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LuckyWell [14K]
2 years ago
14

Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1

Beginning Inventory 265 $ 153 6/5 Purchase 465 $ 173 11/10 Purchase 165 $ 213 During the year, Maxim sold 530 units. What is cost of goods sold using the average cost method? (Do not round intermediate computations.)
Business
1 answer:
Setler [38]2 years ago
7 0

Answer:

Cost of goods sold as per average cost method = $92,458.5

Explanation:

As for the information provided as follows:

Opening Inventory             265 units     @         $153 each      = $40,545

Purchase                             465 units     @         $173 each      = $80,445

Purchase                             165  units     @         $213 each      = $35,145

Total data                            895 units                                        = $156,135

Average cost per unit = $156,135/895 = $174.45

In average cost method simple average is performed, whereas in weighted average weights are assigned.

Sale is of 530 units

Cost of goods sold as per average cost method = $174.45 \times 530 = $92,458.5  

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<u>Solution and Explanation:</u>

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Particulars  Year  Amount ($)

Cash outflow  0  -40000

Cash inflow  1  10000

                2  10000

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               5  10000

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<u>Answer:3</u> IRR=17%

with salvage value

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Cash outflow  0  -40000

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5 0
3 years ago
You find the following Treasury bond quotes. To calculate the number of years until maturity, assume that it is currently May 20
Zarrin [17]

Answer:

$1,247.12

Explanation:

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Given that,  

Future value = $1,000

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NPER = 17 years  × 2 = 34 years

The 20 years come from May 2019 to May 2036

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8 0
3 years ago
Reggie who is 55, had adjusted gross income of $32,000 in 2020. During the year, he paid for the following medical expenses:
sleet_krkn [62]

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Calculation to determine Reggie medical expense deduction

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Add Health insurance premium-after tax $850

Add Doctors fees $1,250

Add Eye glasses $375

Total expenses  $2,975

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Less Insurance reimbursement  ($500)

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6 0
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