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SSSSS [86.1K]
3 years ago
9

The following lots of Commodity D were available for sale during the year. Use this information to answer the questions that fol

low.
Beginning inventory 10 units at $60
First purchase 25 units at $65
Second purchase 30 units at $68
Third purchase 15 units at $75

There are 25 units of the commodity on hand at the end of the year.
What is the amount of the inventory at the end of the year using the FIFO method?

a) $3,585 b) $1,805 c) $1,575 d) $1,685
Business
1 answer:
marta [7]3 years ago
7 0

Answer:

b) $1,805

Explanation:

Using the FIFO method, the first units bought will be the first sold. Therefore, since there are 25 units on hand at the end of the year, 15 of those units will be from the last purchase at $75 each, and the remaining 10 units will be from the second purchase at $68 each. The amount of the inventory at the end of the year is:

I = 15*\$75+10*\$68\\I=\$1,805

The answer is alternative b) $1,805.

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3 years ago
A company had $5,000,000 in total revenues for its fiscal year. Its expenses for the year were $3,500,000. Its total assets were
mamaluj [8]

Answer:

ROA = 0.12

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Explanation:

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total revenue = $5,000,000

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Total assets = $12,500,000

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ROA = \frac{Net\ income}{Total\ assets}

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3 years ago
Bothell Company uses a job order costing system that allocates estimated overhead as 40% of prime costs. What is the cost of a j
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Answer:

$10,080

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The computation of the cost of the job is shown below:

We know that

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= $2,880

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Cost of job = direct material + Direct labor + overhead

= $2,000 + $5,200 + $2,880

= $10,080

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