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]
4 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]4 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
Which of the following strategies is illegal in the U.S. and many other countries?
Anna35 [415]
 It is penetration pricing that is illegal in the United States and many other countries<span>. So B is the correct answer</span>
4 0
4 years ago
Read 2 more answers
On January 1, 2021, American Corporation purchased 25% of the outstanding voting shares of Short Supplies common stock for $210,
Usimov [2.4K]

Answer:

"$224,000" is the correct solution.

Explanation:

The given values are:

Corporation purchased percentage,

= 25%

Original investment,

= $210,000

Short's net income,

= $80,000

Paid cash dividend,

= $24,000

Now,

The share of net income will be:

= 25 \ percent\times 80,000

= 0.25\times 80000

= 20,000 ($)

The cash dividend will be:

= 25 \ percent\times 24,000

= 0.25\times 24,000

= 6,000 ($)

hence,

On December 31, 2021, the balance will be:

= Original \ investment+Net \ income \ share+Cash \ dividend

= 210,000+20,000+6,000

= 230,000-6,000

= 224,000 ($)

6 0
3 years ago
Angus works as a dairy farmer in Minnesota. He loves his work and finds a great deal of personal satisfaction in providing the h
weeeeeb [17]

Answer:

Explicit costs are the costs which requires the money to pay.

On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.

Therefore,

Explicit costs are as follows:

1. Wages pays to his hired hand

2. Buys feed for his cows.

3. Gas expense that is used in truck

Implicit costs are as follows:

1. Foregone income of $27,000 from working at a dairy plant as a technician.

2. Time taken for extracting milk from all the cows.

5 0
3 years ago
Consider the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 –$218,917 –$16,419 1 25,700 5,985 2 5
Kryger [21]

Answer:

The IRR (in %) for Project A is 31%.

Explanation:

Let IRR be x%

At IRR, present value of inflows = present value of outflows.  

218917 = 25700/1.0x + 53000/1.0x^2 + 58000/1.0x^3 + 420,000/1.0x^4

solving for x, we find:

x = 31%

Therefore, The IRR (in %) for Project A is 31%.

5 0
4 years ago
An unfavorable fixed overhead volume variance can be due to all of the following except a.sales orders at a low level b.an incre
IgorC [24]

B is the correct answer.

An unfavourable fixed overhead volume variance can be due to all of the following except an increase in utility costs.

<h3>What is utility costs?</h3>

Utilities costs are the price associated with using services including electricity, water, waste removal, heating, and sewage. Throughout the reporting period, expenses are incurred, calculated, and accrued for, or payments are made. The term "Utility Costs" refers to all fees, surcharges, and other expenses related to providing any utilities that are necessary for the Premises, the Premises, or the Improvements, including, but not limited to, heating, ventilation, and air conditioning costs, costs associated with providing gas, electricity, and other fuels or power sources to the Premises, and costs associated with providing water and sewage services to the Premises.

To learn more about utility cost, visit:

brainly.com/question/8212077

#SPJ4

8 0
2 years ago
Other questions:
  • Layla Company began making mascara in November 2018 using a single-step process. Layla incurred $42,000 for materials and $48,64
    15·1 answer
  • Bob and Tom are two criminals who have been arrested for burglary. The police put Tom and Bob in separate cells. They offer to l
    10·1 answer
  • A principle under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable
    5·1 answer
  • In a round-robin tournament, every two distinct players play against each other just once. For a round-robin tournament with no
    15·1 answer
  • The way you spend your time and energy is your _____.
    7·2 answers
  • Consumer sovereignty means that legislation now protects the rights of consumers to dispose of their incomes as they see fit.
    10·1 answer
  • On March 1, Terrell &amp; Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complain
    13·1 answer
  • One of the themes that came out of the survey responses is that employees take their responsibility of serving fresh, hot food q
    5·1 answer
  • Ginny is considering an investment costing $55,000 that has cash flows of $35,000 in Year 2, $36,000 in Year 3, and −$5,000 in Y
    5·1 answer
  • Wallis company produces circuit boards in a foreign country that imposes a 15 percent vat. This year, wallis manufactured 8. 3 m
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!