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
mr_godi [17]
3 years ago
14

Pair Co. sells one product and uses the last-in, first-out (LIFO) method to determine inventory cost. Information for the month

of January follows: Units Unit Cost Beginning inventory, 1/1 3,000 $ 4.70 Purchases, 1/4 8,000 $ 3.90 Sales 7,500 Pair has determined that at January 31 the replacement cost of its inventory was $4 per unit and the net realizable value was $4.90 per unit. Pair’s normal profit margin is $1 per unit. Pair applies the lower of cost of or market rule to total inventory and records any resulting loss. At January 31, what should be the net carrying amount of Pair’s inventory?
Business
1 answer:
VashaNatasha [74]3 years ago
4 0

Answer:

Ending Inventory 14,000

Explanation:

PURCHASES  

DATE QUANTY PRICE SUBTOTAL

Beginning 3000  $3.90  $14,100.00

Purchase       8000   $4.70     $31,200.00

Total available 11,000

Sales 7,500

Ending Inventory 3,500

Book value (FIFO) 3,500 x 4.7 = 16,450

Cost $4

net realizable $4.90

Lower Cost =$4

Ending Inventory  4$ x 3,500 = $14,000

Loss 2,450

You might be interested in
Ou buy 6 pounds of apples for $33. what is the cost of 10 pounds of apples?
KiRa [710]
Each pound of apple would be $5.50. you get that by dividing 33 by 6. so $5.50 by 10 pounds is $55
3 0
3 years ago
The only producer of chocolate bunnies in the world, Choco's Bunny Company, recently expanded its production capacity from 1,000
Sophie [7]

Answer:

19.82%

Explanation:

Midpoint method = Q2 - Q1 / [(Q2 + Q1) / 2] / P2 - P1 / [(P2+P1) / 2]

3.33 = 2000 - 1000 / [(2000 + 1000) / 2] / P2 - P1 / [(P2+P1)/2]

3.33 = 0.66 / (P2 - P1) / [(P2+P1)/2]

By cross multiplying we have

0.66 = 3.33 [ (P2 - P1) / [(P2+P1)/2]

divide both sides by 3.33

19.82% = The mid point change in price.

5 0
3 years ago
Vernon is a cash basis taxpayer with a calendar tax year. on october 1, 2016, vernon entered into a lease to rent a building for
tester [92]

Answer:

$9,000

Explanation:

Vernon can only deduct the actual lease expenses incurred during 2016, and that is only three months: October, November and December.

= 3 months x $3,000 per month = $9,000

This logic applies to every expense that is paid in advance, you can only deduct payments that apply for the current tax year.

8 0
3 years ago
At the break-even point:
OlgaM077 [116]

Answer:

D. Contribution margin would be equal to total fixed costs

Explanation:

As we know that

break even point is the point at which the firm is earning no profit or no loss suffered

In equation, it is

Total cost = Total revenues

In addition,

The contribution margin = Sales - variable expenses

Therefore

The contribution margin = Fixed cost = break even point

If we subtract the contribution margin from the fixed cost the amount should be zero which implies the break even point

5 0
2 years ago
A company has $104,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts
SpyIntel [72]

Answer:

$4,260

Explanation:

The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense is given below:

Estimated Uncollectible Accounts is

= $104,000 × 5%

= $5,200

Now  

Bad debt expense is

= Estimated Uncollectible accounts - credit balance in Allowance account

= $5,200 - $940

= $4,260

6 0
3 years ago
Other questions:
  • Deydey hollows out a piece of basswood to make a trough . if one makes trough by hollowing something out, what does trough mean
    10·2 answers
  • Consider a production possibilities frontier (PPF) with good X on the horizontal axis and good Y on the vertical axis. The PPF i
    8·1 answer
  • The establishment of lobster fishing season in the state of Florida is an example of:
    11·1 answer
  • Raw materials inventory, beginning$1,200 Raw materials inventory, ending1,400 Work in process inventory, beginning7,100 Work in
    14·1 answer
  • 15. If you are the kind of person who wants to succeed in whatever you do, you value
    9·1 answer
  • Midwest Water Works estimates that its WACC is 10.5%. The company is considering the following capital budgeting projects:
    11·1 answer
  • What term describes the execution of business transactions in a paperless environment, primarily through the Internet
    5·1 answer
  • Elena is the CEO of a small manufacturing firm. She is concerned with meeting the investment objectives of the firm's shareholde
    15·1 answer
  • Stan, an air conditioning and heating technician, files a suit against Temp-Set Corporation, alleging that its thermostats are u
    14·1 answer
  • The Seven Steps to Move into a New Field
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!