Answer:
The cost of ending inventory under FIFO is $760
Explanation:
Under FIFO or the First In First Out method, we assume that the inventory that is purchased first will be the one that is sold first and the ending inventory will consist of the most recent purchases.
The total units of inventory available for sale = 10 + 40 + 50 + 30 = 130 units
The ending inventory is of 50 units.
Thus, sales are = 130 - 50 = 80 units
The ending inventory will consist of the 30 units that were purchased on 9/20 at $16 per unit along 20 units from the purchases of 50 units from 5/10 at $14 each because we assume that the ending inventory consists of the most recent purchases.
Ending inventory = 30 * 16 + 20 * 14 = $760
Answer:
the resources consumed in production
Explanation: answer for ed2020
Answer:Using LIFO, gross profit on 18 units sold is $562
Explanation: The Last In, First Out (LIFO) inventory costing method is one which assumes goods brought in most recently are sold first, then the one after that, and so on. It is demonstrated as follows:
The 18 units sold would be costed as
6 units bought on Nov. 6 @ $25, amounting to $150
10 units bought on Nov. 2 @ $22, amounting to $220
2 units bought on Nov. 1 @ $20, amounting to $40
Gross profit = Sales revenue - cost of goods sold
Sales revenue = 18 units × $54 = $972
Cost of goods sold = $150 + $220 + $40 = $410
Therefore, gross profit will be
$972 - $410 = $562
Answer:
The solution sets are () and (5,-3)
Explanation:
We are given two equations and we are supposed to solve these two equations and find their solutions.
x + y = 2
4
Substitute the first equation in the second and make it a quadratic equation in one variable.
4
4
(3y-5)(y+3) = 0
y = or y = -3
x = or x = 5
The solution sets are () and (5,-3)