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
skad [1K]
2 years ago
7

Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning in

ventory 500 $2.40 Apr. 20 Purchase 400 2.50 Dunbar sold 700 units of inventory during the month. Ending inventory assuming FIFO would be: Select one:
A. $500.
B. $470.
C. $490.
D. $480.
Business
2 answers:
Afina-wow [57]2 years ago
4 0

Answer:

Option (A) is correct.

Explanation:

Dunbar sold 700 units during the month.

Dunbar uses FIFO inventory system,

Number of units available for sale = Beginning Inventory + Purchases

Number of units available for sale = 500 + 400

Number of units available for sale = 900

700 units sold includes 500 units of beginning inventory and 200 units of April 20 purchases.

Ending Inventory = Number of units available for sale - Number of units sold

Ending Inventory = 900 - 700

Ending Inventory = 200 units

Ending Inventory includes 200 units of April 20 purchases :

Ending Inventory = 200 units × $2.50

Ending Inventory = $500

Nady [450]2 years ago
3 0

Answer:

option (A) $500

Explanation:

Given:

Date             Transaction            Number of Units       Unit Cost

Apr. 1     Beginning inventory         500                        $2.40

Apr. 20 Purchase                            400                        $2.50

Now,

Number of units sold = 700

Number of units available for sale = Beginning Inventory + Purchases

= 500 + 400

= 900

Now,

using the LIFO approach,

700 units that has been sold includes 500 units of beginning inventory and 200 units of April 20 purchases.

Therefore,

Ending Inventory = Number of units available for sale - Number of units sold

= 900 - 700

= 200 units

Cost of ending inventory = 200 units × $2.50

= $500

Hence,

The correct answer is option (A) $500

You might be interested in
Employers prefer to review a___ resume when the history is the most important consideration. A) targeted b) combination c) chron
jeyben [28]
The answer is C: chronological (because it pertains to an order and can involve history. 
3 0
3 years ago
Writing down ways you would like your community to improve is an example of which of the following? A. humanitarianism B.generat
vitfil [10]

Generation good business ideals

8 0
3 years ago
Read 2 more answers
When private ownership rights are well-defined and enforced, owners of physical assets and resources
sukhopar [10]

Answer:

b. incur the opportunity cost of ignoring the wishes of others.

Explanation:

Opportunity cost in economics is seen as the forgone cost of doing something.

So in this instance where private ownership rights are well defined, everyone knows what is his own and what belongs to others.

The opportunity cost of this will be to ignore the wishes of others. They must now consider the wishes of others.

8 0
3 years ago
Salt Foods purchases forty $1,000, 7%, 10-year bonds issued by Pretzelmania, Inc., for $37,282 on January 1. The market interest
alexira [117]

Answer and Explanation:

The journal entries are shown below;

a. Investment Dr $37,282

      To Cash $37,282

(being the investment in bonds is recorded)

b.

Cash (($1,000 × $40) × 0.07 × 6 ÷ 12) $1,400

Investment  $91

   To interest revenue ($37,282 ×8% × 6 ÷ 12) $1,491

(Being the first interest payment is recorded)

5 0
3 years ago
At the high level of activity in November, 12000 machine hours were run and power costs were $22000. In April, a month of low ac
NISA [10]

Answer:

The estimated fixed cost element of power costs is $10,000

Explanation:

For computing the fixed cost first we have to calculate the variable cost per unit which is shown below:

= (High power cost -  low power cost) ÷ (High machine hours - low machine hours)

= ($22,000 - $15,000) ÷ (12,000 - 5,000)

= $7,000 ÷ 7,000

= $1

Now the fixed cost would be

= (High power cost) - (high machine hours × variable cost per unit)

= $22,000 - 12,000 × $1

= $22,000 - $12,000

= $10,000

4 0
3 years ago
Other questions:
  • What is fifty minuse 1
    6·2 answers
  • Analysis of data management tools for diabetes self-management; can smart phone technology keep up?
    5·1 answer
  • Social media services not only sell advertising space, but also information about their members to businesses, thereby providing
    5·1 answer
  • Assume that the market for soybeans is purely competitive. currently, firms growing soybeans are experiencing economic profits.
    8·1 answer
  • If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25, then total cost at th
    11·1 answer
  • A technology company needs 10 workers experienced in a newly developed programming language. Plenty of applicants express intere
    8·2 answers
  • Need help please <br> Financial statement and ratios quiz
    15·1 answer
  • Luxury Swiss chalet hotel general manager reported to her owner that the hotels occupancy index for calendar year 2019 was 1.25.
    9·1 answer
  • The units of an item available for sale during the year were as follows:
    14·1 answer
  • Question 3 4 Marks Mi Tierra Driving School charges $680 per student to prepare and administer written and driving tests. Variab
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!