Answer:
The answer is: $100,000
Explanation:
Under LIFO (last in, first out) costing method, we use the oldest costs are used to determine the ending inventory:
We were given the following data:
- Jan. 1: 8,000 purchased at $11 per unit
- June 19: 13,000 purchased at $12 per unit
- Nov. 8: 5,000 purchased at $13 per unit
If the ending inventory had 9,000 units, then its total cost is:
Ending inventory = (8,000 units x $11 per unit) + (1,000 units x $12 per unit)
Ending inventory = $88,000 + $12,000 = $100,000
Answer:
Cost of good manufactured= $86550
Explanation:
To calculate the cost of manufactured goods we need to use the following formula:
Cost of good manufactured= Beginning work in progress+ direct materials of the period + direct labor + manufactured overhead - ending work in progress
Beginning work in progress= 0
Direct materials = beginning inventory + purchase - ending inventory= 58250
Direct labor= 14000
Manufactured overhead=Factory supervisor salary + Depreciation expense Factory building + Indirect materials= 8800 + 3700 + 1800= 14300
Ending work in progress= 0
Cost of good manufactured= 58250 + 14000 + 14300= $86550
Answer: The answer is as follows:
Explanation:
1. Good : Goods refers to an item or material that can be used by the consumer to satisfy their wants and it is tangible in nature. For example; mobile phone, pen, pencil, etc.
2. Service: Service is intangible in nature. Service is provided by the other person which includes medical services by doctors, travelling services, etc.
3. Free good: A free good is a good that is available at a zero price and a good that is not scarce in quantity. For example; ideas, web page, sunlight, etc.
Answer:
° Fiscal policy
° Monetary policy
° Exchange rate policy
Explanation:
Macro economics policy are tools used by a country's government through their central bank to influence the supply of money, control interest rate in their economy which will lead to economy stability and growth. The tools are explained below. An increase in government spending will make funds available to the household and firms hence increases the volume of money supply in the economy, while a decrease in government spending will also reduce the availability of money to household and firms.
° Fiscal policy . This refers to the use of tax and government expenditure to regulate the supply of money an economy. For instance, government through its central bank uses tax cut to increase the flow of money in an economy. Also, if the government feels that the supply of money in circulation is too much, which could result in inflation, government can increase taxes to be paid by individuals, firms and businesses which in turn will reduce the availability of money.
° Monetary policy. Monetary policy refers to various tools used by the government to control the flow of money in an economy, which includes open market operation, special reserves, interest rate adjustment. For instance, the government through CBN could buy or sell government issued securities which will ultimately affect the supply of money in an economy. Also, there is usually a minimum amount of reserves which must be held by commercial banks, which ultimately affects the supply of money. An increase in reserve ratio reduces the ability of banks to lend money to their customers while and a reduction in the reserve ratio increases their ability to lend to the public hence increases money supply.
° Exchange rate policy. The value of a country's currency in relation to other country's currency is referred to as exchange rate. Exchange rate policy is used to control inflation, preserve the value of domestic currency and also to maintain a favorable external balance of payments of a country.
Answer:
profit
Explanation:
profit is a financial return or reward that an entrepreneur aims to achieve to reflect the risk it takes. Profit is also an important signal to other providers of finance to a business. Banks, suppliers and other lenders are more likely to provide finance to a business that can demonstrate that it makes a profit and that it can pay debts as they fall due.
