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Zigmanuir [339]
3 years ago
12

At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at

the following dates and unit costs:
Purchased in August: 30 units at $750 per unit.
Purchased in November: 30 units at $700 per unit.
A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.
Assuming that Anderson uses the LIFO flow assumption, it should record this inventory shrinkage by:

A. Debiting Cost of Goods Sold $7,000.
B. Crediting Cost of Goods Sold $7,500.
C. Debiting Cost of Goods Sold $7,500.
D. Crediting Cost of Goods Sold $7,000.
Business
1 answer:
omeli [17]3 years ago
6 0

Answer:

A. Debiting Cost of Goods Sold $7,000

Explanation:

The LIFO is a method used to account value for inventory. Under the method, the last item of inventory purchased is the first one sold.

At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, but a physical inventory taken at year-end indicates only 50 units of this product actually are on hand. So 10 units of the product was shrinkage.

The company should debit Cost of Goods Sold to record this inventory shrinkage.

Anderson Co. use LIFO method, the amount shrinkage product:

10 x $700 = $7,000

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Answer:

Interest

Explanation:

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8 0
2 years ago
Muriel buys a $2,000 savings bond with a 4% coupon and 20 years to maturity. How much interest will she earn over the life of th
irina1246 [14]
To solve: use the simple interest calculation.

interest earned over the life of the bond = (bond price)(coupon rate)(years)
= (2,000)(0.04)(20)
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So after 20 years on a 4% coupon bond starting at $2,000 Muriel will earn $1,600 in interest. 
3 0
3 years ago
His decision on what price to charge and how much to produce in the long run will be A. based on optimal plant size determinatio
Klio2033 [76]

Answer: A. based on optimal plant size determination based on cost minimization

Explanation:

The information given isn't complete as there are some diagrams attached which I saw online.

Based on the information gotten, the decision on the price to charge and the quantity to produce in the long run will be based on optimal plant size determination based on cost minimization.

It should be noted that the quantity of goods produced in the long run, and the price that'll be charged will depends on optimal size of the plant. In the long, there can be an alteration of the plant size and therefore, the output and price will be determined by the optimal plant size.

8 0
2 years ago
Clinton and Trump on fiscal policy In the 2016 Presidential election​ campaign, both Hillary Clinton and Donald Trump committed
Marrrta [24]

Answer:

Clinton and Trump on fiscal policy In the 2016 Presidential election​ campaign

The policy that will change aggregate demand (AD) the most is a cut in taxes.

Explanation:

Aggregate demand is fueled mostly by household consumption.  A cut in taxes increases the marginal propensity to consume (MPC) and reduces the marginal propensity to save (MPS), but at the same time fuels the marginal propensity to invest by firms trying to meet the new aggregate demand, thereby increasing the aggregate supply (AS) which is the real GDP output.

6 0
3 years ago
Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices. All stores are lo
Rzqust [24]

Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices. All stores are located in the United States, predominantly in small towns in 24 midwestern and south eastern states. In the current year, the company reported average inventories of $ 1,668 million and an inventory turnover ratio of 8.0.

Fixed assets turnover ratio = 9.04 Net sales / Avera.

This ratio divides net sales by net fixed assets, calculated over an annual period. The net fixed assets include the amount of property,

Using Fixed Assets turnover ratio, we can find the net sale

Fixed Assets turnover = Net sale/Average fixed assets

$ 2,098 Net sale/1218674000

Net sale is=$ 2,098 × 1218674000

Net Sales is=$ 9.140.055000

Learn more about turnover ratio  here

brainly.com/question/27523896

#SPJ4

6 0
1 year ago
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