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A company purchased 100 units for $30 each on january 31. it purchased 400 units for $20 each on february 28. it sold a total of

PolarNik [594]

The answer is "$900".

A company purchased 100 units for $30 each on January 31.
it purchased 400 units for $20 each on February 28.
it sold a total of 470 units for $110 each from march 1 through December 31.
method used = last-in, first-out inventory costing method
it means last 400 units from February and 70 units from January were sold.
So, only 30 units left from January that are for $30 each.
Thus, the amount of ending inventory on December 31 = 30 x $30 =$900

7 0

3 years ago

Friendly’s Quick Loans, Inc., offers you "eight for ten or I knock on your door." This means you get $8 today and repay $10 when

faust18 [17]

Answer:

Interest= 25%

Explanation:

Giving the following information:

Friendly’s Quick Loans, Inc., offers you "eight for ten or I knock on your door." This means you get $8 today and repay $10 when you get your paycheck in one week (or else).

Interest for the operation:

Interest= 10/8*100= 25%

4 0

3 years ago

Dave is a close-up magician who is famous for his card tricks. He creates and sells DVDs of his magic tricks. Lately he has been

Katen [24]

Answer:

inbound logistics.

Explanation:

Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.

The fundamental principle of supply chain management is the complete collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing producer), a wholesaler, and a retailer who typically sells the products to the customers or consumers.

Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.

In this scenario, Dave creates and sells DVDs of his magic tricks.

Lately, Dave has been having some trouble getting his DVDs produced in a timely manner. Thus, of the five (5) primary activities in the value chain, this problem of not producing goods (DVDs) as at when needed by the viewers (end users) is most likely to occur in inbound logistics.

An inbound logistics can be defined as a supply process which relates with receiving, storing or warehousing of raw materials and the distribution of inventory internally.

5 0

3 years ago

Importance of joint stock Company

slamgirl [31]

The market is up rn depending on what brands you trust and willing to invest in

8 0

3 years ago

Booth Company employs a periodic inventory system and reported the following inventory information for the month of August: Augu

lakkis [162]

Answer:

Net income= 41,806.8

Explanation:

Giving the following information:

The following inventory information for August:

August 1 Beginning inventory 2,200 units at $15 cost per unit

August 6 Sold 1,300 units

August 15 Purchased 1,700 units at $25 cost per unit

August 18 Sold 1,900 units

August 23 Purchased 900 units at $24 cost per unit

August 26 Purchased 700 units at $19 cost per unit

August 29 Sold 2,000 units

August 30 Purchased 1,500 units at $37 cost per unit

During August, Booth Company reported operating expenses of $23,000 and had an income tax rate of 37%

First, we need to calculate the revenues for August.

Weighted-average cost= (15 + 25 + 24 + 19 + 37)/5= $24

Units sold= 5,200 units

COGS= 5,200*24= 124,800

Revenues= gross profit + cost of goods sold= 70,460 + 124,800= 195,260

Cost, LIFO method:

COGS= 700*19 + 900*24 + 1700*25 + 1900*15= 105,900

Income statement:

Revenues= 195,260

COGS= 105,900 (-)

Gross profit= 89,360

Operating expenses= 23,000 (-)

EBIT= 66,360

Tax= 24,553.2 (-)

Net income= 41,806.8

5 0

4 years ago