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Alex787 [66]
3 years ago
9

A company had beginning inventory of 12 units at a cost of $15 each on March 1. On March 2, it purchased 12 units at $24 each. O

n March 6 it purchased 7 units at $20 each. On March 8, it sold 28 units for $63 each. Using the perpetual FIFO inventory method, what was the cost of the 28 units sold?
Business
1 answer:
Tema [17]3 years ago
4 0

Answer:

The cost of the 28 units sold is $548

Explanation:

In the given question,  

On March 1 it purchase 12 units for $15 = 12 units × $15 = $180

On March 2 it purchase 12 units for $24 = 12 units × $24 = $288

On March 6 it purchase 7 units for $20 = 7 units × $20 = $140

And, on march it sold 28 units for $63 each  

The 28 units could be taken from  

12 × $15 = $180

12 × $24 = $288

And remaining 4 units × $20 = $80

So, the total cost of units sold = $180 +$288 +$80 = $548

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Adaptive selling and consultative selling are the two common types of the Blank______ presentation format.
Citrus2011 [14]

Adaptive selling and consultative selling are the two common types of the need-satisfaction presentation format.

<h3>What is adaptive selling and consultative selling?</h3>

Every person is unique, as are the circumstances surrounding the sale of any product. A selling technique that is used according to the situation that is all customized by involving or adapting to the customer's communication style is known as adaptive selling.

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7 0
2 years ago
The following are several of the accounts from a recent balance sheet.
Burka [1]

Answer:

<u>Account Name</u>      <u>Balance Sheet Classification</u>    <u>DR or CR Balance </u>

1. Accounts Receivable                    CA                       Debit

2. Prepaid Expense                    CA                        Debit

3. Inventories                                    CA                       Debit

4. Long-Term Debt                   NCL                 Credit

5. Cash and Cash Equivalent    CA                 Debit

6. Accounts Payable                    CL                 Credit

7. Income Tax Payable                    CL                 Credit

8. Contributed Capital                    SE                         Credit

9. Property Plant and Equipment    NCA                 Debit

10. Retained Earning                    SE                  Credit

11. Short-Term Borrowing            CL                 Credit

12. Accrued Liabilities                    CL                 Credit

13. Goodwill (an Intangible Asset)  NCA                 Debit

 

Explanation:

6 0
3 years ago
Data that are observed or collected directly from respondents are called: a. primary data. b. direct samples. c. secondary data.
Anon25 [30]

Answer:

Data that are observed or collected directly from respondents are called primary data.                      

Explanation:

Primary data are data obtained directly from respondents via field survey. These data are usually collected through the use of questionnaires or interviews.

4 0
3 years ago
Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated
evablogger [386]

Answer:

The answer is loss of $10,000 on the sale of the equipment

Explanation:

The formula for straight-line depreciation is:

(Cost of asset - salvage value) ÷ number of useful life.

Cost of asset is $250,000

Salvage value is $50,000

Useful life is 5 years

So depreciation for the year is:

($250,000 - $50,000) ÷ 5 years

$200,000 ÷ 5 years

=$40,000

January 1 2010 through June 30 2013 is 3 years and 6months

Accumulated depreciation will be:

3.5 years( 3 years + 6months/12 months) x $40,000

$140,000

Carrying value or net book value at this date is $250,000 - $140,000

=$110,000.

The equipment was sold for $100,000.

Selling price - carrying value

=$100,000 - $110,000

= - $10,000

We have a loss of $10,000 on the sale of equipment

8 0
3 years ago
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fi
solniwko [45]

Answer and Explanation:

1. The computation is shown below:

As we know that employee taxes involved the social security tax, medicare tax and the income tax

Social security tax

= Gross pay × 6.2%

= $470,000 × 6.2%

= $29,140

Medicare tax

= Gross pay × 1.45%

= $470,000 × 1.45%

= $6,815

And,

Income tax withheld = $94,000

Now payroll taxes involved social security tax, Medicare tax, Federal unemployment tax, and state unemployment tax.

Social security tax

= Gross pay × 6.2%

= $470,000 × 6.2%

= $29,140

Medicare tax

= Gross pay × 1.45%

= $470,000 × 1.45%

= $6,815

Federal unemployment tax is

= Gross pay × 0.6%

= $470,000 × 0.6%

= $2,820

State unemployment tax

= Gross pay × 5.40%

= $470,000 × 5.40%

= $25,380

2. Now the journal entries are

On January, 2018

Salaries wages expense  $470,000

       To Withholding income tax payable  $94,000

       To Social security tax payable  $29,140

       To Medicare tax payable $6,815

       to Salaries and wages payable $340,045

(being salaries and wages expense is recorded)

On Jan 2018

Payroll tax expense  $64,155

      To Social security tax payable $29,140

      To Medicare tax payable $6,815

      To Federal unemployment tax payable $2,820

      To State unemployment tax payable $25,380

(being tax liabilities is recorded)  

 

 

8 0
3 years ago
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