What they are and how they were commited
Answer:
$71,400
Explanation:
Average cost method uses a simple average of all items as follows:
Total cost = (15000 x 8) + (15000x 10) + (20000 X 12) = $510,000
Total inventory = 15000+15000+20000 =50,000
Average cost = total cost / total inventory = 510000/50000
= $10.2
Cost of ending inventory = 7000 units x $10.2 = $71400
Answer: The concepts and rules that govern financial accounting practice
Explanation:
A company is a legal entity formed by a group of individuals to engage in and operate a business commercial or industrial enterprise. A company may be organized in various ways for tax and financial liability purposes depending on the corporate law of its jurisdiction.
Present Yearly Net operating income (loss)
(Units * CM Per unit)-Fixed cost
Units Sales 415000|
[Selling Price Per Unit 70
\Variabel Expense Per unit 40|
Fixed Expenses 540000]
Compute the CM ratio
Selling Price Per Unit 70.00
Variable Expense Per unit 40.00
Contribution Margin per unit ( Selling Price - Variable Cost) 30.00
Ico Ratio =( CM/Selling Price) 42.857%
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Explanation:
The journal entry is as follows
Amortization expense Dr $2.5 million
To Patent $2.5 million
(Being the amortization expense is recorded)
The computation is shown below:
The annual amortization is
= $9 million ÷ 9 years
= $1 million
So, the amortization for four years from 2017 to 2021 is $4 million
Now the unamortized value is
= $9 million - $4 million
= $5 million
And, the remaining life is 2 years (6 years - 4 years)
So, the amortization expense is
= $5 million ÷ 2 years
= $2.5 million
