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
ziro4ka [17]
3 years ago
6

A company purchased 300 units for $60 each on January 31. It purchased 150 units for $25 each on February 28. It sold a total of

250 units for $70 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system. Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.)
Business
2 answers:
schepotkina [342]3 years ago
7 0

Answer:

$9,667

Explanation:

January 31 Purchases = 300 × $60 = $18,000

February 28 Purchases = 150 × $25 = $3,750

Total cost of purchases = $1,800 + $3,750 = $21,750

Weighted average cost = $5,550 ÷ (300 + 150) = $48.33 per unit

Units of ending inventory = Total units purchased - Total units sold = (300 + 150) - 250 = 200

Amount of ending inventory on December 31 = 200 × $48.33 = $9,667.

Daniel [21]3 years ago
3 0

Answer:

Weighted-average inventory costing method Ending Inventory = $ 9666.67= $ 9667

Explanation:

Date           Particulars       Units   Unit Cost        Total Cost

January 31  Purchases          300             $ 60        $ 18,000

February 28   Purchases       150             $ 25          $3750

Total                                       450                               $ 21,750

Weighted-average inventory costing method=  Total Cost/ Total Units=

                                    $ 21,750/450= $48.33 purchase price per unit

Sales              250 units       at     $ 70    =      $ 17500

Ending Units =  Purchases-Sales = 450-250= 200

Weighted-average inventory costing method Ending Inventory = $ 9666.67

200 units at 448.33=  $ 9666.67= $ 9667

You might be interested in
Insurance is only used by businesses True or False
White raven [17]

Answer:

false

Explanation:

everyone uses insurance

3 0
3 years ago
Charles wants to start a décor business and takes a loan of $35,000 from the bank to set up the business. Once the business is u
miv72 [106K]

Answer:

Sole Proprietorship

Explanation:

Charles is planning to start a sole proprietorship business. It is the most common form of business ownership.

This is the form of business owned, managed and operated by a single individual. Here, there is no distinction between the business and the owner. The owner of the business will have total control of all the profits incurred in the business and solely be responsible for all losses incurred as well.

5 0
3 years ago
Ordinary and necessary business expenses are deductible only to the extent they are also reasonable in amount.
marysya [2.9K]

Answer:

True

Explanation:

According to the IRS:

  • ordinary expenses are expenses that are common and accepted in a company's trade or industry.
  • necessary expenses are expenses that help your company carry on its normal business.

Tax deductible expenses must be ordinary, necessary, and reasonable.

8 0
3 years ago
Toronto-based Mercedes-Benz Canada, with a network of 55 dealers, did not know enough about its customers. Dealers provided cust
frutty [35]

<u>Explanation:</u>

Mercedes-Benz adopts a method where the dealers are the only contact with the customers and company has failed to communicate with the customers directly.

Customer Relationship Management (CRM) is a tool that can be utilized by the company for easier day to day work. The information can be kept up to date which is easy to import, export and apply statistics to find information. The information can be accessed by Mercedes from anywhere. It helps to connect with the customers.

Another tool Partner Relationship Management (PRM) is used to connect with partners. The tasks can be scheduled and performance can be managed. Information and report details can be shared with the help of CRM and PRM from dealers and partners with Mercedes.

6 0
3 years ago
In addition to the owner, how many employees can a sole proprietorship have?
Vlad [161]

Answer:

A sole proprietorship is a business owned by only one person. The most common form of ownership, it accounts for about 72 percent of all U.S. businesses[1]. It’s the easiest and cheapest type of business to form: if you’re using your own name as the name of your business, you just need a license to get started, and once you’re in business, you’re subject to few government regulations.

As sole owner, you have complete control over your business. You make all important decisions, and you’re generally responsible for all day-to-day activities. In exchange for assuming all this responsibility, you get all the income earned by the business. Profits earned are taxed as personal income, so you don’t have to pay any special federal and state income taxes.

Explanation:

5 0
3 years ago
Other questions:
  • After the civil war the supreme court tended to view economic regulation as something that
    9·1 answer
  • ​sam walton's strong emphasis on customer service at walmart demonstrates the importance of ____ in being a great leader.
    6·1 answer
  • A picking ticket is affixed to the inventory package sent to the customer and identifies the customer and the contents of the pa
    11·1 answer
  • People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay. Becau
    12·1 answer
  • Adamis the owner/operator of a flower shop. Last year he earned $250,000 in total revenue. His explicit costs were $175,000 paid
    6·1 answer
  • Before the approving signature is made on a check the signer should verify that the?
    8·1 answer
  • When one party takes specific action to cover a material fact from another party, fraud by enticement occurs. question 1 options
    6·1 answer
  • A company's fixed operating costs are $370,000, its variable costs are $3.25 per unit, and the product's sales price is $5.65. W
    13·1 answer
  • Identify the ways in which lower of cost or market can be applied to merchandise inventory. (Check all that apply.) Multiple sel
    13·1 answer
  • How does information become knowledge?.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!