A large quantity and large variety of products are produced in

uestion 31 Oriole Company has the following inventory data: July 1 Beginning inventory 114 units at $19 $2166 7 Purchases 399 un

lina2011 [118]

Answer:

$7,714

Explanation:

The computation of the cost of good sold under LIFO method is shown below

But before that following calculations need to be done

Goods sold = Beginning inventory + Purchases - Ending inventory

= 114 + (399 + 57) - 190

= 380 units

Now 380 units sold would include 57 units of July 22 purchases and balance i.e. (380-57) 323 units of July 7 purchases

So, cost of goods sold

= (57 × 22) + (323 ×20)

= $7,714

7 0

3 years ago

At December 31, 2020, Desert Company reports the following balances for its liability accounts: 7% note payable issued 10/1/20

LekaFEV [45]

Answer:

Desert Company

The amount of notes payable that should be recorded as a current liability will be $520,000.

Explanation:

The 8% notes payable had been refinanced to a long-term notes payable. But, the 7% notes payable was still being negotiated for refinancing. Since the refinancing had not been agreed, the notes payable would still have a balance of $520,000. However, a note in accounts could state the fact that the notes payable was being negotiated for refinancing.

5 0

3 years ago

Airlines can price discriminate by determining people's _______ to pay for luggage accommodations. Some customers will check a b

mr Goodwill [35]

Answer:

Willingness to pay

Revenue

Two

Elastic

Inelastic

Explanation:

Price discrimination is when a producer or a seller charges different prices for the same product usually in different markets.

In price discrimination, a seller attempts to remove or reduce consumer surplus by charging the consumer at his willingness to pay. For price discrimination to be effective, a seller must be able to estimate the willingness to pay of consumers.

Price discrimination is successful when a seller earns higher profits when she discriminates compared to when she didn't price discriminate.

Price discrimination exists in the airline industry. One of the ways price discrimination exists in the airline industry is through charging to check bags. Customers ( people who board airplanes) are distributed into two groups- those who won't pay to check bags and those who would pay to check bags.

It is assumed that those who would pay to check their bags have a price inelastic demand because they are indifferent to paying an extra amount for their luggage.

Inelastic demand is defined as when a small change in price has no effect on quantity demanded.

While it is assumed that those who won't pay to check their bags have an elastic demand because they are unwilling to pay extra to check their luggages.

Elastic demand is when a change in price has effect on quantity demanded.

5 0

4 years ago

A summary of cash flows for Adventure Travel Service for the year ended April 30, 2019, follows:

zalisa [80]

Answer:

Adventure Travel Service

Statement of cash flows for the year ended April 30, 2019

Cash flow from Operating Activities

Cash receipts from customers $2,080,000

Cash payments for operating expenses ($1,706,000)

Net Cash from Operating Activities $374,000

Cash flow from Investing Activities

Purchase of land ($400,000)

Net Cash from Investing Activities ($400,000)

Cash flow from Financing Activities

Cash receipt from owner as investment $60,000

Drawings ($40,000)

Net Cash from Financing Activities $20,000

Movement in Cash and Cash Equivalents ($6,000)

Beginning Cash and Cash Equivalents $203,000

Ending Cash and Cash Equivalents $197,000

Explanation:

The Statement of Cash flows shows the results of cash from the following sources : Cashflow from Operating Activities, Cashflow from Investing Activities and Cashflow from Financing Activities.

4 0

3 years ago

Total surplus with a tax is equal to a. consumer surplus minus producer surplus. b. consumer surplus plus producer surplus plus

anygoal [31]

Answer:

Option (b) is correct.

Explanation:

The total surplus is defined as the sum total of producer surplus and consumers surplus. Total surplus with a tax is defined as the combined total of producers and consumers surplus and tax revenue that is earned by the government of a particular nation.

Consumers surplus = Willingness to pay for the product - Actual amount paid for the product

Producers surplus = Actual amount received for the product - Willingness to accept for the product

6 0

3 years ago