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3 years ago

Inventory records for Herb's Chemicals revealed the following:

Business

1 answer:

antiseptic1488 [7]3 years ago

8 0

Answer:

Inventory= $5,040

Explanation:

Giving the following information:

March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200

Purchases:

Mar. 10 600 gals @ $ 7.25

Mar. 16 800 gals @ $ 7.30

Mar. 23 600 gals @ $ 7.35

Sales:

Mar. 5 400 gals

Mar. 14 700 gals

Mar. 20 500 gals

Mar. 26 700 gals

Total units= 3,000

Total sales= 2,300

Ending inventory= 700 units

LIFO (last-in, first-out)

Inventory= 700*7.20= $5,040

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Read 2 more answers

Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent. $200

PIT_PIT [208]

Answer:

Normal:

$ 3,509.7470

$ 563.7093

$ 2,000.00

Due:

$3,930.9167

$ 597.5319

$ 2,000.00

Explanation:

We solve using the formula for common annuity and annuity-due on each case:

$C \times \frac{(1+r)^{time} }{rate} = FV\\$

$C \times \frac{(1+r)^{time} }{rate}(1+rate) = FV\\$ (annuity-due)

First:

C 200.00

time 10

rate 0.12

$200 \times \frac{11+0.12)^{10} }{0.12} = FV\\$

$200 \times \frac{11+0.12)^{10} }{0.12}(1+0.12) = FV\\$

Normal: $3,509.7470

Due: $3,930.9167

Second:

$100 \times \frac{(1+0.06)^{5} }{0.06} = FV\\$

$100 \times \frac{(1+0.06)^{5} }{0.06} (1+0.06)= FV\\$

$563.7093

$597.5319

Third:

No interest so no time value of money the future value is the same as the sum of the receipts regardless of time or being paid at the beginning or ending.

1,000 + 1,000 = 2,000

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