Answer:
Question 1
b. $100,000
Question 2
(a) Goods held on consignment from another company.
Explanation:
Question 1
Calculation to determine what the cost of the ending inventory under LIFO is
Using this formula
Cost of the ending inventory =(Inventory, Jan. 1 Units*Cost )+[(Dec 31 Units on hand- Inventory, Jan. 1 Units)*Purchase, June 19 Cost ]
Let plug in the formula
Cost of the ending inventory =(8,000 * $11) + (1,000 *$12)
Cost of the ending inventory =$88,000+$12,000
Cost of the ending inventory =$100,000
Therefore the cost of the ending inventory under LIFO is $100,000
Question 2
GOODS HELD ON CONSIGNMENT FROM ANOTHER COMPANY should NOT be included in the PHYSICAL INVENTORY of a company but rather be included in the inventory of the sender of the goods which is the CONSIGNOR.
Answer:
Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. Financial managers typically: ... Help management make financial decisions.
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<span>Of the $1,700 worth of supplies purchased only $800 remains. Since there is no information provided about other supply purchases we can assume this was the only one. That means the $800 amount remaining will be the balance at the end of the year.</span>
