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hichkok12 [17]
3 years ago
9

Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 24 units a

t $23.00 Nov. 04 Sold 10 units Nov. 10 Purchased 29 units at $22.00 Nov. 17 Sold 24 units Nov. 30 Purchased 23 units at $21.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November?
Business
1 answer:
ikadub [295]3 years ago
5 0

Answer: $758

Explanation:

When using the LIFO ( Last in First Out) method of valuing stock, you sell the stock that came in most recently first then you sell the stock that came the least recently last.

Sold 10 units in November 4 with the most recent inventory being 24 units at $23.

The 10 units therefore cost $23 each.

Sold 24 units on November 17 with the most recent inventory being 29 units purchased at $22 on the 10th of November.

This will therefore be valued at $22 each.

The Cost of Merchandise for the month is therefore,

= (10 * $23) + (24 * 22)

= 230 + 528

= $758

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Suppose that Cheryl's only assets are an automobile worth $10,000 and a checking account with a $5,000 balance. Her only liabili
melamori03 [73]

Answer:

Cheryl's net worth is;

c). $5,000

Explanation:

The net worth is the value of an individual taking into account all the individual's assets and liabilities. It is a holistic view on the value of an individual. It is also used to estimate the value of a company, corporation and even countries. It is one of the standard measures used to gauge an entity's wealth. The net worth can be calculated by taking the difference between assets and liabilities. An asset is anything of economic value that is owned by an entity while a liability is anything of economic value that is owed.

The following formula can be used to estimate Cheryl's net worth;

N=A-L

where;

N=net worth

A=assets

L=liabilities

In our case;

N=unknown to be determine

A=Automobile+checking account

Automobile=$10,000 and checking account=$5,000

A=10,000+5,000=$15,000

L=student loan+car loan

student loan=$2,000

car loan=$8,000

L=2,000+8,000=$10,000

replacing;

N=15,000-10,000=$5,000

Cheryl's net worth=$5,000

4 0
3 years ago
The work component at the lowest level of the WBS for which cost and duration can be estimated and managed is called the ______:
mel-nik [20]

Answer:

The answer is Work Package.

Explanation:

Work Package is the work component at the lowest level of the work breakdown structure(WBS), for which cost and duration can be estimated and managed; beyond this level, further decomposition will not be done.

Work packages are the primary input to identify activities' process. They are planned by way of identifying activities under them.

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4 years ago
Multiple Choice Question 50 When manufacturing overhead costs are assigned to production in a process cost system, they are debi
Zina [86]

Answer:

they are debited to a Work in Process account

Explanation:

The journal entry to record the assignment of manufacturing overhead costs to production in a process cost system is done as follows:

Work - In Process (debit)

Overheads (credit)

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victus00 [196]

Explanation:

The fastest typist ever recorded is Stella Pajunas-Garnand.

She typed 216 words in a minute.

  • She's from Chicago, US.
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2 years ago
People have little incentive to produce a public good because
KiRa [710]
In my opinion people have little incentive because of their lack in good teachings or a strong foundation. Like good parenting or lack of proper education.
Hope it helped!!
6 0
4 years ago
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