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]
3 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]3 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
Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
Lesechka [4]

Creating an emergency fund should be a top priority, because you need to have extra money in case an emergency comes up that requires money.

7 0
2 years ago
Read 2 more answers
What is the incidence of a tax?
MrRa [10]

Answer:

The sum of a tax and a product’s price

Explanation:

The tax final burden increases the price and  is payed by consumer.

3 0
3 years ago
Choose an advertisement that you found to be especially memorable. Describe the advertisement and explain how effective it is. D
vodka [1.7K]

Answer:

"Priceless" advertisings for Mastercard.

Explanation:

The advertising describes memorable situations that you find priceless like, the smile of a child, sports moments are also used like winning tennis titles celebrations for Roger Federer.

The message of this brand is strong already and well known for consumers the idea will be to enhance the channels in which the advertisements are displayed. Use the internet to promote the brand. Using the social media networks that are most popular.  

6 0
3 years ago
As a finance manager at AllSports Communication, Charlie worries about the firm's borrowing requirements for the upcoming year.
denpristay [2]

Answer: Cash budget

Explanation:

 The cash budget is the term which is used to define cash flow in the business as it helps in establishing a specific budget by proper analyzing on the outgoing flow and the inflow in an organization.

 Th Cash flow is one of the important concept which is typically used by the various types of organizations for operating all the expenses and the the cash budget is used to avoid the problem of cash shortage.

 According to the given question, the Cash budget is basically providing Charlie with some valuable data or information by proper estimation regarding the requirement of firm. Therefore, Cash budget is the correct answer.  

5 0
3 years ago
The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either (a) a liability that
Deffense [45]

Answer:

Huprey Co.

Identifying the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements:

1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case.a. A liability that is recorded.

b. An item described in notes to its financial statements.

2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable.

a. An item described in notes to its financial statements. b. A liability that is recorded.

3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable.a. An item described in notes to its financial statements.

b. A liability that is recorded.

Explanation:

Huprey Co. will recognize and record contingent liabilities in its accounts when it can be reasonably established that the future event will occur and the amount of the liability can be reasonably estimated. The implication is that Huprey Co. must establish two things before a contingent liability is recognized and recorded.  One is that the probability or the likelihood or the chance that the event will happen exists and can be estimated.  With the probability estimate, it becomes possible for Huprey Co. to also estimate the amount that the happening of the event will cost it.

4 0
2 years ago
Other questions:
  • There are several reasons why a consumer might be reluctant to adopt a new product. For example, a consumer might be reluctant t
    15·2 answers
  • Both buyers and sellers of a good are responsive to changes in the price of the product. An increase in the sales tax on the pro
    10·1 answer
  • Crawford Company has total proceeds (before segregation of sales taxes) from sales of $7,155. If the sales tax is 6%, the amount
    13·1 answer
  • Flapjack Corporation had 7,680 actual direct labor hours at an actual rate of $12.45 per hour. Original production had been budg
    11·1 answer
  • Consider the three theories of the upward slope of the short-run aggregate-supply curve. According to the sticky-wage theory, th
    5·1 answer
  • Which of the following is an example of greenwashing?
    11·1 answer
  • Select the correct revenue recognition principle for each of the following. Clear All Recognize revenue over the passage of time
    8·1 answer
  • Rorry Company uses a job cost system. Labor costs for the period were $21,000, of which $3,000 were indirect. The journal entry
    13·1 answer
  • In the workplace today, more emphasis is being put on mental health. But sometimes, employees don't want to be seen as being una
    8·1 answer
  • If both covered interest parity and uncovered interest parity hold, then the expected future spot rate is equal to the: current
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!