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eduard
2 years ago
14

On January 1, 2021, the Coldstone Corporation adopted the LIFO retail inventory method. Beginning inventory at cost and at retai

l were $180,000 and $300,000, respectively. Suppose the retail values of inventory and the cost-to-retail percentages are as follows:
Retail value of inventory Cost-to-retail %
12/31/2021 $375,000 2021 65%
12/31/2022 $220,000 2022 66%
What is the cost of inventory balance that Coldstone would report in its 12/31/2022 balance sheet?
a) $132,000.
b) $126,450.
c) $134,200.
d) $145,200.
Business
1 answer:
VladimirAG [237]2 years ago
5 0

Answer:

D. $145,200

Explanation:

From the scenario, it is observed that the Coldstone Corporation adopted the LIFO retail inventory method. This implies that the company believes that the goods sold first are the ones acquired recently. From the scenario given, we see that the retail value and cost-to-retail percentage have been given.

Therefore, to calculate the retail percentage, we use the formula

                      Cost of good ÷ Retail value

To find the cost of inventory balance that Coldstone would report, we would multiply the cost-to-retail percentage with the given retail value.

Therefor,  for 12/31/200 the cost of inventory would be:

$220,000 × 66% = $145,200

The cost of inventory balance that Coldstone would report in its 12/31/2022 balance sheet is $145,200.

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James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two department
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Answer:

Total cost= $9395

Explanation:

Giving the following information:

The company has two departments: Assembly and Sanding.

The Assembly Department:

Departmental overhead rate of $35 per machine hour.

The Sanding Department:

Departmental overhead rate of $20 per direct labor hour.

Job 603:

Direct labor hours used 85

Machine hours used 107

The cost of direct labor is $30 per hour

Direct materials used= $1,400.

Total cost= direct materials + direct labor + manufacturing overhead

Total cost= 1400 + $30*85 + [(107*$35)+(85*$20)]

Total cost= 1400 + 2550 + 5445

Total cost= $9395

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3 years ago
| 50 POINTS | If The Oil Prices Around The World Rise , What Will Happen To The Oil Production In Texas?
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The oil will increase in texas
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3 years ago
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Following are some of Friendly Village’s transactions during the calendar year 2019. For each transaction, state (a) the amount
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Answer:

1. Governmental type fund $605,000

Enterprise fund $605,000

2. Governmental type fund $100,000

Enterprise fund $5,000

3.Governmental type fund $13,000

Enterprise Fund $3,000

Explanation:

1a) Calculation to determine the amount the Village would report as expenditures for the year 2019

Governmental type fund=$600,000+$5,000

Governmental type fund=$605,000

1b) Calculation to determine the amount it would report as expenses for the year

Enterprise fund=$600,000+$5,000

Enterprise fund=$605,000

Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :

Governmental type fund $605,000

Enterprise fund $605,000

2a) Calculation to determine the amount the Village would report as expenditures for the year 2019

Based on the information the Governmental type fund will be the amount of $100,000 reason been that The truck cost the amount of $100,000

Governmental type fund=$100,000

2b) Calculation to determine the amount it would report as expenses for the year

Enterprise fund=[($100,000/10 years)*6/12]

Enterprise fund=$100,000*6/12

Enterprise fund=$5,000

Note that July 1 to December 31 will give us 6 months

Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :

Governmental type fund $100,000

Enterprise fund $5,000

3a. Calculation to determine the amount the Village would report as expenditures for the year 2019

Governmental type fund= $10,000+$3,000

Governmental type fund= $13,000

3b. Calculation to determine Calculation to determine the amount it would report as expenses for the year

Based on the information given we were told that he paid the interest amount of $3,000 as the first installment on the debt which means that the amount it would report as expenses for the year is $3,000

Enterprise fund $3,000

Therefore the amount the Village would report as expenditures for the year 2019 and the amount it would report as expenses for the year will be :

Governmental type fund $13,000

Enterprise Fund $3,000

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What is a stock market
Dahasolnce [82]
It is a stock exchange 
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3 years ago
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Some companies require employees to only use their company cell phones for work related activities. Companies can check phone re
11Alexandr11 [23.1K]

Answer:

The correct answer is letter "D": honesty.

Explanation:

By relying on employees' honesty, companies who provide workers certain benefits such as corporate mobile phones or credit cards believe employees will make correct use of those resources. Some entities prefer to implement tracking systems that allow them to check for what purposes those resources were utilized not only to verify their proper use but to evaluate what kind of employee they are dealing with.

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