1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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  

You might be interested in
Match each item (characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards) w
Ira Lisetskai [31]

Answer:

The answers are,

Items not easily quantified in dollar terms are not reported in the financial statements.

Monetary Unit Assumption

Accounting information must be complete, neutral, and free from error.

Faithful representation

Personal transactions are not mixed with the company's transactions.

Entity Assumption

The cost to provide information should be weighed against the benefit that users will gain from having the information available.

Cost constraint

A company's use of the same accounting principles from year to year.

Consistency

Assets are recorded and reported at original purchase price.

Historical Cost

Accounting information should help users predict future events, and should confirm or correct prior expectations.

Relevance

The life of a business can be divided into artificial segments of time.

Periodicity assumption

The reporting of all information that would make a difference to financial statement users.

Full Disclosure principle

The judgment concerning whether an item's size makes it likely to influence a decision-maker.

Materiality

10. Assumes a business will remain in operation for the foreseeable future.

Going concern

12. Different companies use the same accounting principles

Comparability

Explanation:

7 0
2 years ago
Which statement is true of an e-distributor? a. An e-distributor offers services from different vendors in separate packages. b.
sveticcg [70]

Answer:

The correct answer is letter "B": An e-distributor offers fast delivery of a wide selection of products and services.

Explanation:

E-distributors are delivery companies that base their orders in electronic purchases made from a variety of goods and services. The main characteristic of these organizations is the speed in which the good or service can be shipped and is what may differentiate them from one another.

6 0
3 years ago
$16,281$⁢16,281 is invested, part at 15%15% and the rest at 13%13%. If the interest earned from the amount invested at 15%15% ex
aleksandr82 [10.1K]

Answer:

Ans. The amount invested at 13% was $1,595.97 and $14,685.03 were invested at 15%

Explanation:

Hi, you can solve this by using 2 equations, so let X be the portion of the money invested at 15% and Y be the amount invested at 13%. So the equation for the whole amount is:

X+Y=16,281

Now, the problem says that the money that you earn by investing at 15% exceeds the money received as interest in your investment of 13% by $1,995.27, this leads us to the second equation.

0.15X=0.13Y+1995.27

Now, to make it a little more friendly, we just have to go ahead and divide everything by 0.15, so we get.

X=0.8667Y+13,301.8

Now, in our first equation, we substitute X fo 0.8867(Y)+13,301.8 and we will see this.

0.8667Y+13,301.8+Y=16,281

Now, we solve for Y

1.8667Y=16,281-13,301.8

Y=\frac{2,979.2}{1.8667} =1,595.97

So the money invested at 13% was $1,595.97 therefore, the money invested at 15% was $16,281 - $1,595.97 = $14,685.03

And we can check this results like this. The money invested at 15% will return an amount of:

14,685.03*0.15=2,202.75

And the money invested at 13% will return

1,595.97*0.13=207.48

Substracting, we would found that the difference is:

2,202.75-207.48=1,995.27

Best of luck.

5 0
3 years ago
Two new software projects are proposed to a young, start-up company. The Alpha project will cost $530,000 to develop and is expe
Vsevolod [243]

Answer: See Explanation

Explanation:

The payback period for both projects would be calculated as:

Alpha Project

Cost = $530,000

Annual net cash flow = $60,000

Payback period = Cash / Annual net cash flow

= $530,000 / $60,000

= 8.83

Beta Project

Cost = $170,000

Annual net cash flow = $18,000

Payback period = Cash / Annual net cash flow

= $170,000 / $18,000

= 9.4

We can see that Alpha Project is better as the payback period is lesser than Beta project

3 0
3 years ago
Pick a common household appliance or machine, and think of some creative ways in which it could be improved by becoming part of
Marina86 [1]
A toaster connect it to an app on your phone that tells you when your toast is donr, or when the toaster needs to be cleaned or repaired. 
oh and also a camera so you can see your bread turn into toast cuz y not
4 0
3 years ago
Other questions:
  • Tran is interested in the effects of the choice of reward on employee motivation. she knows that there have been several studies
    13·1 answer
  • Danny Locker recently put down his papers after his managers failed to give him a pay rise that he felt would rightly compensate
    5·1 answer
  • When is a budget considered to be balanced??
    5·1 answer
  • The IMA suggests​ that, when faced with an ethical​ dilemma, the first thing management accountants should do is call the​ IMA's
    7·1 answer
  • g Which of the following is true? Partial equilibrium analysis will:3)A)understate the impact of a tax for complements and overs
    11·1 answer
  • How is value added different from profit
    11·1 answer
  • The price of a stock on February 1 is $48. A trader sells 200 put options on the stock with a strike price of $40 when the optio
    11·1 answer
  • Jordan signed a finance agreement for her recent purchase. what is the total amount she will pay back under this agreement?
    10·2 answers
  • On-shelf in stock percentage best describes a product availability metric for a ______.
    11·1 answer
  • Management of Wee Ones (WO), an operator of day-care facilities, wants the company's profit to be subdivided by center. The firm
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!