Which of these terms best fits this definition?

EBook

KonstantinChe [14]

Answer:

Cost Flow Methods

Gross profit and ending inventory on April 30 using:

Gross Profit Ending Inventory

(a) first-in, first-out (FIFO) $75 $546

(b) last-in, first-out (LIFO) $71 $542

(c) weighted average cost method $73 $544

Explanation:

a) Data and Calculations:

Item Beta Cost

April 2 Purchase $270

April 15 Purchase 272

April 20 Purchase 274

Total $816

Average cost per unit = $272 ($816/ 3 units)

Assume that one unit is sold on April 27 for $345

Gross profit and ending inventory on April 30 using:

Gross Profit Ending Inventory

(a) first-in, first-out (FIFO) $75 ($345 - $270) $546 ($816 - $270)

(b) last-in, first-out (LIFO) $71 ($345 - $274) $542 ($816 - $274)

(c) weighted average cost method $73 ($345 - $272) $544 ($816 - $272)

Ending inventory = Cost of goods available for sale Minus Cost of goods sold

Gross profit = Sales Minus Cost of goods sold

3 0

3 years ago

A speaker who changed his or her phrasing from "when an individual eventually gets enough money for a down payment on a house, h

Snowcat [4.5K]

<span>this speaker has learned the value of using personal pronouns. Pronouns in English include I, You, he, she, it, we, they, me, him, her, us, and them. This often points out the contrast in people as in their gender, number or case.</span>

8 0

3 years ago

A confidence interval (CI) is a range of scores with specific boundaries that should contain the ______ mean.

Natasha_Volkova [10]

Answer:

A confidence interval (CI) is a range of scores with specific boundaries that should contain the population mean.

Explanation:

90% confidence interval indicates that a score within the boundaries is 90% likely to represent the actual mean of the population.

8 0

3 years ago

On January 1, 2000, there were 175,000 tons of trash in a landfill that had a capacity of 325,000 tons. Each year since then, th

zheka24 [161]

Answer: 175,000 + 7,500y ≥ 325,000

Explanation:

On January 1, 2000, there are 175,000 tons of trash in the landfill.

This increases by 7,500 tons every year with y representing the number of years.

This means that in a given year, the amount of trash in the landfill is:

= 175,000 + 7,500y

The capacity is 325,000 tons. In years where the landfill will be at or above capacity, the result of the formula above will be greater than 325,000 tons.

The relevant inequality therefore is:

175,000 + 7,500y ≥ 325,000

8 0

3 years ago

A firm uses the dollar value LIFO retail method and has $2,000 in beginning inventory at retail at the beginning of the current

defon

Answer:

The firm reports $4,232 as inventory in its balance sheet at the end of the current year.

Explanation:

Given

There are two-steps involved.

The First process involve the Dollar Value LIFO (DV LIFO)

We'll apply this to retail dollars in order to determine the layer added in current-year retail dollars.

After then, well calculate the FIFO Cost to retail (FIFO CR)

This will be needed in order to convert that layer to cost.

Lastly, this layer is added to beginning inventory at cost to yield ending inventory at cost.

EI Retail

Current Index = $2,000 + $40,000 - $28,000 = $14,000

Base = Current Index/Price Index

Base = $14,000/1.6 = $8,750

Increment in EI Retail

Base = $8,750 - $1,600 = $7,150

Current = $7,150 * 1.6 = $11,440

FIFO Begins from here

Cost to Retail (CR) = $12,000/$40,000 = 0.30

Increase in EI Retail

Cost = 0.30 * $11,440 = $3,432

Total = $800 + $3,432= $4,232

4 0

3 years ago