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Ivahew [28]
2 years ago
12

Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as

follows:
Date Purchases Sales
Jan. 14 375 @ $14
17 250 @ $10
25 250 @ $11
29 260 @ $16


Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31.

The cost of the inventory at January 31, under the LIFO method is:

Partridge Bookstore had 500 units on hand at Janua

$3,900.
$3,650.
$4,015.
$3,285.
Business
1 answer:
Tatiana [17]2 years ago
6 0

Answer:

$3,285.

Explanation:

The LIFO method stands for Last in first out, that means the last one of stock should be sold on first basis, and the other items should be sold accordingly

According to the question, the cost of inventory for the end of the year is shown below:

= Units on hand × beginning unit price for each unit

= 365 units × $9

= $3,285

All other information is ignored for the computation part

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The marion's clothing has a gross profit of $700,000 and $240,000 in depreciation expense. the preston's pants also has $700,000
bogdanovich [222]
So, doing the calculations, Marion's had $700,000-240,000=$460,000-160,000 in expenses = $300,000 x 0.4 income tax=120,000 and so 300,000-120,000=$180,000 net value. Preston's had $700,000-40,000 depreciation=$660,000-160,000 expenses =$500,000 x 0.4 taxes= 200,000 taxes so 500,000-200,000=$300,000 net value. The result is Preston's had less depreciation which provided it with more spendable income.
6 0
3 years ago
Palmona Co. establishes a $140 petty cash fund on January 1. On January 8, the fund shows $29 in cash along with receipts for th
Korolek [52]

Answer:

Entries are posted

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

January 1 (Cash fund being recorded in petty cash)

Account                                   Debit         Credit

Petty Cash                              $140

Cash                                                            $140

January 8

Postage                                   $46

transportation-in                     $14

delivery expenses,                  $16

miscellaneous expenses,       $35

Cash                                                               $111

January 8 ( petty cash funds being increased )

Pettcash                                  $50

Cash                                                               $50

8 0
3 years ago
Martin, a u.s. citizen, travels to mexico and buys a newly manufactured motorcycle made there. his purchase is included in?
Alinara [238K]

Martin, a US. citizen travels to Mexico and buys a newly manufactured motorcycle made there. his purchase is included in both Mexican GDP and U.S. GDP.

This is further explained below.

<h3>What is GDP?</h3>

Generally, The gross domestic product (GDP) of a nation is a monetary measurement that is based on the market value of all of the final products and services that are produced in that nation during a certain time period.

Before being regarded as a trustworthy indication, this measure often undergoes revision because of the complexity and subjectivity inherent in its design.

In conclusion, Martin, a resident of the United States, makes a trip to Mexico in order to purchase a motorbike that was only just produced in that country. His purchase is accounted for in both the GDP of Mexico and the GDP of the United States.

Read more about GDP

brainly.com/question/15682765

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6 0
1 year ago
For higher levels of management, responsibility accounting reports a.contain about the same level of detail as reports for lower
ss7ja [257]

Answer:

d. are more summarized than for lower levels of management

Explanation:

This report is generally explained to be a rundown of a company's budget and also expenditure and it is comprised also of different operations by higher levels of the company's management. In as much as it gives reports and details of the lower part of the company, it is generally explained to be more summarized for higher management levels than for lower levels of management. In its bid to assist and control the company's head or responsibility units, it gives headway to staff care/welfare and also steady overview of benefits to staffs.

5 0
3 years ago
Suppose the real risk-free rate is 3.00%, the average expected future inflation rate is 5.90%, and a maturity risk premium of 0.
Kamila [148]

Answer:

The answer is 9.00%

Explanation:

real risk-free rate = 3.00%

average expected future inflation rate = 5.90%

Maturity risk premium = 0.10%

The expected rate of return on a 1 year treasury security would be = the average expected future inflation rate + maturity risk premium + real risk-free rate.

= 3.00% + 5.90% + 0.10%

= 9.00%

6 0
3 years ago
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