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
balandron [24]
3 years ago
13

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale c

onsisted of 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 units from the March 18 purchase and 155 units from the March 25 purchase.
Business
1 answer:
ivolga24 [154]3 years ago
3 0

Answer:

gross profit:

  • under FIFO = $21,040
  • under LIFO = $17,930
  • under weighted average = $19,539.79
  • under specific identification = $19,655

Explanation:

Some information was missing, so I looked it up:

Date Activities      Units Acquired        Units Sold at Retail

Mar. 1 Beginning inv. 230 units at $53.60  

Mar. 5 Purchase  290 units at $58.60  

Mar. 9 Sales                                        400 units at $88.60

Mar. 18 Purchase  150 units at $63.60

Mar/ 25 Purchase  280 units at $65.60

Mar. 29 Sales                                       270 units at 90.60

Totals                             950 units                    670 units

ending inventory = 280 units

so COGS:

under FIFO = (230 x $53.60) + (290 x $58.60) + (150 x $63.60) = $38,862

under LIFO = (280 x $65.60) + (150 x $63.60) + (240 x $58.60) = $41,972

under weighted average = ($57,230 / 950) x 670 = $40,362.21

under specific identification = (135 x $53.60) + (265 x $58.60) + (115 x $63.60) + (155 x $65.60) = $40,247

total revenue = (400 x $88.60) + (270 x $90.60) = $35,440 + $24,462 = $59,902

gross profit:

under FIFO = $59,902 - $38,862 = $21,040

under LIFO = $59,902 - $41,972 = $17,930

under weighted average = $59,902 - $40,362.21 = $19,539.79

under specific identification = $59,902 - $40,247 = $19,655

You might be interested in
At a price of $200, a cell phone company manufactures 100000 phones. At a price of $300, the company produces 300000 phones. Wha
valkas [14]

Answer:

2.5

Explanation:

P1=$200

P2=$300

S1=100000

S2=300000

The percentage change in price is:

\Delta P =\frac{300-200}{\frac{200+300}{2}}=0.4=40\%

The percentage change in supply is:

\Delta S =\frac{300000-100000}{\frac{100000+300000}{2}}=1=100\%

The price elasticity of supply is given by:

E=\frac{\Delta S}{\Delta P}=\frac{100\%}{40\%}=2.5

The price elasticity of supply is 2.5.

4 0
3 years ago
In corporations, it is easy to transfer ownership by selling stock.<br> Select one: true or false
Serhud [2]

Answer:

the question is false

Explanation:

you can't sell stock for ownership

8 0
2 years ago
Incidents and diseases, although normally considered confidential, that must be reported to federal, state, or local agencies co
denis23 [38]

Incidents and diseases, although normally considered confidential, that must be reported to federal, state, or local agencies come under the heading of Mandatory disclosure.

Mandatory disclosure requires each party in the dissolution of a marriage to disclose records that paint an accurate portrait of each party’s finances. This requirement ensures the judge divides assets between the two parties fairly and equitably. If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award.

If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award. At WiseLieberman, PLLC, our Boca Raton divorce lawyers ask clients to provide us with the required financial documents so are able to better help them throughout the property division proceedings. Armed with the appropriate information, our lawyers have better insight into a couple’s financial situation and take the necessary steps toward a favorable outcome.

Learn more about Mandatory disclosure here

brainly.com/question/26697671

#SPJ4

4 0
2 years ago
During 2015, Rainbow Umbrella Corp. had sales of $730,000. Cost of goods sold, administrative and selling expenses, and deprecia
Brrunno [24]

Answer:

The company's net income for 2015 is loss $62,000 ( -$62,000)

Explanation:

During 2015, Rainbow Umbrella Corp. had sales of $730,000

Total expense for 2015 = Cost of goods sold + Administrative and selling expenses + Depreciation expenses + Interest expense = $450,000 + $90,000 + $160,000 + $92,000 = $792,000

Sales - Total expense = $730,000 - $792,000 = -$62,000<0

The company recorded loss in 2015 the amount of $62,000 and didnot have to pay tax.

6 0
2 years ago
Please help. I will mark you as brainliest !!!
Liono4ka [1.6K]
The value of cars produced by a Japanese company are part of United States Gross Domestic Product (GDP) as long as the cars are produced in a factory located within U.S. territory.
The reason why is that GDP includes the final value of all goods and services produed within a country, during a specific period of time (usually a year). If the cars are produce in U.S. territory, they are counted as part of U.S. GDP, even if the company is from Japan or any other country.
3 0
3 years ago
Other questions:
  • For Warren Corporation, year-end plan assets were $2,000,000. At the beginning of the year, plan assets were $1,780,000. During
    13·1 answer
  • Bates Company currently produces and sells 4,000 units of a product that has a contribution margin of $5 per unit. The company s
    10·1 answer
  • Reading out loud is an effective strategy for proofreading a written work? true or flase
    5·2 answers
  • How have powerful economic interests captured state power and fashioned economic trade policy to further their interests through
    6·1 answer
  • The Place has been consistently ranked as the most popular fast food restaurant in the city thanks to the excellent culinary ski
    7·1 answer
  • When nonmonetary assets are traded in an exchange that lacks commercial substance and no cash is received, any loss is recognize
    6·1 answer
  • Can regional level employment be converted into national level<br>employment? Why? Why not ?​
    15·1 answer
  • b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the
    8·1 answer
  • Which resource is not an example of a factor of production? a. labor b. natural resources c. government d. capital
    7·1 answer
  • Defined by Miles as "a requirement of the activities of one subunit that is affected by the activities of other subunits" is a _
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!