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julia-pushkina [17]
3 years ago
10

Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. 1/1 - Beginn

ing Inventory (Quantity 1,000 - Price/Cost = $12), 2/4 - Purchase (Quantity 2,000 - Price/Cost = $18), 2/20 - Sale (Quantity 2,500 - Price/Cost = $30), 4/2 - Purchase (Quantity 3,000 - Price/Cost = $23) 11/4 - Sale (Quantity 2,200 - Price/Cost = $33) Instructions: Compute cost of goods sold, assuming Elho uses: (a) Periodic System, FIFO cost flow, (b) Perpetual System, FIFO Cost Flow (c) Periodic System, LIFO Cost Flow (d) Periodic, LIFO cost flow, (e)Periodic, weighted avg cost flow, (f) perpetual system, moving average cost flow.
Business
1 answer:
bixtya [17]3 years ago
3 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

1/1 - Beginning Inventory (Quantity 1,000 - Price/Cost = $12)

2/4 - Purchase (Quantity 2,000 - Price/Cost = $18)

2/20 - Sale (Quantity 2,500 - Price/Cost = $30)

4/2 - Purchase (Quantity 3,000 - Price/Cost = $23)

11/4 - Sale (Quantity 2,200 - Price/Cost = $33)

Units sold= 4,700

1) Periodic - FIFO

COGS= 1,000*12 + 2,000*18 + 1,700*23= 87,100

2) Perpetual - FIFO

COGS= 1000*12 + 1500*18 + 500*18 + 1,700*23= $87,100

3) Periodic - LIFO

COGS= 3,000*23 + 1,700*18= $99,600

4) Perpetual - LIFO

COGS= 2,000*18 + 500*12 + 2,200*23= $92,600

5) Periodic - weighted

Average price= (12 + 18 + 23)/3= 17.67

COGS= 4,700*17.67= $83,049

6) Perpetual - weighted

COGS= 15* 2,500 + 17.67*2,200= $76,374

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Explanation:

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It should be noted that in snowball sampling, after the respondents have been interviewed, theywould be told asked to help identify other people

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3 years ago
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8 0
3 years ago
Which statement describes the effect of taxes on a traditional 401(k) retirement account?
worty [1.4K]

Answer:

A traditional 401(k) is tax deferred because the income earned isn't taxed until the money is withdrawn.

Explanation:

A 401 k is a qualified tax-advantaged saving retirement plan. Usually, 401K  plans are employer-sponsored. Employee contributions to the 401 k plans are deducted from the payroll before taxes are calculated. It means the employee contribution is not taxed at the time it's withheld by the employer.

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3 0
2 years ago
Horace is seeking to exchange money in preparation for his trip to Uruguay. He will need 5,000 Uruguayan pesos, and the exchange
STatiana [176]

Answer:

d. $ 263.50

Explanation:

The Exchange  rate is 1 dollar = 19.924 Uruguayan Peso.

We need to buy 5000 Uruguayan pesos but the agent requires a comision of  a 5%  when converting currency, so really we will need to buy:

5,000 Uruguayan pesos + 5,000 Uruguayan pesos* 0.05 = 5,250 Uruguayan pesos.

Now if we apply the given exchange rate we will obtain the amount of US Dollars we need:

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7 0
3 years ago
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. T
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Answer:

Income statement using absorption costing.

Sales                                                                                   $756,000

Less Cost of Goods Sold  

Opening Stock                                           $0

Total Manufacturing Costs                  $655,000

Less Closing Stock                              ($104,800)          ($550,200)

Gross Profit                                                                       $205,800

Less Operating Expenses

Selling and administrative expenses:

Variable                                                $35,000

Fixed                                                      $10,500              ($45,500)

Net Income                                                                        $160,300

Explanation:

The Product cost is the to total of all manufacturing costs.

5 0
2 years ago
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