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
Veronika [31]
3 years ago
6

The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands).

2016 2015 Cost of sales $1,517,397 $1,529,527 Inventories, net 585,764 546,745 LIFO reserve 4,345 4,094 If Caleres had used the FIFO method of inventory costing, 2016 COGS would have been: A. $1,517,648 thousand B. $1,551,301 thousand C. $1,553,198 thousand D. $1,517,146 thousand E. None of the above
Business
1 answer:
creativ13 [48]3 years ago
4 0

Answer:

A. $1,517,648 thousand

Explanation:

The computation of the cost of goods sold using the FIFO method is shown below:

= Cost of goods sold under LIFO - (Ending LIFO reserves - Beginning LIFO reserves)

= $1,517,397 - ($4,345 - $4,094)

= $1,517,648

We simply applied the above formula so that the cost of goods sold using the FIFO method could come

All other information i.e given is not relevant. Hence, ignored it

You might be interested in
Direct effects of FDI arise when jobs are created in local suppliers as a result of the FDI and when jobs are created because of
Bond [772]

Answer:

The correct answer is False.

Explanation:

Foreign direct investment, in socialization is the placement of long-term capital in some part of the world, for the creation of agricultural, industrial and service companies, with the purpose of internationalizing.

There are several reasons for a company to decide to invest in another country. Almost all the arguments that have been offered for the existence of FDI can be grouped under three basic objectives: the attempt to participate in new markets, increase production efficiency through cost reductions and the attempt to exploit certain strategic assets. Next we will explain in more detail each of these three objectives.

3 0
3 years ago
Terry estimates that the costs of insurance, license, and depreciation to operate his car total $460 per month and that the gas,
puteri [66]

Answer:

Total cost= $984.62

Explanation:

Giving the following information:

Fixed cost= $460

Unitary variable cost= $0.34 per mile

Miles driven= 1,534

<u>First, we need to establish the total cost formula:</u>

<u></u>

Total cost= fixed cost + unitary variable cost*number of units

Total cost= 460 + 0.34*x

x= number of miles

<u>Now, the total cost for the month:</u>

Total cost= 460 + 0.34*1,543

Total cost= $984.62

7 0
2 years ago
Assume that Jing Company earned $29,400 cash revenue and incurred $18,500 in cash expenses in Year 3. The company uses the strai
ElenaW [278]

Answer:

Explanation:

In every single company, the main aim of installing an office equipment is to make profit. After the office equipment made a revenue of $29400, Jing Company incurred expenses of $18500. The value of the equipment was $29400- $18500= $10900. It was sold for $10400 meaning that the net income of the equipment was $10400-$10900= -$500. Therefore, it will incur a net loss of $500.

8 0
3 years ago
A broker has an exclusive right-to-sell listing on a building. An offer to purchase the building is received while the owner is
elena-s [515]

Answer:

Broker must obtain the signature of the seller to effect a contract.

5 0
3 years ago
At January 1, 2018, Transit Developments owed First City Bank Group $600,000, under an 11% note with three years remaining to ma
VashaNatasha [74]

Answer:

interest payable   66,000

note payable      384,000

       Land                            325,000

       Gain on disposal         125,000

Explanation:

600,000 x 11% = 66,000 interest payable

the land is being used to settle the note along with the accrued interest at the time:

the accounting  of Transit developments record the land at cost: 325,000

as the market valuye is 450,000 so a gain for 125,000 will be recognize.

450,000 market value - 66,000 interest payable: 384,000 payment on the note principal

the entry will write-off the interest payable, decrease the note by that amount and recognize the land gain on disposal

4 0
3 years ago
Other questions:
  • Which of the following generate the type of externality previously described? (Negative Externality)
    11·1 answer
  • ________________ is a general term used to describe the systems of businesses and organizations that arrange for the financing a
    6·1 answer
  • Rick took his family to a major league baseball game. he gave his son $100 to buy food and drinks for the group. hot dogs cost $
    11·1 answer
  • Expenditures that add to the utility of fixed assets for more than one accounting period are
    12·1 answer
  • Which is a power enjoyed by a stockholder?​
    9·1 answer
  • A company has a factory that is designed so that it is most efficient (average unit cost is minimized) when producing 19,200 uni
    8·1 answer
  • Which of the following statements does not describe a motivation by the buyer or seller in the acquisition or sale of a company?
    11·1 answer
  • Great Wall Pizzeria issued 10-year bonds one year ago at a coupon rate of 6.3 percent. If the YTM on these bonds is 8.5 percent,
    10·1 answer
  • Which of the following would be considered a want and not a need?
    11·1 answer
  • Mimi is granted a license to sell her unique Spirit Pins at local high school lacrosse games. When Mimi prices her pins at $10,
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!