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Papessa [141]
3 years ago
9

Skysong, Inc. has the following inventory data: July 1 Beginning inventory 33 units at $16 $528 7 Purchases 115 units at $17 195

5 22 Purchases 16 units at $18 288 $2771 A physical count of merchandise inventory on July 30 reveals that there are 41 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $2058. $1976. $2033. $2107.
Business
2 answers:
BlackZzzverrR [31]3 years ago
5 0

Answer:

The answer is $2,107

Explanation:

LIFO means Last in First out. In this system, it means the inventory that was bought last will be sold out first.

Opening balance:

July 1: 33 units at $16 each

Purchased:

July 7 : 115 units at $17 each

Purchased:

July 22: 16 units at $18 each

Total number of units sold is 123 units(33 + 115 + 16 - 41)

So according to LIFO, we have:

107 units at $17= $1,819

16units at $18= $288

$1,819 + $288

=$2,107

Note: According to LIFO, all the last 16 units will be sold at $18

And 107 units out of 115 units will also be sold at $17

Zarrin [17]3 years ago
3 0

Answer:

the amount allocated to cost of goods sold using LIFO inventory method =

16 * $18 =  $288

107 *$17 = <u>$1819 </u>

total           <u> $2107</u>

Explanation:

Using LIFO inventory method means that thos goods that comes in last will be sold or issued first while the one that come earlier will remain on sold or issued.

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Complete Question:

The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 14 Fixed costs per year: Production $ 175,560 Selling and administrative $ 140,450 Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

Multiple Choice

$6,600 less than under absorption costing.

$7,680 less than under absorption costing.

the same as absorption costing.

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Answer:

The Southern Corporation

The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

$6,600 less than under absorption costing.

Explanation:

a) Data and Calculations:

Variable costs per unit:

Production $ 35

Selling and administrative $ 14

Fixed costs per year:

Production $ 175,560

Selling and administrative $ 140,450

Production units last year = 7,980 units

Sales units last year = 7,680 units

Ending inventory = 300 (7,980 - 7,680) units

Value of Ending inventory:

1. Variable Costing:

Production $ 35 * 300 = $10,500

2. Absorption Costing:

Variable Production $ 35 * 7,980 = $279,300

Fixed Production overhead             $ 175,560

Total production costs =                  $454,860

Units produced = 7,980

Unit cost = $57

Ending inventory = $17,100 ($57 * 300)

Difference = $6,600 ($17,100 - $10,500)

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When the production manager finds the average life of her battery-lifetime data, this is an example of what phase of inferential
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D. job analysis

Answer:

Joe was performing a job analysis

Explanation:

Job analyzes are a set of protocols for defining the contents for the job and the features or criteria required for the execution of the tasks. Job analytics provide employers with knowledge that helps to recognize which personnel is ideally suited to particular work.

An example of a job analysis model might list tasks or activities of the job and determine each performance level. Within this way, the role of job analysis is critical. Many companies typically take the same generic approach without details on the task description. All workers are tested in a similar set of features or characteristics presuming that they are required for all work.

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Explain the difference between socialism and a pure command economy
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The Regal Cycle Company manufactures three types of bicycles—a dirt bike, a mountain bike, and a racing bike. Data on sales and
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Answer: (1) From the income statement it is clear that the racing bike cannot meet its fixed cost because it cannot provide a contribution towards meeting the fixed cost (2) it should be discontinued since it cannot provide a contribution towards meeting its fixed cost (3)A Dirk bike has a profit of $26,700, A mountain bike has a profit of $39,600, A racing bike has a loss of ($25,000) Total profit for the product line is $41,300

Explanation:

Income statement

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----------- -------------- ------------- ------------

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Allocated common fixed expenses 52,800 81,400 51,200. 185,400

----------- ------------- ---------- -------------

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Net operating income(loss) 26,700 39,600 (25,000) 41,300

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