In the united states, the 401(k) plan or individual retirement account is a what kind of plan ?.

Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at

sammy [17]

Answer:

Part 1.

Number = 2,000 units and Cost = $26,800

Part 2.

1,040 units

Part 3.

a. FIFO

Ending Inventory = $14,580

Cost of Goods Sold = $12,220

b. LIFO

Ending Inventory = $13,180

Cost of Goods Sold = $13,620

c. Weighted Average Cost

Ending Inventory = $13,936

Cost of Goods Sold = $12,864

Part 4.

Orion Iron Corp.

Income Statement

FIFO LIFO Weighted Average

Sales (960 x $42) $40,320 $40,320 $40,320

Less Cost of Sales ($12,220) ($13,620) ($12,864)

Gross Profit $28,100 $26,700 $27,456

Less Expenses

Operating Expenses ($18,000) ($18,000) ($18,000)

Net Income $10,100 $8,700 $9,456

Part 6.

Weighted Average method minimizes Income taxes as it provides lowest profits than the rest of the methods.

Explanation:

Periodic Inventory method ensures that Cost of Sales and Inventory Value are determined at the end of the period.

Cost of Goods Available for Sale = Beginning Inventory + Purchases

therefore,

Number = 350 + 950 + 700 = 2,000 units

Cost = 350 x $14 + 950 x $12 + 700 x $15 = $26,800

Units in Ending Inventory = Units available for sale - Units sold

therefore,

Units in Ending Inventory = 2,000 - ( 350 + 610 ) = 1,040

FIFO

This method assumes that the units to arrive first, will be sold first.

Ending Inventory = 340 x $12 + 700 x $15 = $14,580

Cost of Goods Sold = 350 x $14 + 610 x $12 = $12,220

LIFO

This method assumes that the units to arrive last, will be sold first.

Ending Inventory = 690 x $12 + 350 x $14 = $13,180

Cost of Goods Sold = 700 x $15 + 260 x $12 = $13,620

Weighted Average Cost

This method calculates a new unit cost based on units available for sale after each and every purchase. This unit cost is then used to determine the cost of sales and inventory value.

Unit Cost = Total Cost ÷ Units available for sale

= $26,800 ÷ 2,000 units

= $13.40

Ending Inventory = Units in Inventory x Unit Cost

= 1,040 x $13.40

= $13,936

Cost of Goods Sold = Units Sold x Unit Cost

= 960 x $13.40

= $12,864

3 0

3 years ago

Enterprise car rental agency differentiates itself from other similar agencies by providing a delivery service. This delivery se

adoni [48]

Answer:

Possession utility

Explanation:

Form utility involves changing raw materials or putting parts together to make them more useful. It deals with marketing or producing things.

Types of utility:

-Place utility. Having a product where customers can buy it.

-Time utility. Having a product available at a certain time.

-Possession utility involves making it easier for a customer to own a product by offering credit terms, loans, etc.

It is created by transfer of physical possession and ownership of a product to a customer.

-Information utility. Is the communication with the consumer.

8 0

3 years ago

Which of the following best describes the "invisible hand" concept? Group of answer choices Ample regulation of business by the

Nostrana [21]

Answer:

Self-interest in a market system will automatically promote the public interest as well.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.

The "invisible hand" concept asserts that the self-interest by producers and suppliers of resources in a market system will automatically promote the public interest as well.

This ultimately implies that, public and private interest will always coincide assuming there exist competition in a free market system.

In conclusion, the invincible hand concept is a metaphorical description of the unforeseen forces that typically moves a free market system or economy.

4 0

3 years ago

Task 3: Budget for 25- to 30-year-old Business Professionals

Eddi Din [679]

Answer:

Sample Budget

Salary Income $2515

Rent expense -$900

Food and groceries -$250

Entertainment expense -$85

Shopping -$45

Birthday Party gift -$12

Transportation expense -$150

Home maintenance cost -$320

Tuition cost -$121

Net savings = $632

Explanation:

The mid aged person who is age of 25 to 30 will have different expenses. He will have to budget his monthly income and routine expenses to identify the savings. The sample budget will include different types of household expenses that a person incurs to live. He might have to budget one off expenses such as party cost, gifts etc. He will have to keep track of groceries and food expenses.

3 0

3 years ago

The subject property has a total value of $280,000 by the sales comparison approach. A competitive neighborhood nearby has home

True [87]

The value of the subject land is $84,000.

Given,

75,000 / 250,000 = 0.30

280,000 * 0.30 = 84,000

Land value is the measure of the way lots a plot of land is worth, now not counting any buildings but including improvements inclusive of better drainage. when a landowner can pay taxes on her actual property, a part of what is taxed is the fee of the land, in addition to whatever structures sit down atop it.

To measure the price of land use the traditional value approach: Use RS means statistics on prices to calculate the fee of the belongings as though it has been new. Subtract depreciation. The result is an estimate of the fee of the modern structure. Subtract from sale fee to get land cost.

Your question is incomplete. Please read below to find the missing content.

The subject property has a total value of $280,000 by the sales comparison approach. A competitive neighborhood nearby has home sales with a median value of $250,000, and recent lot sales at $75,000. By allocation, what would be the value of the subject land?

$68,000

$76,000

$84,000

$92,500

Learn more about statistics here: brainly.com/question/4219149

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5 0

2 years ago