1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Advocard [28]
2 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:
NeTakaya2 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

You might be interested in
Which of the following is NOT an example that falls within the four major categories of business environment factors for today's
oksano4ka [1.4K]

Answer:

c. fewer government regulations

Explanation:

  • All except the fewer government regulations on the trade of the companies that affect the today's business environment and the word organization. The globalization and the increased play a major role in the collection of the internal and the external factors the customer needs and the expectations that affect the firm's price availability.
5 0
3 years ago
The strategies used to promote generalization will also make skill maintenance more likely to occur.
Murljashka [212]

Answer:

True

Explanation:

Generalization creates a set of common practice which is further considered as an identifiable acceptable standard for the instance.

As for example if we state that a person is good at cooking, on the basis on generalization it will be considered necessary and obvious that the person knows the skills of cooking basic food of that region.

Generalization thus, creates a kind of basic skills in every person of that domain. This will influence people to develop more skills.

6 0
3 years ago
A SWOT analysis stands for what
timofeeve [1]

Answer:

Strengths, Weaknesses, Opportunities, and Threats analysis

Explanation:

3 0
2 years ago
The international equilibrium price (or world price) and quantity for a traded item is determined by:
yKpoI14uk [10]

Answer: The intersection of the export supply schedule and the import schedule

Explanation:

An equilibrium price is the price that is derived at the point where the supply of goods and demand of goods matches.

It should be noted that the international equilibrium price (or world price) and quantity for a traded item is determined by intersection of the export supply schedule and the import schedule. At the point they intersect, the price will be gotten. Than, the market can be said to be in a state of equilibrium.

5 0
2 years ago
Evite paid $2408.91 in interest what was the selling price of the car
sp2606 [1]

3141159 % dollars hope this helps ^-^

4 0
3 years ago
Other questions:
  • Many poverty scholars call for a modification of the poverty measure to reflect changing housing costs or to reflect the fact th
    8·1 answer
  • Speical Order Soni, LTD produces wall mounts for flat panel television sets. The forecasted income statement for 2017 is as foll
    6·1 answer
  • Researchers have discovered that "cyber-ostracism" by strangers elicits increased activity in the
    14·1 answer
  • Selected information from Large Corporation's accounting records and financial statements for 2013 is as follows ($ in millions)
    14·1 answer
  • Which of the following is a distance-based method for location alternatives evaluation?Factor rating methodDecision treeBreak-ev
    9·2 answers
  • 5. For the following observations, calculate the class width for a histogram.
    13·1 answer
  • Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton b
    15·1 answer
  • A bachelor's degree is earned at a ___.
    7·1 answer
  • ________ refers to the demand and availability of an occupation.
    6·1 answer
  • Joel owns the following portfolio of securities. What is the beta for the portfolio?Company Beta Percent of PortfolioExxon-Mobil
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!