Answer:
Fifo means First in First out
CP SP
S # 1012 June 1 DVD $113 $161
S# 1045 Nov 1 DVD $ 95 $ 161
Ss # 1056 Nov 30 DVD $ 88 $ 161
Cost of Goods Sold ( using FIFO) = $ 113+ $ 95= $ 208
Weighted average method = Opening inventory + Purchases (amount)/ Units
Weighted Average Method CGS= $ 296/3= $ 98.6= $ 99
The specific identification method would allow to record the prices individually. this method is better in this scenario because the balance sheet would record only the left out balance . the item is removed immediately as soon as the item is sold.
To minimise earnings FIFO is used because the inventory at the beginning has more cost price
To maximise earning LIFO is used because the inventory at the end has less cost price.
I recommend LIFO and specific identification method as both would get desired results. LIFO would give maximum profit and specific would be better in meeting the customers specific needs
Answer:
March 1 Issue common stock for $21,000.
- Dr Cash 21,000
- Cr Common stock 21,000
March 5 Obtain $9,000 loan from the bank by signing a note.
- Dr Cash 9,000
- Cr Notes payable 9,000
March 10 Purchase construction equipment for $25,000 cash.
- Dr Equipment 25,000
- Cr Cash 25,000
March 15 Purchase advertising for the current month for $1,100 cash.
- Dr Advertising expense 1,100
- Cr Cash 1,100
March 22 Provide construction services for $18,000 on account.
- Dr Accounts receivable 18,000
- Cr Service revenue 18,000
March 27 Receive $13,000 cash on account from March 22 services.
- Dr Cash 13,000
- Cr Accounts receivable 13,000
March 28 Pay salaries for the current month of $6,000.
- Dr Salaries expense 6,000
- Cr Cash 6,000
Answer:
step 1: click instead> Chart
step 2: click th3 chart type and then double click th3 chart you want.
step 3: in th3 worksheet that appears, replace the placeholder data with your own information.
step 4: when you insert a chart, small buttons appear next to the upper right corner.
step 5: when finished, close th3 worksheet
We need to establish a formula where the costs of both accounts are equal.
For account 1, we have a fixed cost of 10 and a variable cost of .10 we would write the cost formula as .1x+10
For account 2, we have a fixed cost of 12 and a variable cost of .05, we write this formula as 12 + .05x
Set the two formulas equal to each other
.1x+10 = 12+ .05x
Solve for X
.05x= 2
x= 40
Someone would need to write 40 checks to make the two checking accounts equal.