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
solniwko [45]
3 years ago
7

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 950 units at $12 each on January 1

. Xu purchases 1,200 units at $11 each in February and 550 units at $13 each in March. There were no additional purchases or sales during the remainder of the year. Xu sells 1,000 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold
Business
1 answer:
ycow [4]3 years ago
8 0

Answer: $12,100

Explanation:

A company using Last In First Out (LIFO) sells the inventory that they acquire the most recently first and then later inventory are then sold.

Xu Corporation had,

a. Opening Balance in Januray of 950 units at $12

b. February Purchases were 1,200 units at $11

c. March Purchases were 550 at $13

Xu sold 1,000 units during the year which means all 550 units bought in March were sold.

The remaining 450 units were acquired from the February purchases at $11.

Cost of Goods sold is,

= (550 * 13) + (450 * 11)

= 7,150 + 4,950

= $12,100

You might be interested in
Webee Ltd. has entered the growth stage of its business. It is raising external finances to sustain its operations. In which typ
Zepler [3.9K]
Flotation costs are the amounts that are significantly required for the issuing of various securities in a company such as legal fees and registration fees. In addition, the type of funding that would mostly likely incur flotation costs in Webee Ltd. would be by issuing common stocks.
6 0
3 years ago
Read 2 more answers
What is Philip's curve long and short ones? ​
Veronika [31]

In the Philip's curve the long run usually refers to the vertical line and the rate of unemployment the short run Philips curve denotes inflation and is in L shaped and the relationships indicates the trade-off between the inflation and the unemployment

Explanation:

This curve in general shows the relationship between the rate of increase in the nominal wages and the rate of unemployment and usually lower the rate of inflation higher will be the wages allotted and it will be the vice versa

There will be a shift in the Philips curve when there is a hike in the oil prices abroad and this will cause the curve to shift leftwards so in the long run it will indicate the unemployment rate and in the short run it will indicate the inflation rate

3 0
3 years ago
Is defined as information containing? patterns, relationships, and trends of various forms of data?
DerKrebs [107]
Business Intelligence. Business intelligence is a broad term that covers basically any information in any format that may be relevant to business strategies. This can include, transaction info, product info, trends, app statistics and so much more. 
4 0
3 years ago
What item can a consumer expect to find in a retail store
Annette [7]
It would be "Meat to cook for dinner at home" that a consumer expect to find in a retail store since retail stores market to individuals and families, not large-scale projects. 
5 0
3 years ago
Read 2 more answers
A smartphone manufacturing company uses social media to achieve different business objectives. Match each social media activity
bekas [8.4K]

Explanation:

Following is the correct matching of different social media activities with the objectives of the company.

Releases videos of its new, high tech smartphone manufacturing facility

To give consumers a peek into its operations

Hosts an online sweepstakes and gives the winners an extended warranty on a smartphone model

To increase brand loyalty  

Gives bloggers a new smartphone handset before the model is on the market

To create consumer awareness about a new product

Ask customers to determine their next model using hashtag #NEWMODEL

To allow consumers to be part of product development

5 0
3 years ago
Read 2 more answers
Other questions:
  • Blake eats two bags of potato chips each day. Blake's hourly wage increases from $9 to $15, and he decides to stop eating generi
    13·1 answer
  • Initially, the exchange rate between Macedonian denars and Canadian dollars is in equilibrium. Then, there is a decrease in dema
    15·1 answer
  • Scientist estimate that sea level has risen about what over the past 100 years
    13·1 answer
  • In a closed​ economy, aggregate expenditure is
    9·1 answer
  • Which of the following statements is correct?
    9·1 answer
  • In 1 or 2 sentences, define an externality and explain how the government makes companies take responsibility for negative exter
    12·1 answer
  • Charles lackey operates a bakery in Idaho, Falls Because of its excellent product location, demand has increased by 35% in the l
    12·1 answer
  • Reasons why biden/trump would make a good president WITHOUT mentioning the opposing canidate.
    5·2 answers
  • Boots Plus has two product​ lines: Hiking boots and Fashion boots. Income statement data for the most recent year​ follow: Total
    6·1 answer
  • you invest $15,000 at an annual rate of 8.25or one year. what is the difference in interest earned if your investment is compoun
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!