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Anestetic [448]
4 years ago
10

The Laurel Corporation starts the year with a beginning inventory of 360 units at $11 per unit. The company purchases 530 units

at $16 each in February and 320 units at $12 each in October. Laurel sells 180 units during the year. Laurel has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold?
Business
1 answer:
Gala2k [10]4 years ago
6 0

Answer:

Cost of goods sold= $1,980

Explanation:

Giving the following information:

beginning inventory of 360 units at $11 per unit

February= purchases 530 units at $16 each

October= 320 units at $12 each

Laurel sells 180 units during the year.

The cost of goods sold is calculated using the purchase price of the firsts units incorporated.

Cost of goods sold= 180*11= $1,980

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A corporation whose stock can be purchased by anyone and is traded in stock markets is known as a(n)
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<span>A corporation whose stock can be purchased by anyone and is traded in stock markets is known as an open corporation.
This means that these shares are not monopolized by a small group of investors, but rather can be bought by anyone who has such a desire to own them. The term which is opposite from an open corporation is a closed corporation.
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7 0
4 years ago
On most points along a short run phillips curve, expectations of inflation are generally:_______
Mashutka [201]

Answer: lower than actual inflation because of the money illusion.

Explanation:

The Phillips curve states that there is an inverse but stable relationship between inflation and unemployment. This theory posits that inflation is caused by economic growth which leads to employment opportunities for people and in turmy, reduces unemployment.

On most points along a short run phillips curve, expectations of inflation are generally lower than actual inflation because of the money illusion.

8 0
3 years ago
Ethel purchased a bag of groceries in 1970 for $8. She purchased the same bag of groceries in 2006 for $25. If the price index w
AVprozaik [17]

Answer:

D. $37.11

Explanation:

Given that

Price of grocery bag in 1970 = 8

Price index in 1970 = 38.8

Price index in 2006 = 180

Thus,

Price if grocery bag in 2006

= price in 1970 × (Price index 2006 ÷ price index 1970)

= 8 × (180 ÷ 38.8)

= 8 × 4.639

= 37.112

= $37.11

8 0
3 years ago
Suppose you invest equal amounts in a portfolio with an expected return of 16% and a standard deviation of returns of 18% and a
Maksim231197 [3]

Answer: 10%

Explanation:

You invest equal amounts in a portfolio yielding 16% and a risk-free asset yielding 4%.

The expected return will be a weighted average of these two;

= (Weight of the Portfolio * Portfolio return) + (Weight of the Portfolio * risk-free rate)

= (0.5 * 16%) + (0.5 * 4%)

= 8% + 2%

= 10%

4 0
3 years ago
Identify which of the following items would be reported in the balance sheet:a. Cash d. Wage expense g. Net incomeb. Sales e. Wa
djverab [1.8K]

Answer:

Items reported in the balance sheet are:

3. a, c, e, f, and h

Explanation:

a) Data and Selection:

a. Cash

b. Sales

c. Long-term debt  

d. Wage expense

e. Wages payable

f. Retained earnings  

g. Net income

h. Inventory

i. Cost of goods sold

a. Cash

c. Long-term debt  

e. Wages payable

f. Retained earnings  

h. Inventory

b) Items reported in the balance sheet are items that are assets, liabilities, or equities.  These items are permanent items, which have their balances taken to the next accounting period.  Non balance sheet items are reported in the income statement.  They are closing or temporary items that do not have balances taken to the next period.

5 0
3 years ago
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