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Advocard [28]
3 years ago
12

A company purchased 10 units for $5 on January 3. It purchased 10 units for $7 each on February 28. It sold 10 units on March 1.

If the company uses the last in, first out (LIFO) inventory costing method, what is the dollar amount for ending inventory on the December 31 balance sheet, assuming that the company uses a perpetual inventory system
Business
1 answer:
NeTakaya3 years ago
3 0

Answer:

The dollar amount for ending inventory using the last-in-first-out method of inventory valuation is $50

Explanation:

Using LIFO,last-in-first-out  method of inventory valuation,items received last into the store are deemed to be sold first, hence the sales of 10 units on March 1 was the inventory purchased on February 28, leaving the items of inventory purchased on January 3 as closing inventory

value of closing inventory using LIFO=10*$5=$50

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If you over pay or if you happen to do something and the IRS give you something but it is not normal for the IRS to give
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3 years ago
16. GDP Growth Consider the following data on U.S. GDP: Year GDP (Billions of current dollars) (Billions of 2009 dollars) 2011 1
dmitriy555 [2]

Answer:

The percentage change in nominal GDP from 2013 to 2014 was 4.29%

The percentage change in real GDP from 2012 to 2013 was 1.48%

The percentage change in real GDP from 2012 to 2013 was higher than the percentage change in real GDP from 2011 to 2012. FALSE

Explanation:

In order to calculate this we just have to calculate the percentages with a rule of thirds:

\frac{GDP1}{100}= \frac{GDP2}{x}

To calculate the first one we use the nominal GDP which is the GDP with the current market value:

\frac{GDP1}{100}= \frac{GDP2}{x}\\\frac{16,663.2}{100}= \frac{17,348.1 }{x}\\x=\frac{(100)(17,348.1}{16,663.2} \\x=4.29%

To calculate the change in real GDP we use the values adapted to a pre-agreed monetary value, in this case the dollar at 2009:

\frac{GDP1}{100}= \frac{GDP2}{x}\\\frac{15,354.6}{100}= \frac{15,583.3}{x}\\x=\frac{(100)(15,583.3}{15,354.6} \\x=1.48%

To calculate the 2011 to 2012 we insert the values:

\frac{GDP1}{100}= \frac{GDP2}{x}\\\frac{ 15,020.6}{100}= \frac{15,354.6}{x}\\x=\frac{(100)(15,354.6}{ 15,020.6} \\x=2.22%

So with this we know that it is wasn´t higher the percentage change from 2012-2013, than that of 2011-2012

5 0
3 years ago
Consider the following totals: Revenues = $100,000; Operating costs and expenses = $45,000; Other revenues = $5,000; Income taxe
Sav [38]

Answer:

$55,000

Explanation:

The operating income of any entity can be calculated using the following formula:

Operating income=Net income+ income tax expense+ finance cost- other revenues

Net income in this question=$42,000

Income taxes=$18,000

finance cost=0

Other revenues=$5000

Operating income=$42,000+$18,000+0-$5000=$55,000

The operating income of any entity can also be calculated using the following formula:

Operating income=Revenues-operating costs

                             =$100,000-$45,000=$55,000

7 0
3 years ago
A change in the dollar value of the British pound from​ $1.60 to​ $1.50 represents A. an increase in the pound price of British
hram777 [196]

Answer:

Option (B) is correct.

Explanation:

1 pound = $1.60

1 pound = $1.50

So, there is a depreciation in the value of pound relative to the dollar and appreciation in the value of dollar relative to the pound.

Now, suppose a resident of united states purchase some quantity of goods(say, 20 shirts) from the seller in United kingdom.

Price of each shirt = 2 pounds

Hence,

Before the change in exchange rate, then the buyer have to pay in dollars:

= 20 × (2 × $1.60)

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After the change in exchange rate, then the buyer have to pay in dollars:

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Hence, the amount paid by the resident of united states reduced because of the fall in exchange rate. Now, they have to pay less for the same amount of commodities. This shows that there is an appreciation in the currency of US relative to UK.

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It should be under Employment History
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3 years ago
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