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
horrorfan [7]
2 years ago
7

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units $16 5 Sale 1

3 units 17 Purchase 24 units $17 30 Sale 25 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.
Business
1 answer:
Allisa [31]2 years ago
4 0

Answer:

(a) the cost of the goods sold for the September 30 sale and

  • COGS = $415

(b) the inventory on September 30.

  • Ending inventory = 9 units at $17 = $153

Explanation:

date        transaction           units         unit price          total

1              beginning inv.        23                $16               $368

5             sale                        -13                                    ($208)

17            purchase               24                 $17               $408

30           sale                       -25                                    ($415)

30           ending inv.              9                 $17               $153

When we use first in, first out (FIFO) inventory method, the price of the units sold are calculated using the oldest units in inventory.

The COGS of the units sold on Sept. 5 = 13 units x $16 = $208

The COGS of the units sold on Sept. 30 = (10 units x $16) + (15 units x $17) = $160 + $255 = $415

Ending inventory = 9 units at $17 = $153

You might be interested in
what circumstances could impact a business ability to share their profits with non profit organizations​
Juli2301 [7.4K]

A non- profit organisation cannot gain profit from the business.

Explanation:

In case of non profit organisation the main aim is to help with health care as well as education. Non- profit organisation is important because it helps in building healthy communities and it also helps in maintaining mobility and stability.They help in strengthening communities as well as non profit leader acted as people's voice.

The circumstances that impact a business ability to share their profits with non profit organisations are the non profit organisation acts as a pulse for the community, non profit organisation helps to develop corporate culture, the volunteers grow as organisation grows.

8 0
3 years ago
Information related to Mingen back Company for 2015 is summarized below: Instructions: A. What amount of bad debt expense will M
Alex Ar [27]

Answer:

jhgiojhugfvcpokjhgfuhjkm,l;/;.l,kmjbh

Explanation:

5 0
2 years ago
A firm's value added equals 10) A) its revenue minus its wages. B) its revenue minus all of its costs. C) its revenue minus its
Rufina [12.5K]

Answer:

D) its revenue minus its cost of intermediate goods.

Explanation:

The firm value added shows a difference between the revenue and the cost of intermediate goods

In mathematically,

Firm value added = Revenue - cost of intermediate goods

After deducting the cost of intermediate goods from the revenue we can get the firm value added

Hence, the option D is correct as it denotes the firm value added

8 0
2 years ago
If a corporation has only one class of stock, it is referred to as preferred stock. solitary stock. common stock. classless stoc
riadik2000 [5.3K]

Common stock

If a corporation has only one class of stock, it is referred to as Common stock.

<h3>What is a common stock?</h3>
  • A security that symbolizes ownership in a firm is called common stock.
  • Common stock owners choose the board of directors and cast ballots for corporate rules.
  • Long-term rates of return are often higher with this type of stock ownership.

<h3>What is the name of common stock?</h3>

ordinary share

  • The ownership of equity in a firm is represented by common stock, a category of securities.
  • There are several words that are equivalent to the term "common stock," such as "common share," "ordinary share," or "voting share."

<h3>The benefits of common stock</h3>
  • More so than bonds or cash, equity ownership offers the highest rate of return over the long term.
  • Long-term returns on common stocks have exceeded 6% real, making them one of the finest ways to beat inflation.

To learn more about common stock visit:

brainly.com/question/13762106

#SPJ4

8 0
2 years ago
While the Securities and Exchange Commission reviews a registration statement for completeness, most issuers can distribute a fr
OlgaM077 [116]

Answer:

True.

Explanation:

The registration statement is a document that private company files with Securities and Exchange Commission (SEC). This document specifies the intent of private companies, that why they desire to share its stocks with the public. It specifies the securities of  registration, investment, etc.

When a company shares it registration statement with SEC and it is in the procedure of checking, the company is free to distribute its free-writing prospectus.

A free-writing prospectus is written communication that states the offer of selling the security. This document specifies the basic details about the issue. When the registration statement in the process of checking, the company is free to distribute free-writing prospectus. Thus the answer is true.

8 0
2 years ago
Other questions:
  • Below are several amounts reported at the end of the year. Currency located at the company $ 675 Supplies 1,700 Short-term inves
    9·1 answer
  • Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day funds are classified as committed o
    8·1 answer
  • The Spokes Bikes makes 18 bicycle models in more than 2 million combinations, with each combination designed to fit the needs of
    6·2 answers
  • Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realizatio
    13·1 answer
  • Quantum Technology had $652,000 of retained earnings on December 31, 20X2. The company paid common dividends of $33,300 in 20X2
    5·1 answer
  • Lisa is a homeowner looking to sell her house. She opts not to sign a listing agreement with a broker in order to save on the co
    9·1 answer
  • Ryan attends a seminar on environmental conservation, and afterward decides to contribute to the conservation of the environment
    13·1 answer
  • Agee Storage issued 33 million shares of its $1 par common stock at $21 per share several years ago. Last year, for the first ti
    6·1 answer
  • Lighting equipment listed for horticultural use and connected with flexible cord shall have outlets that are _______.
    11·1 answer
  • Intelligence is analyzed information which in turn becomes decision-making intelligence when it has ramifications for the firm.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!