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just olya [345]
3 years ago
15

Inventory records for Herb's Chemicals revealed the following: March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200 Purchase

s: Sales: Mar. 10 600 gals @ $7.25 Mar. 5 400 gals Mar. 16 800 gals @ $7.30 Mar. 14 700 gals Mar. 23 600 gals @ $7.35 Mar. 20 500 gals Mar. 26 700 gals The ending inventory under a periodic inventory system assuming average cost (rounding unit cost to three decimal places) is:
A. $5,087.
B. $5,107.
C. $5,077.
D. $5,005.
Business
1 answer:
amid [387]3 years ago
7 0

Answer:

correct option is A. $5,087

Explanation:

given data

March 1, 2016, inventory: 1,000 gallons @ $7.20 = $7,200

Purchases                                        amount                 Sales  

Mar. 10               600 gals @ $7.25      4350          Mar. 5 400 gals

Mar. 16               800 gals @ $7.30       5840          Mar. 14 700 gals

Mar. 23              600 gals @ $7.35        4410          Mar. 20 500 gals

                                                                                    Mar. 26   700 gals

total                         3000 @7.267          21800

cost of good sold   2300 @ 7.267         16714

so

balance is =  3000 - 2300 = 700 @ 7.267

ending inventory is $5087

so correct option is A. $5,087

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Yes because you are helping put something together and are not being paid for it.
6 0
2 years ago
Yellowstone Corporation has just announced the repurchase of $125,000 of its stock. The company has 39,000 shares outstanding an
puteri [66]

Answer:

The price–earnings ratio after the repurchase is 22.18

Explanation:

First calculate Numbers of new shares

New Shares = Old Shares - ( Repurchased Shares / Price per share )

New Shares = 39,000 - ( $125,000 / $76.09 )

New Shares = 39,000 - 1,642.79

New Shares = 37,357.21 shares

New compute the old earning

Old  Earning = EPS x Numbers of old shares = $3.29 x 39,000 = $128,310

New compute revised Earning per share

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7 0
2 years ago
A tariff:_________.
Sergio [31]

Answer:

<h2>C. Makes domestic consumer worse off. </h2>

Explanation:

A tariff is levied on the exports and imports between two countries. It is meant to regulate the foreign trade and encourage the domestic industries and safeguard them from the competition of foreign goods. Tariffs are source of income for states. Tariffs and import export quotas are most used instruments of protectionism. Tariffs are fixed or variable.

It can put the domestic consumer in an advantageous position as due to tariffs they would not be able to get less costly products.

8 0
3 years ago
You short-sell 200 shares of Tuckerton Trading Co., now selling for $50 per share. What is your maximum possible loss
pentagon [3]

Answer:

Unlimited

Explanation:

GIven that:

You short-sell 200 shares of Tuckerton Trading Co

now selling for $50 per share.

If a short-sell occurs on a trade, the lower the share price, the higher the profit your are liable to achieve but if short-sell occurs and the share price is higher, then the  more loss you're going to accumulate.

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5 0
3 years ago
On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $132 million and classified the securities as t
ValentinkaMS [17]

Answer:

An unrealized holding gain of $28 million in 2019.

Explanation:

At the financial year-end, the company have to reevaluate the investment to recognize the gain or loss.  

If the fair value is higher than actual investment, the company gain and vice versa it lost.

In this scenario, the fair value adjustment = the valuation on 31st December – purchased value = $150 million - $132 million = $28 million.

Because this step is just an approach to record new valuation of investment, then it’s consider unrealized.

In short, Phillips Corporation should first update the fair value adjustment of $28 million on December 31 2021

4 0
3 years ago
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