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4 years ago

Financial statements does not cover a period of time but rather reports amounts at a specific point in time?

1 answer:

6 0

The answer is: Balance sheet
The balance sheet on the financial statements will show the total amount of each accounts that the company manages to accumulate throughout its operational years. The amount of the balance sheet on current year will be used as a starting point when calculating the balance sheet for the next year

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Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory cost

Ilya [14]

Answer:

Sale, March 14 (1,380 units) cost of goods sold = $117,200
Sale, August 31 (1,550 units ) cost of goods = $96,100
Ending inventory = 1,800 units

Explanation:

a. Cost Of Goods Sold Using LIFO

1. Sale, March 14 (1,380 units)

- from May 1 purchase)

1,130 units at $90= 1130*90= $101,700

from January 30 purchase

250 units from 2,150 units at $62 = $15,500

Total= 15,500+101,700= $117,200

2. Sale, August 31 (1,550 units )

- from January 30 purchase

1,550 units from 1900 units leftover

1550 at $62 = 1550*62= $96,100

b. Ending inventory

350 units leftover from January 30 purchase + 1,450 units of Beginning inventory, January 1 = 1,800 units

5 0

4 years ago

Privately owned businesses are common in which type of economy?

Mariana [72]

Privately owned businesses are commonly found in capitalist economies.

4 0

3 years ago

Read 2 more answers

Part II: Article II, Section I of the U.S. Constitution provides that the president must "take care that the laws be faithfully

xz_007 [3.2K]

Answer: Yes it is.

Explanation:

The Constitution puts the President at the head of the Executive branch of government and provides that the President should ensure that the laws of the land are faithfully executed.

Seeing as executive orders are issued to members of the executive - which are under the President - and are done to ensure that the laws of the land are carried out, the President is not only following the Constitution's directives in Article II, Section I of the Constitution but doing it within their power as head of the executive.

Executive orders are therefore an implied constitutional power that the President has.

4 0

3 years ago

In the long run, a perfectly competitive market will A.supply whatever amount consumers demand at a price determined by the min

In-s [12.5K]

Answer: Option (A) is correct.

Explanation:

Correct Option: A.supply whatever amount consumers demand at a price determined by the minimum point on the typical firm's average total cost curve.

In the long run, equilibrium price of a perfectly competitive firm implies that there is no economic profit for the firm. This situation occur when the marginal cost is equal to the average total cost.

The firm is break even when the price is equal to the minimum point of average total cost of the firm. So, there is no possibility of economic profit for the firm.

5 0

3 years ago

Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, Apri

Oduvanchick [21]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Barrington Bears has developed the following sales forecasts for January 500 units.

BB has 80 bears on hand on Dec. 31. The normal ending inventory policy is to hold 20% of next month’s sales.

Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month.

First, we need to calculate the production for January.

Sales= 500 units

Ending inventory= (600*0.2)= 120 units

Beginning inventory= 80 (-)

Total= 540 units

Conversion costs= direct labor + manufacturing overhead

Direct labor= [(40/60)*540]*$18= $6,480

Variable overhead= 21*360 hours= $7,560

Fixed overhead= $25,000

Total conversion costs= $39,040

5 0

3 years ago