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
victus00 [196]
3 years ago
15

Tobi Foods grocery began the year with 300 boxes of cookies with a unit cost of $1.89. During the year, the following additional

purchases were made:
Jan 1: 200 boxes at $2.10 each
Feb 1: 400 boxes at $2.20 each
Mar 1: 250 boxes at $2.40 each

At the end of the year, Tobi foods grocery had 475 boxes of cookies on the shelf and in the back room. Assuming LIFO, calculate the following.

(a) cost of ending inventory
(b) cost of goods sold
Mathematics
1 answer:
Flura [38]3 years ago
6 0

we know that

The first-in-first-out method (FIFO), states that the earliest costs (first costs) are assigned to cost of goods sold and the remaining costs (the more recent costs) are assigned to ending inventory.

The FIFO method assumes that the earliest-goods purchased are sold first.

so

in this problem

<u>Part a) </u>cost of ending inventory

<u>Find the total cost</u>

Total cost=200*$2.1+400*$2.2+250*$2.4=$1,900

<u>Find the cost of ending inventory</u>

475-250=225 boxes

Cost of ending inventory=225*$2.20+250*$2.40=$1,095

therefore

<u>the answer Part a) is</u>

The cost of ending inventory is $1,095

<u>Part b</u>) cost of goods sold

we know that

The cost of goods sold is equal to the total cost minus the cost of ending inventory

so

cost of goods sold=$1,900-$1,095=$805

therefore

<u>the answer part b) is</u>

The cost of goods sold is $805

You might be interested in
the distance from school to Zoie's house is 3km469m. Jamie's house is 4km301m farther away from Zoie's. How far is it from Jamie
levacccp [35]
Hi there,

To travel from Jamies house to the school, you would have to travel is 7km770m.

I hope my answer has satisfied your request and that you continue to use this website for your schooling.

Sincerely,

Dus4nR
3 0
3 years ago
Can someone please help me with this???
Rom4ik [11]
The point would be (-5, 6). I hope I helped. 
3 0
3 years ago
Daniels print shop purchased a new printer for $35,000. Each year it depreciates at rate of 5%. How much will the printer be wor
Savatey [412]
Ab^x
a: initial value
b: value remaining after depreciation per year (in percentage)
x: number of years that have passed

35000(0.95)^8= 23219.7151

Round to the nearest hundredth value:
About $23219.72

Let me know if you have any questions :)
7 0
3 years ago
there is a canned food sale at the supermarket. a case of 24 cans of peas is prices at $19.68. at the same rate what is the pric
Nonamiya [84]

Answer:

8.2

Step-by-step explanation:

We can find the unit rate of this problem by dividing 18.68 by 24 to get .82. .82*10 is equal to 8.2.

5 0
1 year ago
Which property can be used to solve the equation?<br><br> 5 d = 75
timama [110]

Answer:

Division

Step-by-step explanation:

To isolate d and solve the equation, divide 75 by 5.

4 0
2 years ago
Read 2 more answers
Other questions:
  • The slope of a given line is 1/3 . What is the slope of a line that is perpendicular to the given line? Type a numerical answer
    14·1 answer
  • URGENT!!!! You must create a 6-character password using the letters A-Z and the numbers 0-9. Characters may be repeated. How man
    13·1 answer
  • If you're good at trigonometry please help me with question nine a and b and show full working out tyyyyyyyy ;)
    15·1 answer
  • ANSWER QUICK AND EXPLAIN HOW TO SOLVE
    15·1 answer
  • Pleeeeeeeeeease <br> I really need help and an explanation
    7·1 answer
  • Kelly invested her savings of $4800. she invested part in mutual funds, at 9% per year, and the rest in GIC's, at 10% per year.
    10·1 answer
  • Write an inequality for the situation. There are more than 65 children in the yard.
    8·1 answer
  • Write the first five terms in the sequence defined by the explicit formula
    5·2 answers
  • 20POINTS! Determine if two triangles are congruent. If they are, state which theorem you can use to prove congruency. EXPLAIN WH
    9·2 answers
  • Question in picture, help I’ll give brainliest
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!