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TiliK225 [7]
3 years ago
15

Opera Corp uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost

$10 each. During the month, the company made two purchases: 4,000 units at $13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month
Business
1 answer:
Kryger [21]3 years ago
3 0

Answer:

$159,057

Explanation:

The computation of cost of goods sold is shown below:-

Total cost of goods available for sale = (7,200 × $10) + (4,000 × $13) + (12,000 × $13.50)

= $72,000 + $52,000 + $162,000

= $286,000

Total units = 7,200 + 4,000 + 12,000

= 23,200

Average cost per unit = Total cost of goods available for sale ÷ Total units

= $286,000 ÷ 23,200

= $12.33

So,

Cost of Goods sold = Sold units during the month × Average cost per unit

= 12,900 × $12.33

= $159,057

Therefore for computing the cost of goods sold for the month we simply applied the above formula.

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Answer:

loss on fire and storms 710,000

insurance expense zero as the firm didn't acquire any

Explanation:

Notice it state <u><em>"if the company were to obtain insurance"</em></u> Which means it currently has none insurance.

If the firm had an insurance the amount of losses would be deducted from the insurance policy but there is none so we disclosure the entire loss as a result of the period.

Hence, we should recognize the entire loss on fire and storm damage of 710,000 during the year and no insurance expense.

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3 years ago
Raymond owns an Accidental Death and Dismemberment Policy with a principal sum of $50,000, and a capital sum of $25,000. After o
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Answer:

He will get nothing from the Accidental Policy.

Explanation:

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Smith Machining makes three products. The company’s annual budget includes $1,048,000 of overhead. In the past, the company allo
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Answer:

The computation is shown below:

Explanation:

a. The company overhead rate based on direct labor is

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= $1,048,000 ÷ 40,000

= $26.2 per hour

b) Overheads Rate using Activity Based Costing  is

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= $226,800 ÷ 14,000 orders

= $16.2 per order

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= $395,850 ÷ 20,300 machine hours

= $19.5 per machine hour

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= $267,500 ÷ 25,000

= $10.7 per shipment

We simply applied the above formula so that the per unit could come

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