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
julia-pushkina [17]
3 years ago
12

Moroni Industries has the following inventory information. July1Beginning Inventory40 units at $120 5Purchases240 units at $112

14Sale160 units 21Purchases120 units at $115 30Sale140 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?
Business
1 answer:
Mekhanik [1.2K]3 years ago
3 0

Answer:

The amount allocated to ending inventory is $ 11,520

Explanation:

Using LIFO basis of inventory valuation implies that the items received last are sold first,in other words, sales of 160 units comes from the purchases of 240 units made on July 5,that leaves 80 units of the purchase in closing inventory.

However,the sale of 140 units on 30 July is taken from purchases of 120 units on July 21 as well as purchases of July 5.

The amount allocated to ending inventory is computed below:

July 5                        60 units at $112    $6,720

opening inventory    40 units  at $120 $4,800

Value of closing inventory                     $11,520

You might be interested in
In a 100-percent reserve banking system, if people decided to decrease the amount of currency they held by increasing the amount
MariettaO [177]

Answer:

a M1 would not change.

Explanation:

the checkable deposits are part of M1 as well as the currency and coins. Therefore, a component of M1 decrease (currency) while another of M1 (checkable deposits) increase.

As the banking system works with a 100-percent required reserve there is no multiplier effect from the deposit therefore M1 do not change.

8 0
3 years ago
When actual revenue ______ what the revenue should have been, the variance is labeled favorable.
xeze [42]

When actual revenue <u>exceeds</u> what the revenue should have been, the variance is labelled favourable.

Hope that helps!

6 0
2 years ago
Read 2 more answers
Shocker Corporation's sales budget shows quarterly sales for the next year as follows: Unit sales Quarter 1 15,400 units Quarter
adelina 88 [10]

Answer:

Production for Q2 12,700 units

Explanation:

Q2

sales for the quarter 11,000 units

desired ending inventory

20% of Q3

20% of 19,500 =      3,900 units

Total requirement   14,900 units

Beginning inventory

20% of Q2 sales

20% of 11,000 =      (2,200) units

Production for Q2   12,700 units

We add the sales and the desired inventory as the production needs.

The beginning inventory is subtracted, those units is work done towards the goal, so we need to produce the differente, which is 12,700 units.

8 0
3 years ago
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses
PtichkaEL [24]

Answer:

Following are the solution to this question:

Explanation:

In all the given choices some of the data is missing so, its correct entry can be defined as follows  

Cash account $7,840

Sales discount $160

To Accounts receivable $8,000

8 0
3 years ago
According to the Uniform Commercial Code's interpretation of an open quantity term, if the quantity term is left open in a contr
Pie

According to the Uniform Commercial Code's interpretation of an open quantity term, if the quantity term is left open in a contract for the sale of goods courts generally have no basis for determining a remedy.

<h3>What do you mean by Uniform Commercial Code?</h3>

The uniform Commercial code states that a sale consists of the passing of title from the seller to the buyer for a price.

According to the Uniform Commercial code's interpretation of an open quantity term, if the quantity term is left open in a contract for the sale of goods, courts have no basis for the determination of remedy.

Learn more about uniform commercial code here:

brainly.com/question/8476938

#SPJ1

3 0
2 years ago
Other questions:
  • Dejarnette Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hour
    6·1 answer
  • Katherine gives piano lessons for $15 per hour. She also grows flowers, which she arranges and sells at the local farmer's marke
    13·1 answer
  • When a utility bill is paid with cash, cash is decreased and utilities expense is __________?
    5·1 answer
  • On January 2, 2015, Moser, Inc., purchased equipment for $100,000. The equipment was expected to have a $10,000 salvage value at
    13·1 answer
  • You've just learned that tuition and fees for the next semester are expected to increase by 15%. How do you think this will impa
    5·1 answer
  • The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $245,000; Sala
    10·1 answer
  • Hache Corporation uses the weighted-average method in its process costing system. Data concerning the first processing departmen
    8·1 answer
  • Identify the statement about NGOs that is false.
    15·1 answer
  • Sourcing goods and services from locations around the globe is known as __________.
    6·1 answer
  • Conservative Bank offers loans at various interest rates, depending on the nature of the loan. Jake wants to borrow $200,000 for
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!