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tekilochka [14]
3 years ago
14

The following units of an inventory item were available for sale during the year. Use this information to answer the following q

uestions. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. ​
Business
1 answer:
Tasya [4]3 years ago
3 0

Answer:

ending inventory using LIFO = $1,150

ending inventory using FIFO = $1,375

ending inventory using average cost = $1,262.50

Explanation:

                                        units purchased     unit price             total

Beginning inventory           10 units                   $55                 $550

First purchase                    25 units                   $60               $1,500

Second purchase              30 units                   $65               $1,950

Third purchase                   15 units                   $70               $1,050

total                                    80 units                 $63.125          $5,050

If 60 units were sold during the year:

ending inventory using LIFO = (10 x $55) + (10 x $60) = $1,150

ending inventory using FIFO = (15 x $70) + (5 x $65) = $1,375

ending inventory using average cost = 20 x $63.125 = $1,262.50

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Answer:

B. $19,687 mil

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The statutory tax rate is the percentage imposed by law; the effective tax rate is the percentage of income actually paid by an individual or a company after taking into account tax breaks (including loopholes, deductions, exemptions, credits, and preferential rates).

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When faced with the option of beginning a new venture you should always select the time that results in the highest NPV.

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2 years ago
Which computer science professor has won an Oscar?<br> Gauss<br> Fedkiw<br> Pythagoras<br> Edison
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Answer:

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Explanation:

6 0
3 years ago
Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserv
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Answer:

Change in Excess Reserves $1,350,000

Change in Required Reserves $450,000

Explanation:

Preparation of the table to show the effect of a new deposit on excess and required reserves

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4 0
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