Steuben Company produces dog houses. During the current year, Steuben Company incurred the following costs:

Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:Inve

Ivan

Answer:

<u>Date Purchases Sales </u>

May 1 1,550 units at $44

May 10 720 units at $45

May 12 1,200 units

COGS (720 x $45 = $32,400)

COGS (480 x $44 = $21,120)

TOTAL COGS FOR MAY 12 SALE = $53,520

Inventory after sale 1,070 units at $44

May 20 1,200 units at $48

May 14 830 units

COGS (830 x $48 = $39,840)

TOTAL COGS FOR MAY 14 SALE = $39,840

Inventory after sale 1,070 units at $44

370 units at $48

May 31 1,000 units

COGS (370 x $48 = $17,760)

COGS (630 x $44 = $27,720)

TOTAL COGS FOR MAY 12 SALE = $45,480

Inventory after sale 440 units at $44

Under LIFO (last in, first out), the cost of goods sold is determined using the price of the last units purchased, which means that the most recent (or updated) price is used to calculate COGS.

7 0

3 years ago

Based on what you have read, what can you infer about the relationship between advertising and the price you pay for a product a

jek_recluse [69]

Advertising will be effective if its production and placement must be based on a knowledge on a public and skill use of the media. Advertise are based on consumer's behavior and demographic analysis of a market area.

5 0

3 years ago

Read 2 more answers

During its first year of operations, Silverman Company paid $15,085 for direct materials and $10,200 for production workers' wag

elena-s [515]

Answer:

$4,550

Explanation:

First, we need to calculate the product cost per unit

Product cost per unit = Total production costs / Units produced

= ($15,085 + $10,200 + $9,200) / 6,050 units

= $5.7 per unit

Cost of goods sold = $5.7 × 3,700 units

= $21,090

Net income = Sales - Cost of goods sold - Operating expenses

= ($8.2 × 3,700) - $21,090 - $4,700

= $30,340 - $21,090 - $4,700

= $4,550

6 0

3 years ago

Some companies do not act responsibly in the marketplace, especially when it comes to fair competition. Fair competition between

yanalaym [24]

Answer:

A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. There may be some government intervention or central planning, but usually this term refers to an economy that is more market oriented in general.

8 0

3 years ago

TeamBuilds is a service organization that has corporate teams pay $7,500 for an all-day team-building session with a management

coldgirl [10]

Answer: core service

Explanation: In simple words, core service refers to the services that are of high importance to the transactions and the business of the rendering firm depends on such services. In other words, it is the main product that the business offers to their customers.

These services renders the benefits that a customers expects to get from his or her purchase. In the given case, Team builds in involved in services in which they provide session that shows how one group should work together.

Hence improved work team is their core service.

5 0

3 years ago