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
Vesna [10]
2 years ago
9

Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. Th

e first purchase cost $1,060 and the other, $1,380. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of following cost flow assumptions: FIFO? LIFO? Weighted average?

Business
1 answer:
Over [174]2 years ago
6 0

Answer:

FIFO LIFO Weighted average

Cost of goods sold 1,060 1,380 (1,060 + 1,380)/2 = $1,220

Ending inventory 1,380 1,060 (1,060 + 1,380)/2 = $1,220

Explanation:

Attached is the tabulated solutions

You might be interested in
What is the relationship between the alpha level, the size of the critical region, and the risk of a type i error?
quester [9]
Alpha level is a probability value that is used to define the concept of "very unlikely" in a hypothesis. This value determines he boundaries for the critical region, which is composed of the extreme sample values that are very unlikely to be obtained if the null hypothesis is true. Type I error is <span>when a researcher rejects a true null hypothesis.</span>
The relationship between the alpha level, the size of the critical region, and the risk of a type i error is the following: when the alpha level increases, the critical region increases and type I error increases.
4 0
3 years ago
Which of the following resources is most helpful to learn more about careers?
ASHA 777 [7]

A. The Occupational Outlook Handbook


4 0
3 years ago
Read 2 more answers
The 2016 balance sheet of Whole Foods Market reports operating assets of $5,489 million, operating liabilities of $2,066 million
frosja888 [35]

Answer:

Correct option is E.

Explanation:

There is not enough information to calculate the amount.

Net operating asset= Operating Assets  - Operating Liabilities

=$5489 Million - $2066 Million

=$3423 Million

Hence Average net operating assets can't be calculated by given information.

8 0
3 years ago
Large purchased all of Small's voting stock for $11 million when Small's total owners' equity was $4 million. The book value and
hoa [83]

Answer:

The amount of goodwill that is recorded by Large is $5 million

Explanation:

Goodwill is the excess of price consideration paid to acquire controlling stake in a company over the fair value of the company's net assets.

Net assets in the sense implies the fair value of total assets less fair value of liabilities.

Fair value of total assets is $9 million

Fair value of liabilities    is $3 million

As a result net assets upon acquisition  is $6 million($9 million less $3 million)

Since the consideration paid in acquiring Small's voting stake is $11 million, goodwill is $5 million($11 million less $6 million).

The $ 5 million is the excess of purchase consideration over the fair value of Small's net assets as at the date of acquisition

8 0
3 years ago
Acme Company carries an additional level of inventory beyond the expected demand during reorder lead times. This additional inve
Sauron [17]

Answer:

Safety stock

Explanation:

Safety stock is a stock that eplains the level of an additional stock in order to reduce the stockout risk i.e. there is a chances when the raw material is in shortfall that because of the uncertainities in the demand and supply

So according to the given situation here the additional inventory that beyond the expected demand is known as the safety stock

So the same is relevant

5 0
2 years ago
Other questions:
  • Customers arrive at a common queue at the coffee station with two identical coffee machines in a busy mall at the rate of 48 per
    10·1 answer
  • g Our company reported the following financial numbers for one of its divisions for the year; average total assets of $5,800,000
    13·1 answer
  • After Xavier and Alyssa deposited nearly $55,000 in a savings account at Bigbux Bank, the bank failed and filed for bankruptcy.
    14·2 answers
  • Libre, Inc. has experienced bad debt losses of 5% of credit sales in prior periods. At the end of the year, the balance of Accou
    15·1 answer
  • Abe owns a dog; the dog's barking annoys Abe's neighbor, Jenny. Suppose that the benefit of owning the dog is worth $200 to Abe
    5·2 answers
  • Gawker Media’s founder, Nick Denton, discusses that although some of its sites needed to cut staff, for many of Gawker’s core br
    14·1 answer
  • Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian
    15·1 answer
  • Lowell Corporation paid $80,000 to acquire all of Boston Company's net assets. Boston reported assets with a book value of $60,0
    6·1 answer
  • What is Walmart's Times Interest Earned Ratio for the year of 2018 (round it to 3 numbers after the decimal point -&gt; 0.581)
    5·1 answer
  • Industry value chains Multiple choice question. generally have little effect on the company's cost competitiveness and customer
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!