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ziro4ka [17]
3 years ago
9

Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales:

Business
1 answer:
Rom4ik [11]3 years ago
7 0

Answer:

The value of cost of goods sold is $2,730 as shown below

Explanation:

The sale of 120 units made on January 17 is valued at $1,080  (120*$9) taking from stock purchased last on January 1

The sale of 160 units on January 29 is valued at $1,650    (150 units*$11) taking the items purchased last on January 20

The cost of goods sold =$1,080+$1,650

Cost of goods sold=$2,730

The value of closing inventory=30*$9+10*$11

                                                   =$270+$110

                                                   =$380

Hence value of costs of good sold is $2,730 while closing inventory is valued at $380

           

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Travel expenses incurred by the sales department of a manufacturing company would be classified as: a. indirect labor b. manufac
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c. a period cost

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A machine purchased 1 year ago for $85,000 costs more to operate than anticipated. When purchased, the machine was expected to b
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Answer:

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3 years ago
Standard costs are used in companies for a variety of reasons. Which of the following is not one of the benefits of using standa
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Answer:

c. used to indicate where changes in technology and machinery need to be made

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2 years ago
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Concord Corporation reported net income of $177,200 for 2017. Concord Corporation also reported depreciation expense of $35,230
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Answer

Net income 177,200

+35230 depreciation

+4,920 loss on disposal

217,350 adjusted net income (a)

↑↓

↑AR -14,160

↑Prepaid -4,190

↑AP 17,220

Change in working Capital -1,130(b)

<u />

<u>Cash Flow generated from operating activities 216,220</u>

<u />

Explanation:

(a) we must remove the non-monetary account from the income statement

This means add the non-monetary expenses and losses

Subtract the non monetary revenue and gains

(b)

The increase in assets account have a negative meaning, because it is assumed the company used cash to adquire it.

Whiel increase in liabilities are positive, because the company receive aah or delay the payment of cash.

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2 years ago
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