1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anestetic [448]
3 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]3 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

You might be interested in
Wildhorse Co. sells merchandise on account for $2800 to Morton Company with credit terms of 2/8, n/30. Morton Company returns $8
kipiarov [429]

Answer: Cash $1,960

Sales returns and allowances $800

Sales discount $40

Accounts receivable $2,800

Explanation:

Sales = $2,800

Sales returns = $800

Discount rate = 2%

The final amount due will be:

= Sales- Sales returns

= $2,800 - $800

= $2,000

Sales discount = 2% × $2,000 = $40

Cash received will be:

Final amount due - Sales discount

= $2,000 - $40

= $1,960

The journal entry will be:

Debit Cash $1,960

Debit Sales returns and allowances $800

Debit Sales discount $40

Credit Accounts receivable $2,800

5 0
2 years ago
List four wan technologies that are carried over the pstn.
oee [108]
There is actually a lot of wan technologies that are carried over the pstn. But the first thing we have to do, is to know what does the pstn means. The pstn means Public Switched Telephone Network. Though they have some similarities, the atm and the wan are different machines.
8 0
2 years ago
If an employer does not offer a retirement plan, what might be another way to save for retirement?
dimulka [17.4K]
If an employer does not offer a retirement plan, the employee can save up for his retirement by investing in an insurance company that offers such benefits. There are independent insurance companies in the market that provide such services for employees who are not granted with basic benefits. They can arrange for a person to pay insurance in a monthly, quarterly, or annual basis. 
6 0
3 years ago
Why is a high quality bond typically considered a lower risk investment than a stock
vladimir2022 [97]
The answer is in each term's definition. bonds are less risky no matter what the quality. Stocks may earn bigger profits, but more of a gamble.
3 0
3 years ago
holi, me podrían ayudar diciéndome unos ejemplos de un catalogo de cuantas plis?? estuve buscando pero no encuentro ninguno :((
FrozenT [24]
<h3>Answer:Una catálogo de cuentas es un documento que es usado para registrar las operaciones de una organización. Es decir, sirve para establecer cuál es la estructura de la empresa a la hora de contabilizar las actividades del negocio. Este tipo de documentos son muy importantes en el ámbito de la contabilidad, dado que facilitan enormemente el registro de las transacciones económicas, sistematizando todo tipo de gasto e ingreso que se haya realizado.  </h3>

Explanation: Espero que esto te ayude si no dime para ir a buscar mas informacion!

8 0
3 years ago
Other questions:
  • To a greater or lesser degree, many governments can be considered pragmatic nationalists when it comes to foreign direct investm
    6·1 answer
  • Nigel currently has a balance of $668.47 in an account he has held for 15 years. he opened the account with an initial deposit o
    15·1 answer
  • Carol, age 40, has an IRA with Blue Mutual Fund. Her balance in the fund is $150,000. She has heard good things about the manage
    8·1 answer
  • Judith Thompson, the manager of the student center cafeteria, has added pizza to the menu. The pizza is ordered frozen from a lo
    6·1 answer
  • Faiza hired Bril Builders Inc. to construct her house. They signed a contract that stated Bril Builders would complete the work
    12·1 answer
  • Researchers have found that before buying a new car, consumers tend to look at ads for all makes and models of cars. However, on
    11·1 answer
  • A cash flow statement can help you develop and determine budget categories.
    13·1 answer
  • When a magazine company collects cash for selling a subscription, it is an example of: Multiple Choice An accrued liability tran
    10·2 answers
  • In a growing number of jurisdictions, when a tenant moves out of leased premises before the term of the lease expires, the landl
    14·1 answer
  • How does unsafe food harm us<br>​
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!