 100 ) $ 14 July 31 Ending Inventory 140 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average cost. Assume a periodic inventory system is used.
Business
1 answer:
Agata [3.3K]2 years ago
4 0

Answer:

                                                  (a) FIFO             (b) LIFO           (c) weighted

                                                                                                   average cost:

Cost of goods available for sale $2,600            $2,600              $2,600

Ending inventory                            1,540                1,500                  1,516      

Sales                                             $1,400              $1,400                 1,400  

Cost of goods sold                        1,060                 1,100                  1,083  

Gross profit                                    $340                $300                   $317        

Explanation:

a) Data and Calculations:

                                                Units    Unit Cost      Unit Selling       Price

July 1 Beginning Inventory        40          $ 10                                      $400

July 13 Purchase                     200              11                                     2,200

July 25 Sold                           ( 100 )                                $ 14            (1,400)

July 31 Ending Inventory         140

July 31 Goods available          240

Average unit cost = $10.83 ($2,600/240)

FIFO:

Cost of goods available for sale  $2,600 ($400 + $2,200)

Ending inventory                             1,540 (140 * $11)

Sales                                              $1,400 ($14 * 100)

Cost of goods sold                         1,060 (40 * $10 + 60 * $11)

Gross profit                                      $340

LIFO:

Cost of goods available for sale  $2,600 ($400 + $2,200)

Ending inventory                             1,500 (40 * $10 + 100 * $11)

Sales                                              $1,400 ($14 * 100)

Cost of goods sold                          1,100 (100 * $11)

Gross profit                                      $300

Weighted Average:

Cost of goods available for sale  $2,600 ($400 + $2,200)

Ending inventory                             1,516 (140 * $10.83)

Sales                                              $1,400 ($14 * 100)

Cost of goods sold                          1,083 (100 * $10.83)

Gross profit                                      $317

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The amount generated from the investment with simple interest is calculated through the equation,

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From this item it can be identified that,
   P = $10,500
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Substituting the known values,

    F = ($10,500) x (1 + (0.06)(4)) 
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4 0
3 years ago
Kirk Enterprises offers rug cleaning services to business clients. Below is the adjustments data for the year ended July 31.Adju
andreev551 [17]

Question Completion:

KIRK Enterprises

Trial Balance as of July 31:

Account Titles                   Debit        Credit

Cash                         36,000

Prepaid Insurance          12,000

Fees Receivable                            56,000

Supplies                         12,000

Equipment                60,000

Accumulated Depreciation               12,000

Unearned Revenue                         20,000

Accounts Payable                            32,000  

Common Stock                               84,000

Dividends                         4,000

Service Revenue                            80,000

Advertising Expense    28,000

Wage Expense             20,000      

Totals                          228,000   228,000

Required:

Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form.

Answer:

Kirk Enterprises

                                        Unadjusted           Adjustments           Adjusted

                                       Trial Balance                                      Trial Balance

Account Titles               Debit     Credit    Debit   Credit       Debit       Credit

Cash                       36,000                                               36,000

Prepaid Insurance        12,000                             3,000          9,000

Fees Receivable       56,000                                              56,000

Supplies                       12,000                             4,000          8,000

Equipment              60,000                                              60,000

Accumulated Depreciation       12,000                1,000                        13,000

Unearned Revenue                  20,000     15,000                                 5,000

Accounts Payable                     32,000                                                32,000

Wages Payable                                                    2,000                         2,000

Common Stock                        84,000                                                 84,000

Dividends                       4,000                                               4,000

Service Revenue                     80,000              15,000                       95,000

Advertising Expense  28,000                                             28,000

Wage Expense           20,000                   2,000                22,000

Insurance Expense                                    3,000                  3,000

Supplies Expense                                      4,000                  4,000

Depreciation Expense                               1,000                   1,000      

Totals                       228,000 228,000 25,000 25,000 231,000  231,000

Explanation:

a) Adjustments:

Depreciation expense $1,000 Accumulated Depreciation $1,000

Wages expense $2,000 Wages payable $2,000

Supplies expense $4,000 Supplies $4,000 ($12,000 - $8,000)

Unearned revenue $15,000 Service Revenue $15,000 ($20,000 * 75%)

Insurance expense $3,000 Prepaid Insurance $3,000 ($12,000 - 9,000)

5 0
2 years ago
Countries with more economic freedom during the past quarter of a century had a lower average per capita GDP.a. Trueb. False Cou
Sphinxa [80]

Answer:

a<u>.False.</u>

a<u>.True.</u>

Explanation:

It is correct to say that a country with more economic freedom during the last quarter of a century had a higher average GDP per capita than other countries with less freedom, this is due to the fact that the greater the economic freedom, the greater the economic growth of the country, which generates an increase in the country's productive capacity, increases demand, supply, the level of employability, the purchasing power of the population, which, integrated, these factors correspond to the increase in the country's quality of life, which increases the GDP per capita.

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