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Karo-lina-s [1.5K]
3 years ago
12

A company purchased merchandise to be resold at increasing costs during the year 2019. The purchases were made at the following

costs. 1. What are the number of units and the cost of the goods available for sale? 2. Assuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 110 items sold in 2019? 3. Assuming the FIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 110 items sold in 2019? 4. Assuming the periodic weighted-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2019? 5. Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2019? 6. Assuming the perpetual moving-average cost flow assumption, what is the company's cost of goods sold for the 110 items sold in 2019? 7. A company's inventory was destroyed in a fire on January 28, 2020. The company's December 31, 2019 inventory had a cost of $40,000. The company's gross profit has consistently been 30% of sales. During January the company purchased merchandise costing $36,000 and sales of $50,000 at regular selling prices. What is the estimated cost of the inventory that was destroyed on January 28, 2020?
Business
1 answer:
Marianna [84]3 years ago
7 0

Answer:

7. $41,000

Explanation:

7. The company has $40,000 of inventory on December, it further purchased $36,000 of inventory in January. The sales in January amounted to $50,000 out of which 30% is gross profit. The cost of goods sold will be $35,000. The inventory that is destroyed by fire $41,000 ($40,000 + $36,000 - $35,000 ).

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julia-pushkina [17]

Answer:

False.

Explanation:

The organizational environment is a set of forces and conditions that operate outside an organization's boundaries and has the potential or capability of affecting its operations, resources and performance, either fully or in parts.

Some examples of an organizational environment are competitors or rivals, government policies, regulatory agencies, suppliers, customers etc.

8 0
3 years ago
Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the o
Ede4ka [16]

Solution :

We know that the exchange takes place when the FMV receive is equal to the FMV given up.

Where the FMV = fair market value

The commercial substance means the future cash flows exchange.

The non monetary exchange refers to the cash which is less than 25% of the fair value exchange.

The journal entries for the Santana Corp. when the exchange lack the commercial substance are reported as :

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                           11,000

Accumulated depreciation(old)          9,000

Asset (old)                                                                       28,000

Cash                                                                                 2000

The journal entries for Delaware Corp. when the exchange lacks the commercial substance.

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                            16,000  

Accumulated depreciation (old)          10,000

Loss                                                                                      2500

Assets (old)                                                                           28,000                                  

7 0
3 years ago
Jordan plans to open a computer repair business this summer. As he plans, he writes down the long-term goals of the business so
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Answer:

D) Establish the mission, vision, and values statements

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A mission statement is a short written description of what is the purpose of your company, or why does it exist. The mission statement usually includes the company's capabilities, what unsatisfied needs will the company satisfy, and activities will be carried out to satisfy their customers' needs.

The mission statement is the cause (before) and the vision statement is the effect (after). The vision statement should describe the long term goals that your company should accomplish. It serves as a guide to where you want to be in the future.

The value statements should describe how Jordan values his own business (including employees), his customers (including the community) and his suppliers. The values statements serve as a guide on how Jordan and his employees should behave within the business.

5 0
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Answer:

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= 11.5%

Basically we multiplied the weightage of capital structure with its cost so that the weighted average cost of capital could come

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