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guapka [62]
3 years ago
9

A company has beginning inventory of 10 units at a cost of $10 each on February 1. On February 3, it purchases 20 units at $12 e

ach. 12 units are sold on February 5. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
a) $120
b) $124
c) $128
d) $130
e )$140
Business
1 answer:
Gre4nikov [31]3 years ago
7 0

Answer:

b) $124

Explanation:

FIFO means first in, first out. Under this principle, goods that were purchased or produced earlier will be the first ones on sale.

The value of the goods sold in our case will be as follows.

The first ten items   @ $10: 10X10 =$100

Two items to make   [email protected] $12: 2x12=$24

 

Total cost: $100+$24= $124

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Marketing traditionally has been divided into a set of four interrelated decisions and consequent actions known as the?
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This is further explained below.

What is the marketing mix?

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5 0
1 year ago
The Fabricating Department started the current month with a beginning Work in Process inventory of $11,200. During the month, it
SVETLANKA909090 [29]

Answer:

The ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200

Explanation:

To determine Ending Balance of Work in Process Inventory, <em>Prepare a Manufacturing Cost Statement</em>.

Opening Work in Process Inventory             $11,200

<em>Add </em>Cost Added During the Period :

Direct materials                                             $77,200

Direct labor                                                   $25,200  

Factory overhead ( $25,200 × 50%)            $12,600

Total Manufacturing Costs                          $126,200

<em>Less </em>Transfer to Next Department            ($115,000)

Closing Work in Process Inventory               $11,200

Conclusion :

Therefore, the ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200

6 0
2 years ago
If a bank decides that it wants to hold​ $1 million of excess​ reserves, what effect will this have on checkable deposits in the
Alja [10]

Answer:

C. Checkable deposits decline by $10 million.

Explanation:

The banks must keep a reserve of money at Central Banks, the amount is defined by the reserve ratio, 10% in this case, but the banks could keep an extra reserve of money at Central Banks, in this case it's $ 1 million, so, if the bank decides to keep that reserve it means will be less money available to checkable deposit in the same amount.

When the banks keeps reserve by his own will, the required reserve ratio is not applicable to the amount, is the same situation as if we want to keep our money in the bank, for banks, they keep money in Central Banks.

hoping having been clear.  

7 0
3 years ago
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