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lana [24]
3 years ago
6

Bailey Company uses a periodic inventory system and its inventory records contain the following information: Units Total Cost Be

ginning Inventory: 300 $780 Purchased on May 10 400 1,170 Purchased on June 15 500 1,260 Purchased on August 28 300 990 1,500 $4,200 The company sold 1,000 units during June. There were no additional purchases or sales during the remainder of the year. The company had 500 units were in its ending inventory at the end of the year. Use the information above to answer the following question. If Bailey Company uses the FIFO costing method, what is the cost of its ending inventory
Business
1 answer:
Gala2k [10]3 years ago
5 0

Answer:

Ending inventory cost= $1,494

Explanation:

Giving the following information:

Beginning Inventory: 300 $780

Purchases:

May 10: 400 units for $1,170

June 15: 500 units for $1,260 ($2.52 per unit)

August 28: 300 units for  $990 ($3.3 per unit)

The company had 500 units were in its ending inventory at the end of the year.

Under FIFO (first-in, first-out), the ending inventory cost is calculated using the cost of the last units incorporated.

Ending inventory cost= 300*3.3 + 200*2.52= $1,494

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ABC Mechanics charges an estimate fee of $100 plus $40 per hour, x, in labor. XYZ Mechanics charges an estimate fee of $65 plus
Dima020 [189]

Answer:

5 hours  would work! Hope it helps!

Explanation:

100 off top!

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40 times 5 is 200

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for xyz

65 off top and 50 in labor for each hour

5 times 50 is 250

250 plus 65 is 315 !

7 0
3 years ago
How physical asset valuation (PAV) and research and
stellarik [79]

Answer:

We'll take this one after the other.

A. First Physical Asset Valuation (PAV) refers to the act of writing up or writing down the carrying value of an organisations assets in its balance sheet.

In simple terms, it refers to increasing upwards or downwards the value of an organisations asset in its balance sheet.

When assets are written down, the following are likely to occur:

Critical changes to an organization’s business model or strategy, such as termination of the business and  loss of a regulatory licence;

A significant reduction in the cash flow or bottom line of the business;

when the long term growth rates, interest rates or other financial factors such as prices or value of currencies, upon which a business valuation based decline, this impacts the valuation of an asset negatively.

   

B. Research and  Development (R&D)

R&D refers to all the studies, scientific investigations and experiments carried out to enable the discovery and creation of a new or innovative product or service that is more efficient and effective.  

       

The reason there is a risk associated with R&D is that there are usually many elements of uncertainty.  

The ideas being tested are usually novel and have not been tried before.  

Some of the risks associated with R&D are:

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a new product or service that is does not work

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Cheers!

6 0
3 years ago
Help plz! Will mark brainliest!!!
dimaraw [331]

Answer:

Record all transactions in a check register.

Explanation:

It's easier to track how money is spent if there is a paper trail.

5 0
2 years ago
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control c
svlad2 [7]

Answer:

1. a. The materials price and quantity variances

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Quantity variance: Based on standard bill of material, Dawson Toys need 3,000 x 6 = 18,000 microns to produce 3,000 Maze toys. Actual consumption volume is 25,000 - 5,000 = 20,000 microns. So, quantity variance is 20,000 - 18,000 = 2,000 microns.

1. b. The labor rate and efficiency variances

Actual labor rate  = Actual labor cost / Actual hour = 88,000/4,000 = $22 per hour.

Efficiency variance = Actual labor rate - Standard labor rate = 22 - 21 = $1 per hour.

2. Prepare a brief explanation of the possible causes of each variance.

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Direct labor cost variance: Total actual labor cost is $88,000, higher than standard labor cost of 4,000 x 21 = $84,000. This is mainly due to lower labor rate per hour than expected.

Explanation:

5 0
2 years ago
Sanjeev leases a house from Clara, and the lease has an option contract attached that permits Sanjeev to buy the house if he cho
Aleksandr-060686 [28]

The amount of the option fee need to be on amount agreed to by the parties in order to be legally binding.

<h3>What is a lease agreement?</h3>

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However, the lease agreement can lead to permanent purchase, based on the agreement of the lease.

In conclusion, the amount of the option fee need to be on amount agreed to by the parties in order to be legally binding.

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8 0
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