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Reptile [31]
3 years ago
7

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17

Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO?
a. $600
b. $590
c. $610
d. $580
Business
1 answer:
blsea [12.9K]3 years ago
7 0

Answer:

b. $590

Explanation:

LIFO is the inventory costing method which assumes that the item purchased at last will be sold first and the item purchases earlier will be sold at last.

According to LIFO the inventory cost of McCarthy Company is as follow:

Date               Description    Price   Unit      Total    Balance

November 1      Opening      $19        20     $1,800   $1,800

November 4     Sale             $19        (10)     ($190)    $1,610

November 10    Purchase    $20       30      $600    $2,210

November 17    Sale             $20      (20)   ($400)    $1,924

November 30   Purchase    $21        10      $210      $2,134

Sale Cost in November = $190 + $400 = $590

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Answer:

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These unrestricted contributions of $22,000 used to support general services would be reported on the statement of cash flows as:

cash from operating activities.

Explanation:

Unrestricted contributions received by the County Medical Center are funds or other assets given to the Center with no restriction on their use.  Unrestricted contributions are usually directed at the funding of operational expenses, as the County Medical Center demonstrated.  Therefore, they are listed under operating activities in the Statement of Cash Flows.

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3 years ago
In the cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement n
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In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.

But, the sole owner is for my part answerable for all debts incurred by using the enterprise." Examples of sole owners encompass small corporations which include, a local grocery keep, local garments save, an artist, a freelance author, an IT representative, a freelance photo designer, etc.

A sole owner—additionally called a sole trader or a proprietorship—is an unincorporated business that has simply one proprietor who will pay private earnings tax on profits earned from the commercial enterprise.

Sole ownership manner distinct possession. it is a possession so entire that no other man or woman has any interest in the assets. someone's ownership is "sole" while no person apart from the character has any interest inside the belongings as owner.

Learn more about  sole owner here brainly.com/question/4442710

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4 0
1 year ago
Danita rescues dogs from her local animal shelter. when danita's income rises by 7 percent, her quantity demanded of dog biscuit
Anna007 [38]

Answer:

The income elasticity of demand for dog biscuits is Option D: positive, and dog biscuits are a normal good.

Explanation:

'Income elasticity of demand' refers to the reaction of the demand in quantity for a good or service to that of change in income.  

'Normal goods' are the goods that are related positively with income whereas 'inferior goods' are those goods which are related negatively with income. As the income increases, there is a rise in demand for the dog biscuits. This means the dog biscuits are normal goods. Income elasticity for demand is positive for Danita as it is because of the rise in income. Hence, Option D is the most appropriate.

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3 years ago
Julio's persuasive speech contained the following statement:
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Answer:

Policy persuasive speech.

Explanation:

It should be understood that policy persuasive speech is one of the types of persuasive speech and it is commonly used when there is a policy that is guiding the implementation of a thing. For example, the United States Pharmacopeia was adopted in 1906 and is issued every 5 years under the supervision of a national committee of pharmacists, scientists, and health care providers to provide information concerning drug purity and strength. This means that there is a body or policy guiding the pharmacist and a policy persuasive speech should be guided by that.

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3 years ago
What type of a goal is graduating from college in four years?
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Answer:

Explanation:

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