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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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(8 points) The following information relates to the Windsor Company.DateEnding Inventory(End-of-Year Prices)PriceIndexDecember 3
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Answer:

Windsor Company

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                    at year prices                          at base year price

2013              $63,500               100                   63,500                    -  

2014               105,434               119                      88,600                25,100

2015               113,446                131                     86,600               (2000)

2016                128,792              136                    94,700                8,100

2017                118,158                141                      83,800               (10,900)  

Dollar Value Inventory

Dec 31 , 2013     $63,500 at 1.00                   <u>$63,500</u>

Dec 31, 2014        $63,500  at 1.00               $63,500

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                                                                          <u>93,369</u>

Dec 31 2015            $63,500*1.00                  63,500

                                 23,100*1.19                     <u>27,489</u>

                                                                       <u>  90,989</u>

Dec 31, 2016           $63,500*1.00                    63,500

                                  23,100*1.19                       27,489

                                    8,100*1.36                    <u>    11,016</u>

                                                                          <u> 102,005</u>

Dec 31 , 2017              $63,500*1.00                 63,500

                                    20,300*1.19                   <u> 24,157</u>

                                                                           <u> 87,657     </u>  

 

Explanation:

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3 years ago
As the price level rises ceteris paribus people holding some of their wealth in monetary form because:_____
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Which stage of economic development is a time of change from the traditional way of doings things in a society to moving toward
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takeoff

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Answer:

Journal entry for raw material used will be :

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