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
Which of the following must be included in Pete’s income? 1. Short-term capital gains of $10,000 from the sale of stock. 2. Long
devlian [24]

Answer:

1. Short-term capital gains of $10,000 from the sale of stock.

2. Long-term capital gains of $80,000 from the sale of real property and

3. Interest income from Pete’s savings account.

Explanation:

An income statements shows revenue, expenses and net income over a specified period of time. Revenue (gross revenue or sales revenue) consists of cash inflows and interests both short term and long term such as profits, interest on investments. Expenses consist of cash outflows, using-up of assets and incurred liabilities such as tax, rents and so on. Gifts are not included as part of income statements

7 0
3 years ago
Read 2 more answers
The aggregate demand curve is negatively sloped due to: a the elasticity effect of an aggregate price level change b the fiscal
balandron [24]

Answer:

d. the wealth effect of an aggregate price level change

Explanation:

The aggregate demand curve is negatively sloped due to <u>the wealth effect of an aggregate price level change</u>. The reason is that rise in the aggregate price decreases the purchasing power of the individual and thus, decreases in aggregate demand increases the purchasing power of the individual.

5 0
3 years ago
1 Which is an example of a short-term investment?
Furkat [3]

Explanation:

Short-term investments, also known as marketable securities or temporary investments, are those which can easily be converted to cash, typically within 5 years. ... Some common examples of short term investments include CDs, money market accounts, high-yield savings accounts, government bonds and Treasury bills.

.........................................PLS MARK AS BRAINLIEST..............................

8 0
3 years ago
Read 2 more answers
Billy told his boss, Gwen, that he is going to start training for the upcoming marathon to be healthier and to have more energy
Leokris [45]

Answer:

B. smart goal.

Explanation:

SMART goal -

The word SMART is the an acronym -

S = Specific ,

M =  Measurable ,

A = Achievable ,

R = Realistic ,

T = Timely .

These are the goals of any business organisation in order to motivate and direct the employees to do well and give new ideas or new resources for the success of the company .

It enables the people to focus and make efforts to achieve the goal and to make company successful .

In the similar way ,

Gwen is helping Billy to get SMART goals for the company .

4 0
3 years ago
Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, sh
Margaret [11]

Answer:

$26,898.25

Explanation:

Jenna'a taxable ordinary income = $126,000 - $6,100 (standard deduction) - $3,900 (personal exemption) = $116,000

ordinary income taxes = $17,891.25 + [($116,000 - $87,850) x 28%] = $25,773.25

capital gains taxes = $7,500 x 15% = $1,125

total tax liability = $25,773.25 + $1,125 = $26,898.25

8 0
3 years ago
Other questions:
  • Juanita has a part-time job that pays 12 hour and works about 50 hours every month her withholding are social security 6.2 %medi
    7·1 answer
  • Who controls the flow of information in the buying process?  A.The gatekeeper 
    5·1 answer
  • The LaGrange Corporation had the following budgeted sales for the first half of the current year:
    12·1 answer
  • "there is no incentive for firms to enter or exit the industry in the long" run when
    8·1 answer
  • Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, research a
    7·1 answer
  • Gloria, the controller of luna pizza, is purchasing several new delivery vehicles. gloria has numerous work responsibilities, so
    6·1 answer
  • Redline Editorial Services sent a $1,000 invoice to a customer for copyediting a booklet. According to the terms of the invoice,
    14·1 answer
  • On a 100-acre farm, a farmer is able to produce 3,000 bushels of wheat when he hires 2 workers. He is able to produce 4,400 bush
    6·1 answer
  • At Tom's Automotive Repair, the mechanics rarely interacted directly with customers. Work orders were processed by the customer
    6·1 answer
  • Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his busines
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!