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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

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What was one of the lessons from this activity?
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Answer:

I should pay off my smallest balance first. Then continue paying my smallest balances until I have paid all of my debt.

Explanation:

This is one of the lesson from the activity. That, loans and debts are important part of life of someone but the most important thing, is to remember to clear off those loans and debts. this could be done through the gradual payment till all the debts are cleared.

4 0
3 years ago
The following are selected 2017 transactions of Sean Astin Corporation.
Vadim26 [7]

Answer and Explanation:

The Journal entries are shown below:-

A. a. Purchase Dr, $50,000

           To Accounts payable $50,000

(Being purchase of inventory is recorded)

b.Accounts payable Dr, $50,000

            To Notes payable $50,000

(Being issuance of notes is recorded)

c.Cash Dr, $50,000

  Discount on notes payable Dr, $4,000

             To Notes payable $54,000

(Being amount borrowed from bank and issued notes is recorded)

B. a. Interest expenses Dr, $1,000 ($50,000 × 8% × 3 ÷ 12)

            To Interest payable $1,000

(Being interest expenses is recorded)

b. Interest expenses Dr, $1,000 ($4,000 × 3 ÷ 12)

                 To Discount on notes payable $1,000

(Being interest expenses is recorded)

C. The Computation of interest-bearing note and the zero-interest-bearing note is shown below:-

Interest-bearing note = Note payable + Interest payable

= $50,000 + $1,000

= $51,000

Zero-interest-bearing note = Note payable - Discount

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= $54,000 - $3,000

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8 0
3 years ago
The manufacturing overhead budget at Cutchin Corporation is based on budgeted direct labor-hours. The direct labor budget indica
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Answer:

$59,080

Explanation:

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September cash disbursement = Company's budgeted fixed manufacturing overhead - Depreciation + Variable manufacturing overhead

= $43,120 - $3,640 + $7.00 × 2,800

= $43,120 - $3,640 + $19,600

= $62,720 - $3,640

= $59,080

Therefore for computing the September cash disbursement we simply applied the above formula.

4 0
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What are two examples of management information systems?
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Answer:

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8 0
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