How frequently does John typically receive account statements from his bank?

During 2018, TRC Corporation has the following inventory transactions.

Soloha48 [4]

Answer:

Results are below.

Explanation:

Giving the following information:

Jan. 1 Beginning inventory 48 $40 $1,920

Apr. 7 Purchase 128 42 5,376

Jul. 16 Purchase 198 45 8,910

Oct. 6 Purchase 108 46 4,968

For the entire year, the company sells 427 units of inventory for $58 each.

Ending inventory units= 482 - 427= 55

1)

Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the cost of the lasts units remaining in inventory.

Ending inventory= 55*46= $2,530

COGS= 48*40 + 128*42 + 198*45 + 53*46= $18,644

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,644= $6,122

2)

Under the LIFO (last-in, first-out) method, the ending inventory is calculated using the cost of the firsts units remaining in inventory.

Ending inventory= 48*40 + 7*42= $2,214

COGS= 108*46 + 198*45 + 121*42= $18,960

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,960= $5,806

3)

First, we need to calculate the weighted-average cost:

weighted-average cost= (40 + 42 + 45 + 46) / 4= $43.25

Ending inventory= 55*43.25= $2,378.75

COGS= 427*43.25= $18,467.75

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,467.75= $6,298.25

6 0

3 years ago

An adjustment for Prepaid Rent would indicate the amount Question 10 options: expired. on hand. originally paid. of the trial ba

juin [17]

It would indicate the amount Expired.

Prepaid rent is a type of rent expense that you paid up-front for the future use.
In accounting, adjustment is made towards prepaid rent at the end of the year in order to find the true value ofremaining prepaid rent.
This value is being calculated by finding the fees of the rent per month and reducing it with the total by the end of the year

7 0

4 years ago

Western assembles computers in the owner’s garage from parts the owner orders over the Internet. This industry is characterized

bekas [8.4K]

Answer:

c. Its low barriers to entry expose Northern to increased risk of competition, which could negatively affect the predictability of its expected future sales revenues.

8 0

3 years ago

If a bushel of wheat costs $6.40 in the US and costs 40 pesos in Mexico and the nominal exchange rate is 10 pesos per dollar, th

Akimi4 [234]

Answer:

a. Import more bushels of wheat from Mexico

Explanation:

When the real exchange rate is higher than one, a country is likely to import more, since goods are cheaper in the other country than locally. In this example, a bushel of wheat, in the US, costs $6.40, while in Mexico, the same product costs:

$P=40\ pesos *\frac{\$1}{10\ pesos}\\ P=\$4$

Therefore, the US will Import more bushels of wheat from Mexico.

4 0

3 years ago

Part-time workers who want full-time work are counted as: A.) fully employed and therefore the official unemployment rate may ov

Vesnalui [34]

Answer: B

Explanation:

6 0

3 years ago