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MAXImum [283]
3 years ago
10

Assume that we use a perpetual inventory system and that five identical units are purchased separately at the following four dat

es and costs: April 5 at $10, April 10 at $12, April 15 at $14, and April 20 at $16 April 20 $17. One unit is then sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify whether each of the items purchased will be sent to cost of goods sold on the income statement or reported in inventory on the balance sheet using the drop-down list.
Business
1 answer:
swat323 years ago
5 0

Answer:

The cost of goods sold (income statement) should include 1 unit purchased on April 5 at $10.

The merchandise inventory account (balance sheet) should include the 4 units purchased later including their purchase date and specific cost:

  • 1 unit purchased on April 10 at $12
  • 1 unit purchased on April 15 at $14
  • 1 unit purchased on April 20 at $16  
  • 1 unit purchased on April 20 at $17
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Bramble, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $6,600 from sales $200
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Answer and Explanation:

The preparation of the analysis is shown below:

Particulars   Continue Eliminate       Net Income (Decrease)

Sales          $200,000        $0          -$200,000

Less: Variable Costs $176,000 $0         -$176,000

Contribution margin $24,000 $0          -$24,000

Fixed Costs $30,600           $20,600   $10,000

Net Income/Loss -$6,600   -$20,600   -$14,000

As we can see that in both the cases whether eliminate or continue the amounts comes in negative but in continue there is a less amount of loss as compared to eliminated one

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8 0
3 years ago
If $360 is invested at an interest rate of 4% per year and is compounded quarterly, how much will the investment be worth in 18
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The answer is $736.96
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6 0
3 years ago
Read 2 more answers
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Answer:

Following are the Journal entries to the given question:

Explanation:

Accounts                                                              Dr                                        Cr

Robo Department Overhead Control              996

Materials Control (80 \times 5.15) \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \  412

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Finished Goods                                                  2000

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2 years ago
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Answer:

culture shock

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