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
Gennadij [26K]
3 years ago
7

Jessica’s Office Supply, Inc., had 300 calculators on hand at January 1, 2017, costing $16 each. Purchases and sales of calculat

ors during the month of January were as follows: Date Purchases Sales January 12 200 @ $25 14 150 @ $17 29 100 @ $18 30 150 @ $30 Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31, 2017. Required: What is the amount of ending inventory at January 31, 2017, and cost of goods sold for the month ended January 31, 2017, under the FIFO method? What is the amount of ending inventory at January 31, 2017, and cost of goods sold for the month ended January 31, 2017, under the LIFO method? What is the amount of ending inventory at January 31, 2017, and cost of goods sold for the month ended January 31, 2017, under the average cost method?
Business
1 answer:
otez555 [7]3 years ago
8 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Jessica’s Office Supply, Inc., had 300 calculators on hand on January 1, 2017, costing $16 each.

Purchases and sales of calculators during January were as follows:

January 12: 200 units for $25

J 14: 150 for $17

J 29: 100 for $18

J 30: 150 for $30

According to a physical count, 200 calculators were on hand on January 31, 2017.

FIFO:

Inventory= 150*30 + 50*18= $5,400

COGS= 300*16 + 200*25 + 150*17 + 50*18= $13,250

LIFO:

Inventory= 200*16= $3,200

COGS= 150*30 + 100*18 + 150*17 + 200*25 + 100*16= 15,450

Average cost method:

Average cost= (16 + 25 + 17 + 18 + 30)/5= 21.2

Inventory= 21.2*200= $4,240

COGS= 21.2* 700= $14,840

You might be interested in
The Chambers Manufacturing Company recorded overhead costs of $14,182 at an activity level of 4,200 machine hours and $8,748 at
notsponge [240]

Answer:

B) $2,86

Explanation:

Using the high-low method we will use the highest activity level and the lowest activity level to determine the variable and fixed portion of the costs.

Highest activity - Cost $ 14182  Hours - 4200

Lowest activity - Cost $ (8748)   Hours - (2300)

Difference        -            $ 5434                 1900

Now we determine the variable portion. 5434/1900 = 2,86

Thus the answer is B.

6 0
3 years ago
Sometimes reactions to prices in oligopolistic markets can result in a _________, which occurs when two or more firms compete pr
spayn [35]

Answer:

The correct word for the blank space is: price war.

Explanation:

An Oligopoly is when a small group of two or more companies dominates a market. Oligopoly firms may consent to market collusion, and create barriers to new commerce entry. If the businesses do not, they will probably be forced to lower their prices and open the market to new and smaller companies.

<em>In the event one of the firms forming the oligopoly decides to lower prices, a </em><u><em>price war</em></u><em> occurs breaking the balance of the oligopoly and destabilizing the equilibrium of demand and supply in that market.</em>

6 0
3 years ago
For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.
mestny [16]

Answer:

dont be lonely

Explanation:

5 0
3 years ago
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product cost
Inessa05 [86]

Answer and Explanation:

The Preparation of cash budget for each of the months of July, August, and September is shown below:-

                                              Cash budget

                             For the month of July, August and September

                                             July           August          September

Beginning cash balance   $15,000      $15,000         $25,505

Cash receipts from

customer (Working note) $57,800      $67,200        $73,600

Total cash available         $72,800      $82,200       $99,105

Less:

Cash disbursements

Direct Materials                 $16,160         $13,440         $13,760

Sales commission             $6,400         $8,000          $4,800

(10% of sales)

Office salaries                   $4,000          $4,000          $4,000

Rent                                    $6,500         $6,500          $6,500

Direct Labor                       $4,040         $3,360           $3,440

Overhead Cost                 $20,200       $16,800         $17,200

Interest on bank loan    

For July (5,000 × 1%)             $50  

For August                                                  $46            

($5,000 - $4,550) × 1%))

For September                                                                  $0

Preliminary Cash

balance                                    $15,450    $30,055      $49,405

Repayment of loan to

Bank                                          $450        $4,550

                                                                ($5,000 - $450)

Ending cash balance              $15,000     $25,505     $49,405

Working Note

The ending balance of the particular month should be treated as a opening balance of next month

August ending balance will be forwarded in Sept as a opening balance.

Working Note

                                        July           August          September

Sales                            $64,000      $80,000            $48,000

Less:

Ending accounts

receivable

(80% of sales)            $51,200       $64,000             $38,400

Cash sales                 $12,800        $16,000              $9,600

Last month cash

collection                   $45,000         $51,200          $64,000

Cash receipts from

customer                    $57,800      $67,200        $73,600

Therefore we added the cash receipts as it increase the cash balance and deduct all cash payment as it decrease the cash balance

7 0
3 years ago
Which one of the following is not an assumption for the law of one price? a. There is free competition b. There is no transporta
icang [17]

Answer:

d. The skill level of workers is identical in both countries.

Explanation:

The Law of One Price is an economic theory which explains that the price of identical or similar goods in different markets must be the same after taking the currency exchange into consideration. In law of one price, there is perfect competition and It ensures that buyers have the same purchasing power across global markets.

8 0
3 years ago
Other questions:
  • Below is the common equity section (in millions) of Fethe Industries' last two year-end balance sheets:
    9·1 answer
  • Item I51 is used in one of Policy Corporation's products. The company makes 20,800 units of this item each year. The company's A
    5·1 answer
  • Which of the following is a set of possible pay rates defined by a minimum, maximum, and midpoint of pay for employees holding a
    13·1 answer
  • Flare, an electronics company, created a low-cost, handheld washer that could run on solar-powered battery. The product was also
    11·1 answer
  • Channel members should be evaluated using all of the following criteria EXCEPT which one? A) economic factorsB) control issuesC)
    13·1 answer
  • A constant-cost industry
    6·1 answer
  • in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand a
    11·1 answer
  • LaTanya Corporation is planning to issue bonds with a face value of $107,000 and a coupon rate of 6 percent. The bonds mature in
    14·1 answer
  • What is Location? Explain the factors affecting location decision.
    15·1 answer
  • The airlines sold fewer tickets to business travelers during the "Great Recession" due to more companies using video conferencin
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!