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NeTakaya
2 years ago
11

The accounting records of Tuel Electronics show the following data.

Business
1 answer:
alexandr402 [8]2 years ago
3 0

Answer:

Tuel Electronics

Cost of goods sold:

1. Using FIFO:

Cost of goods sold = $85,340 (3,880 x $8 + 5,430 x $10)

2. Using LIFO:

Cost of goods sold = $91,800 (8,660 x $10 + 650 x $8)

3. Using Average-Cost:

Cost of goods sold = $87,327.80 (9,310 x $9.38)

Explanation:

a) Summary of data:

Beginning inventory     3,880        $8           $31,040

Purchases                     8,660      $10            86,600

Available for sale        12,540       $9.38    $117,640

Sales                              9,310      $13        $121,030

b) Ending inventory = units available for sale minus units sold

= 12,540 - 9,310 = 3,230

c) FIFO (First In, First Out) inventory method is a method that assumes that goods bought first are the first to be sold in that chronological order.  Ending inventory is valued based on the latest purchases, while cost of goods sold is valued on the earlier purchases.

d) LIFO (Last In, First Out) is an inventory method that assumes that goods sold are those that were bought first.  Ending inventory is valued based on the earlier purchases while cost of goods sold is valued on the latest purchases.

e) Average-Cost method uses an average cost to value inventory.  It is computed by adding up the costs and dividing by the units of goods available for sale.  This gives an average unit cost that is used to value the ending inventory and the cost of goods sold.

f) While these methods produce different results, we must bear in mind that they are accounting estimates based on the judgement of the management of the entity.

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Answer:

Conformity

Explanation:

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3 years ago
What is an indicator of increased economic growth in a nation?
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Answer: The gross domestic product.

Explanation:

The gross domestic product is the best measure used to check the performance of a country's economy within a certain period. The gross domestic product of a country is the value of all products and services produced within that country within a period (usually a year). If the gross domestic product of a country is increasing it means an economic growth is being experienced.

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3 years ago
is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a
aleksandrvk [35]

Answer:

is personally responsible for all partnership debts

Explanation:

COMPLETE QUESTION

A general partner:

is personally responsible for all partnership debts. has no say over a firm's daily operations. faces double taxation whereas a limited partner does not. has a maximum loss equal to his or her equity investment. receives a salary in lieu of a portion of the profits.

EXPLANATION

A general partner can be regarded as a person that joins with another person or join with more than one other person to form a business. A general partner is responsible for the actions that is been taken in the business, He or she is liable personally for all the debts as well as obligations in the business and can bind the business legally. It should be noted that A general partner is personally responsible for all partnership debts.

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2 years ago
Suppose that the Town of Mapledale is considering hiring an additional firefighter. The expected benefit is estimated to be wort
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Answer:

(B) Hire the firefighter if the cost of the new firefighter is less than $75,000.

Explanation:

The city should hire the Firefighter only if the cost of new firefighter is less than $75,000.

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3 years ago
Walton Company has provided the following 2018 data:
timurjin [86]

Answer:

Walton Company

Income Statement

                                   Actual                Budgeted            Variances

Sales                          510,400                 $ 519,000              8,600 U

Variable product costs    183400             188,000                 4,600 F        

Variable selling expense   48100              46,000                  2,100 U

Other variable expenses  5100                  3,300                  1,800 U

Contribution Margin      273,800              281,700              7,900 unfav

Fixed product costs   15460                       15,700                  240 F

Fixed selling expense   22920                   23,400                 480 F

Operating Income      235420                    242,600          7,180  unfav

Other fixed expenses   1460                       1,300                 160 U

Interest expense            710                          800                   90 F      

Net income                 233,250                  240,500           7,250 unfav

We calculate the actual amounts from the budgeted amount by adding the variances when they are unfavorable and subtracting them when they are favorable . But in case of sales this is reversed. The actual sales are calculated by   subtracting unfavorable variance from budgeted sales.

The fav amounts are subtracted from the unfav amounts to get the results .

8,600 u + ( 4,600)F + 2,100 U +1,800= 7,900 unfav

                               

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