Answer:
Under LIFO:
date transaction units unit price total
1 Balance 25 $60 $1,500
6 Sale 20 $60 $1,200
8 Purchase 20 $61 $1,220
16 Sale 10 $61 $610
20 Purchase 20 $62 $1,240
23 Sale 20 $62 $1,240
23 Sale 5 $61 $305
30 Purchase 15 $63 $945
ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $610 + $1,240 + $305) = $3,405 + $1,500 - $3,355 = $1,550
Under FIFO:
date transaction units unit price total
1 Balance 25 $60 $1,500
6 Sale 20 $60 $1,200
8 Purchase 20 $61 $1,220
16 Sale 5 $60 $300
16 Sale 5 $61 $305
20 Purchase 20 $62 $1,240
23 Sale 15 $61 $915
23 Sale 10 $62 $620
30 Purchase 15 $63 $945
ending inventory = total purchases + beginning balance - COGS = ($1,220 + $1,240 + $945) + $1,500 - ($1,200 + $300 + $305 + $915 + $620) = $3,405 + $1,500 - $3,340 = $1,565
Answer:
a.385 stones
b.349 stones
c.168 stones
Explanation:
Order quantity that minimizes total annual cost is known as the Economic Order Quantity.
<em>Economic Order Quantity = √(2 × Annual Demand × Ordering Cost per Order) / Holding Cost per unit</em>
= √(2×28×110×$48) / $2
= 384.5 or 385 stones
<em>Economic Order Quantity = √(2 × Annual Demand × Ordering Cost per Order) / Holding Cost per unit</em>
= √(2×28×110×$48) / ($8.10 × 30%)
= 348.8 or 349 stones
Re-oder point is the point at which the order should be placed to obtain additional inventories
<em>Reorder Point = Lead Time × Usage</em>
= 6 days × 28 stones
= 168 stones
Explanation:
partnerships require many people to write a charter, while sole proprietorship require one person to write a charter.
Answer:
A Eurocurrency is any currency that is banked outside of its country of origin.
Answer:
Dividend paid in current year = $6,898
Explanation:
Calculating net profit
Sales = $818,790
Less: Costs = $748,330
Less: Interest = $24,450
Less: Depreciation = $56,100
Earning before taxes = Loss (10,090)
Tax benefits = $10,090 34% = $3,431
Net losses = $10,090 - $3,431 = $6,659
Opening retained earnings = $172,270 Less: Losses for the year = $6,659
Balance = $165,611
Less: Closing balance = $158,713 = $6,898
Thus<u> amount of dividend paid in current year = $6,898</u>
Change in value of common stock will not be considered.