1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Phoenix [80]
3 years ago
13

Kenyon Co. uses the perpetual inventory method. Kenyon purchased 400 units of inventory that cost $6.00 each. At a later date th

e company purchased an additional 600 units of inventory that cost $8.00 each. If Kenyon uses the FIFO cost flow method and sells 800 units of inventory, the amount of cost of goods sold will be:_______-
Business
1 answer:
olga nikolaevna [1]3 years ago
4 0

Answer:$5600

Explanation:

The FIFO inventory system is an inventory system where the inventory purchased first is the first to be sold.

If 800 units are sold, the inventory sold would be calculated as:

$6 × 400 = $2,400

$8 × 400 = $3200

=$5,600

You might be interested in
Based on the information in the table, which BEST explains the relationship between Country A and Country B?
Ivan

Answer:

Im going with b because i cant see the picture

Explanation:

8 0
3 years ago
Recall the educational and other requirements for Geographers. What are some requirements that would be helpful to
Leviafan [203]

Answer:

master’s degree and GISP certification

communication skills, including reading, writing, listening, and speaking

analytical and critical-thinking skills

computer skills

8 0
2 years ago
Read 2 more answers
Barry, a solvent individual but a recovering alcoholic, embezzled $6,000 from his employer. In the same year that he embezzled t
skad [1K]

Answer: Barry must include $6,000 in gross income from discharge of indebtedness

Explanation:

Feom the question above, we are told that Barry embezzled $6,000 from his employer and that even though his employer discovered the theft, the employ did not fire him and told him that he did not have to repay the $6,000 if he attend Alcoholics Anonymous. Barry met the conditions and the employer canceled the debt.

In this case, Barry will have to include the $6,000 he stole in gross income from discharge of indebtedness. The gross income has to do with the sum of the wages, profits, salaries, rents, interest payments, and every other earnings, before the deductions of taxes or other deductions. Since Barry stole the money and.he.has been forgiven, the $6,000 has to be included in the gross income from discharge of indebtedness.

7 0
3 years ago
Sarbanes-Oxley does not require:
Novosadov [1.4K]

Answer:

B) companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.

Explanation:

Sarbanes- Oxley is popularly called SOX and  which is also know as the ''Public Accounting Reform and Investor Protection Act'' in the United States' Senate and ''Corporate and Auditing Accountability, Responsibility and Transparency Act'' is a USA federal law the sets out new regulations for all U.S public company boards, management and public accounting firms. Some part of the Act makes provisions that apply to privately owned companies.

The Sarbanes-Oxley is named after the bill sponsors that is Senator Sarbanes and a U.S Representative known as Micheal G. Oxley and this bill makes sure that the top management of a company must each individually determine and certify the accuracy of all financial information provided or stated. This bill was enacted in 2002 to curb a number of major corporate accounting scandals, especially those affecting big accounting firms like ;  Enron, Tyco International, Adelphia, Peregrine Systems, and WorldCom that cost investors to loose a lot of money when the their shares collapsed.

As a guiding principal companies and organizations are supposed to adhere to the options mentioned above except for option B which states:  companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.

5 0
3 years ago
On April 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning
Gekata [30.6K]

Answer:

C. Insurance expense will increase $2,250

Explanation:

On April 1 2016, the following journal entry will be recorded in respect of the premium paid on a one year insurance policy:

                                                         Debit                       Credit

Prepaid Insurance                          $3,000

Cash                                                                                  $3,000                                                                                                      

The year end given in this question is December 31, 2016 and the insurance premium is for one year and since the insurance premium is paid on April 1, 2016, therefore, only expense in respect of 9 months i.e. from April 1, 2016 to the December 31, 2016 will be recognised in this year. Remaining expense of three months will be recognised in the Year ended December 31,2017.

The following Journal entry will be recorded in respect of insurance expense in accounts on December 31, 2016.

                                                                   Debit             Credit

Insurance expense(3,000*9/12)               2,250

Prepaid Insurance                                                            2,250                    

So the answer will be C. Insurance expense will increase $2,250

5 0
3 years ago
Other questions:
  • You have had $5,500 in a Roth IRA account for 3 years earning 1.2% annual interest. During those 3 years, the rate of inflation
    13·1 answer
  • Is Faraj legally required to pay this additional amount in this case? Melissa Faraj owns a lot and wants to build a house accord
    9·1 answer
  • If we are replacing an old vehicle with a newer model, the cost of the old vehicle is:_______.
    8·1 answer
  • The following information is taken from Reagan Company's December 31 balance sheet:
    6·1 answer
  • Darl is in charge of facilities management at his company. He also believes in helping the environment. He knows the company can
    15·1 answer
  • A bank reconciliation should be prepared a. to explain any difference between the company's balance per books with the balance p
    8·1 answer
  • Esky Corporation, a chain of retail stores, monitors 10 performance indicators that are believed to be correlated with better qu
    9·1 answer
  • The following information relates to Purcaro, Inc. (Be careful of order of the columns): For the Year Ended December 31, 2018 20
    7·1 answer
  • On January 1, 2021, Tru Fashions Corporation awarded restricted stock units (RSUS) representing 5 million of its $1 par common s
    5·1 answer
  • In project procurement management, obtaining seller responses, selecting sellers, and awarding contracts is part of the _____ pr
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!