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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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What is the present value of the following cash flows at a discount rate of 9 percent?
frutty [35]

Answer:

Year 1 PV = 91,743.12

Year 2 PV =126,251.99

Year 3 PV =  154,436.70  

Explanation:

<em>The present value of future sum is the amount that ought to be invested today at interest rate compounded annually to equal the sum at the end of a particular period.</em>

The present value of a future sum is given as follows:

PV = FV × PV (1+r)^(-n)

PV - present value

FV - Future value

r- interest rate

n- number of years

Year 1 PV = 100,000× 1.09^(-1) =91,743.12

Year 2 PV = 150,000× 1.09^(-2) =126,251.99

Year 3 PV = 200,000× 1.09^(-3) =  154,436.70  

4 0
3 years ago
When there is no beginning Finished Goods Inventory and all the goods that are produced are sold, the operating income ________.
natali 33 [55]

Answer:

C) will be the same for both absorption costing and variable costing

Explanation:

If the beginning and ending balance for Finished Goods Inventory is 0, that means that all the absorption costs have been assigned and all the fixed costs (for variable costing) have been assigned also. So whatever costing method you choose the valuation should be the same.

4 0
3 years ago
I need help with this
kifflom [539]
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6 0
3 years ago
On July 1, 20X4, Pillow Corp. obtained significant influence over Sleep Co. through the purchase of 3,000 shares of Sleep's 10,0
puteri [66]

Answer: $18,000

Explanation:

Income from investment is the percentage of the acquired company's income that the company that acquired it will report as their own based on their percentage of ownership.

By purchasing 3,000 shares out of 10,000, Pillow Corp owns;

= 3,000 / 10,000

= 30% of Sleep Co.

These shares were bough on July 1 so the relevant period will be half a year.

At the end of the year, Pillow Corp will report 30% of half of Sleep Co. income as income from investment for the year.

= 30% * 120,000 * 0.5

= $18,000

3 0
3 years ago
A mining company owns two mines, each of which produces three grades (high, medium, and low) of ore. The company has a contract
sashaice [31]

Answer:

They should operate Mine 1 for 1 hour and Mine 2 for 3 hours to meet the contractual obligations and minimize cost.

Explanation:

The formulation of the linear programming is:

Objective function:

C=200M_1+160M_2

Restrictions:

- High-grade ore: 6M_1+2M_2\geq12

- Medium-grade ore: 2M_1+2M_2\geq8

- Low-grade ore: 4M_1+12M_2\geq24

- No negative hours: M_1,M_2\geq0

We start graphing the restrictions in a M1-M2 plane.

In the figure attached, we have the feasible region, where all the restrictions are validated, and the four points of intersection of 2 restrictions.

In one of this four points lies the minimum cost.

Graphically, we can graph the cost function over this feasible region, with different cost levels. When the line cost intersects one of the four points with the lowest level of cost, this is the optimum combination.

(NOTE: it is best to start with a low guessing of the cost and going up until it reaches one point in the feasible region).

The solution is for the point (M1=1, M2=3), with a cost of C=$680.

The cost function graph is attached.

7 0
3 years ago
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