Answer:
$7.38
Explanation:
The average cost method recalculates a new cost per unit with each and every purchase made. This new costs would then be used to calculate the costs of goods sold and inventory value.
Average cost per unit = Total Costs ÷ Units available for sale
= (200 x $7 + 800 x $7 + 600 x $8) ÷ 1,600
= $7.375 or $7.38
The average cost per unit for May is $7.38
Answer:
The correct answer is option A) Statement of Concepts
Explanation:
The Financial Accounting and Standard Board (FASB) pronouncements intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting is Statement of Concepts.
Statement of Concepts is intended to serve the general interest of the public by setting the objectives, characteristics, specific qualities, and other parameters that guide selection of economic concepts that will be recognized and reflected in financial statements for financial reporting.
Statement of concepts guide the FASB in developing well researched and informed accounting principles that reflects the contents and inherent limitations that will be used in developing standards of financial accounting and reporting.
Answer:
Loss on disposal $1,800
Explanation:
Cost of Asset 26,000
Useful life 5years
Sale proceeds 19,000
Depreciation for the year=$26,000/5=$5,200
Written Down value(WDV)=$26,000-$5,200=$20,800
Loss on Disposal= Sale proceeds- WDV=$19,000-$20,800=$1,800
It is assumed that depreciation is fully charged for the year on asset.
Answer:
4. intangible assets.
Explanation:
Total assets are classified into current assets, fixed assets, and intangible assets.
Current assets comprise cash, stock, receivable account, etc.
Fixed assets include plant & machinery, property, facilities, furniture & equipment, etc.
And, the intangible assets are patents, copyrights, goodwill, and other intellectual properties plus they are not seen or even touched.
Whereas the fixed assets or other related synonymous are tangible in nature