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Tanya [424]
3 years ago
12

QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2014: Cost of goods sold was

$22 billion under FIFO costing and the inventory value under FIFO costing was $2.1 billion. The LIFO Reserve for year-end 2013 was $0.6 billion and at year-end 2014 it had increased to $0.8 billion.
What is the LIFO inventory value at year-end 2014?

a.$1.9 billion.

b.$2.9 billion.

c.$2.3 billion.

d.$1.3 billion.
Business
1 answer:
Nookie1986 [14]3 years ago
5 0

Answer:

The correct answer is option (d) $1.3 billion.

Explanation:

Given Data:

inventory value under FIFO costing = $2.1 billion

LIFO Reserve for year-end 2013 = $0.6 billion

LIFO Reserve for year-end 2014 = $0.8 billion

LIFO inventory is calculated using the formula;

LIFO inventory value at year-end 2014 = FIFO inventory - LIFO reserve

                                                               =$2.1 billion-$0.8 billion

                                                               = $1.3 billion

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Assuming no direct factory overhead costs (i.e., inventory carry costs) and $3 million dollars in combined promotion and sales b
lyudmila [28]

Answer:

b. $22.75

Explanation:

We know that

Contribution margin per unit= Sales price per unit - variable cost per unit

Since the selling price is $35

And, the contribution margin is 35%

Therefore, the contribution margin per unit would be

= $35 × 35 per cent

= $12.25

Now add these figures in the formula above.

Hence, the value would be equal to

= $35 - $12.25

= $22.75

The inventory and labor costs are included in the variable cost

7 0
3 years ago
Wes Motors has total assets of $98,300, net working capital of $11,300, owners' equity of $41,600, and long-term debt of $38,600
Molodets [167]

Answer:

Current Assets = $29,400

Explanation:

Total Assets = Total Liabilities + Owner's Equity

$98,300 = (Long Term Debt + Current Liabilities ) + Owner's Equity

$98,300 = $38,600 + Current Liabilities + $41,600

Current Liabilities = $98,300 - $38,600 - $41,600  

Current Liabilities = $18,100

Net Working Capital = Current Assets - Current Liabilities

$11,300 =  Current Assets - $18,100

Current Assets = $11,300 +$18,100  

Current Assets = $29,400

6 0
3 years ago
Anne is a full-time student at UCLA buts works part-time as a waitress at a diner near her dormitory. She earns an hourly wage b
miss Akunina [59]

Answer:

In California, if the tip is included in the service charge, Anne's employer must pay taxes for them. The employer is required to pay for these taxes in California, not the employee. Even though tips are not part of an employee's wage, they are still taxable. This means that Anne must include the $51 in her AGI.

5 0
3 years ago
Shroden is a consumer goods manufacturer. It manufactures cookies, batteries, toothpaste, and soap. In the context of operations
Ray Of Light [21]

Answer:

inventory

Explanation:

Every item that is produced or purchased by the business in order to resell it and earn profit through it as a normal purpose of business, is considered as inventory.

In the given instance, Shroden manufactures consumer goods, like cookies, batteries, etc:

And since he targets to sell them and earn profit, all these manufactured products is the inventory of his business.

3 0
3 years ago
If overhead is applied to individual jobs at a rate of 50% of direct labor costs incurred per job, and $50,000 in direct materia
barxatty [35]

The total cost applied to the job is $87,500 when the direct materials are $50,000, the cost of direct labor is $25,000 and the overhead cost is 50 % of direct labor.

<h3>What is meant by total cost?</h3>

Total cost means the combined cost of materials, human labor, and the overheads incurred in the process of production.

Given values:

Cost of direct materials: $50,000

Cost of direct labor: $25,000

Cost of overheads: $12,500 ($25,000 X 50%)

Computation of total job cost:

\rm Total \rm\ Job \rm\ Cost=\rm\ Cost \rm\ of \rm\ Direct \rm\ Materials+\rm\ Cost \rm\ of \rm\ Direct \rm\ Labor+\rm\ Cost \rm\ of \rm\ Overheads\\\rm Total \rm\ Job \rm\ Cost=\$50,000 + \$25,000 + \$12,500\\\rm Total \rm\ Job \rm\ Cost=\$87,500

Therefore, when the direct materials are $50,000, the direct labor is $25,000 and the overhead cost is $12,500, then the total cost of the job is $87,500.

Learn more about the overhead cost in the related link:

brainly.com/question/14545063

#SPJ1

4 0
1 year ago
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