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andreyandreev [35.5K]
3 years ago
6

Belle Co. has beginning inventory of 12 sets of paints at a cost of $1.50 each. During the year, the store purchased 7 at $3.00,

8 at $3.25, and 12 at $3.50. By the end of the year, 31 sets were sold. Using the LIFO method, the cost of ending inventory is A. $3.50. B. $28.00. C. $12.00. D. $21.00.
Business
2 answers:
hichkok12 [17]3 years ago
6 0
The number of additional items that Belle Co. purchased is equal to 27. That is, 7 + 8 + 12 which is equal to 27. The concept of LIFO is "Last In First Out" which means that the ones that has been purchased last should be dispensed off first. 

The company sold 31 units. 27 of this is already the newly purchased ones and 4 came from the beginning inventory leaving the number of items to only 8 sets of paint for $1.5. 

The cost of the ending inventory is,

                 I = 8($1.5) = $12

The answer is letter C. $12.00. 
Feliz [49]3 years ago
5 0

Answer: The correct answer is choice c - $12.00.

Explanation: The LIFO method of inventory stands for Last In, First Out. This means that the value of the most recent inventory purchased is used to value the products sold.

In this case there was a beginning inventory of 12 units at a cost of $1.50 each. Throughout the year there were 27 additional paint sets purchased and 31 sets sold. Using the LIFO method, the 31 sets sold were the 27 that were purchased throughout the year, plus 4 from beginning inventory. This only leaves 8 of the beginning inventory left as ending inventory. The value of each of these is $1.50, so the total is 8 units x $1.50 = $12.00 value of ending inventory.

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It defines  different variables such as the job performance of the employees, turnover of the company or the employee employer relationship.

A model of commitment was given by Meyer and Allen in which they defined three types of commitment:

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8 0
1 year ago
Sylvester Co. takes out a 12% loan of $500,000 on 1/1/2014 to finance construction of a building for the company’s own use. Cons
IRINA_888 [86]

Answer:

2014 36,000

205: 24,000

Explanation:

500,000 x 12% = 60,000 construction realted per year

Capitalize:

timeline:

<--/--/--/--/--/--/--/--/--/--/--/--/-->

each month the company is doing an spending related to the construction. We must capitalize based on the amount investment.

The first month capitalize throught the whole year,

the second month 11 months

the third for 10 months and so on.

Therefore, the capitalize amount will be half of the cost of the year

2014: interest capitalized through the cost of construction

600,000/2 x 12% = 36,000

400,000/2 x 12% = 24,000

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7 0
3 years ago
Johnson Battery Systems recently reported $9,000 of sales, $6,000 of operating costs other than depreciation, and $1,500 of depr
muminat

Answer:

$1,100

Explanation:

EBIT = Sales - Costs - Depreciation

       = $9,000 - $6,000 - $1,500

       = $1,500

Net income = EBIT - Tax @ 40%

                    = $1,500 - $600

                    = $900

Operating cash flow = Net income + Depreciation

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Free cash flows:

= Operating cash flow - Increase in working capital - Capital expenditure

= $2,400 - $500 - $800

= $1,100

8 0
3 years ago
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mrs_skeptik [129]

Answer:

Please see attached solution

Explanation:

a. Total manufacturing overhead costs allocated $356,400

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c. Fixed manufacturing overhead spending variance $17,600U

d. Variable manufacturing overhead efficiency variance $19,500F

e. Production volume variance $39,200F

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5 0
3 years ago
The evaluation process of creative outputs is usually subjective; the advertising or brand manager relies on qualitative conside
timama [110]

Answer:

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