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dybincka [34]
3 years ago
12

Cost of Goods Sold Pine Creek Company completed 200,000 units during the year at a cost of $3,000,000. The beginning finished go

ods inventory was 25,000 units at $310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow. $
Business
1 answer:
Tatiana [17]3 years ago
3 0

Answer:

$3,085,000

Explanation:

FIFO means first in first out. It means it is the first purchased inventory that is the first to be sold.

The costs of goods sold would first be allocated to the beginning inventory = $310,000

The remaining cost of goods sold Je allocated to the inventory made during the year = 210,000 - 25,000 = 185,000

185,000 × ( $3,000,000 / $200,000) = $2,775,000

Total cost of goods sold = $2,775,000 + $310,000 = $3,085,000

I hope my answer helps you

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On August 1, Batson Company issued a 60-day note with a face amount of $58,800 to Jergens Company for merchandise inventory. (As
Trava [24]

Answer:

a. $58,800

b. $57,820

Explanation:

Generally, notes are issued on the discounted or face value. It is face value when the price of the note is the same as the face value while it is discounted when the price of the note is lower than the face or par value.

a. Since the note is issued on the face value of $58,800 , it means that the proceed is the same amount. The proceeds from a note that is issued, is that price at which the note is issued.

b. Discount value

= $58,800 × 10% × 60/360

= $980

Proceeds

= Face/par value of the note - Discount value of the note

= $58,800 - $980

= $57,820

5 0
3 years ago
Judy has realized that she does not like working for others. She wants to open a business i n which she will have maximum contro
qwelly [4]

Answer:

<em>Sole proprietorship</em>

Explanation:

Judy has realized that she does not like working for others . She wants to open a business in which she will have maximum control and the least fro, government regulations . <u>Sole proprietorship</u> is best suited for Judy's needs.

<em>Sole proprietorship is the form of business in which a single person is responsible for all the decisions , that single person have full control over the business . </em>

Sole proprietorship is the form of business which is easy to form  with no legal formalities. There is a secrecy in Sole proprietorship . In  Sole proprietorship the interference of the government is minimum .Sole proprietorship facilitate quick decision making as he /she does not need to concern with others. In the sole proprietorship , the individual need not share his profit with other person . The overhead cost in Sole proprietorship is less.

In you need not to work under anyone, you just need to open it and run according to you , you have full control over it , as no one can say anything to you .

3 0
3 years ago
Hawk Corporation purchased 10,000 shares of Diamond Corporation common stock in 2016 for $50 per share. Hawk Corporation does no
melomori [17]

Answer:

Gain reported in 2019 is $200,000

Explanation:

The amount gained on Diamond's shares in 2017= (60-50)* 10,000= $100,000

Amount gained on Diamond's shares in 2018= (65-60)* 10,000= $50,000

Amount gained in 2019= (70-65)* 10,000= $50,000

So total gain reported in 2019= 100,000+ 50,000+ 50,000= $200,000

7 0
3 years ago
Suppose that your colleague has accidentally spilled coffee on his laptop and the file containing your firm\'s cost data has bee
Wittaler [7]

Solution:

Q      MC       FC      VC     TC      AFC     AVC     ATC

0       NA       50        0       50       NA      NA       NA

1        50      50       50      105       50       50      105

2        19       50      64       104       20       32       52

3       85        40      149      189    13.33    49.67  63.00

4      223       40      372     412       10        93        103  

TC=FC+VC

FC=40

VC=TC-FC

MC=change in TC

AFC=FC/Q

AVC=VC/0

ATC=TC/0

a) TC when 0=0 = 40 because FC = 40 remains constant and the firm still incurs a total cost equal to its FC when it produces zero output.

b) MC for first unit = 45

c) ATC of 3rd unit = 63

d) AVC for 4th unit = 93      

6 0
3 years ago
The standard deviation of the market-index portfolio is 25%. Stock A has a beta of 1.80 and a residual standard deviation of 35%
kap26 [50]

Answer:

0.2925

Explanation:

Total variance = Systematic variance + Residual variance

= (β^2)Var(rM) + Var(e)

Where beta β= 1.80 and

residual standard deviation σ(e) = 0.35,

variance = (1.80^2)×0.25^2 + 0.3^2= .

=3.24 × 0.0625 + 0.09

= 0.2925

7 0
3 years ago
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