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3 years ago

Whispering Winds Corp. uses the periodic inventory system and reports the following for the month of June.

Business

1 answer:

vesna_86 [32]3 years ago

4 0

Answer:

a 1) FIFO

Closing Inventory = $1,760

Cost of Goods sold = $11,264

2) LIFO

Closing Inventory = $1,056

Cost of Goods sold = $11,968

b) FIFO gives the higher ending inventory than LIFO because the oldest items and lowest costs are allocated to the cost of goods sold.

c) LIFO results in higher cost of Goods sold because latest cost are allocated to the cost of goods sold and latest cost may include price increases.

Explanation:

FIFO

Closing inventory = 176 units * $10= $1760

Cost goods sold = 352 units + 704+528 -176 =1,408 units sold

from opening $2,112

12 June = $5632

23 June = ( 528-176) =352 units * 10 =3,520

total sold = $11,264

LIFO

Closing inventory = 176 units * 6 = $1,056

Cost goods sold = 352 units + 704+528 -176 =1,408 units sold

23 June = $5,280

12 June = $5,632

1 June = (352-176) = 176 *6 = $1,056

Total = $11,968

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The following department data are available: Total materials costs $172000 Equivalent units of production - materials 50000 Tota

Dmitry_Shevchenko [17]

Answer:

6.94

Explanation:

The total cost of materials is $172,000

The equivalent unit of production materials is 50,000

The total conversion costs are $105,000

The equivalent unit of production is 30,000

Therefore the total manufacturingg costs per unit can be calculated as follows

172,000/50,000

= 3.44

105,000/30,000

= 3.5

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4 years ago

The Fabricating Department started the current month with a beginning Work in Process inventory of $11,600. During the month, it

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Answer: $18,280

Explanation:

Ending inventory for fabricating department = Beginning Work in Process + Direct materials + Direct labor + Factory overhead - Inventory transferred out of department

= 11,600 + 77,600 + 25,600 + (80% * 25,600) - 117,000

= 11,600 + 77,600 + 25,600 + 20,480 - 117,000

= $18,280

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3 years ago

In activity-based costing, blank______ are different from those calculated using traditional costing. multiple choice question.

STatiana [176]

In activity-based costing, Product margins are different from those calculated using traditional costing.

<h3>What is Product margins?</h3>

Product margin is a term that is said to be known as the profit margin per product.

Note that the product margin is one that tend to depict the amount of the product that one tend to sells for above the cost of making or producing a given product.

therefore, based on the above, In activity-based costing, Product margins are different from those calculated using traditional costing.

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brainly.com/question/1231184

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2 years ago

The theory of efficiency wages Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the pre

Gelneren [198K]

Answer:

The theory of efficiency wages why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor is due to these reasons:

Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their productivity.

Paying higher wages can reduce a firm's training costs.

Paying higher wages encourages workers to be more productive.

Explanation:

Payment of higher wages increases the efficiency and productivity of the workers.

Also, payment of higher wages gives room for self-motivation among workers. Therefore, much training is not required leading to a reduction in training cost.

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4 years ago

Net credit sales for the month are $670000. The accounts receivable balance is $170000. The allowance is calculated as 10% of th

Dominik [7]

Answer:

$177,200

Explanation:

Net realizable value of the accounts receivable can be found by the following formula, which is:

Net Accounts receivables (Step3) = Closing Accounts receivables before adjustment (Step1) -/+ Increase or decrease in Allowance for doubtful debts (Step2)

Step 1: Closing Accounts receivables before adjustment

Closing Accounts receivables before adjustment is $170,000.

Step 2: Increase or decrease in Allowance for doubtful debts

Opening Allowance for Accounts receivables is $9800

Change in Allowance for doubtful debts is the difference of the Closing Allowance calculated and Opening Allowance Value in the account.

Which means:

Allowance for the Year = Closing Allowance calculated - Opening Allowance Value

Allowance for the Year = 10% of $170,000 - $9,800

Allowance for the Year = $17,000 - $9,800 = $7,200

Step 3: Net Accounts receivables

By putting the values we have:

Net Accounts Receivables = $170,000 + $7,200 = $177,200

5 0

3 years ago