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
Zepler [3.9K]
3 years ago
13

had the following balances and transactions during​ 2018: Beginning Merchandise Inventory 10 units at $74 March 10 Sold 7 units

June 10 Purchased 30 units at $84 October 30 Sold 25 units What is the amount of the​ company's ending Merchandise​ Inventory, as disclosed in the December​ 31, 2018 balance​ sheet, using the periodic LIFO inventory costing​ method?
Business
1 answer:
Maslowich3 years ago
4 0

Answer:

$592

Explanation:

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

the ending inventory would consist of earlier purchased goods.

total goods sold is 32. it would be taken from the purchase on June 10 and 2 units would be taken from beginning inventory.

ending inventory = 10 -2 = 8 x $74 = $592

You might be interested in
Your company builds cars in Texas. You purchase metal from a company in Wisconsin. You are part of the _________ segment of the
kramer

Answer:

You are part of the internal segment of the supply chain, and the metal company is part of the upstream supply chain.

The internal supply chain relates to processes within the company, and the upstream supply chain refers to the supply of raw materials and other input to be made into output in the company.

If a car-building company in Texas imports steel from Wisconsin, then, the providers in Wisconsin are the upstream supply chain.

4 0
3 years ago
Writing off an uncollectible account affects ________ under the allowance method.
Flura [38]
Writing off an uncollectible account affects only balance sheet accounts under the allowance method. 
3 0
3 years ago
Adjustment error. The accountant for Stringer Services failed to adjust the Supplies account to recognize the amount consumed du
gladu [14]

Answer:

a. unaffected

b. understated

c. overstated

d. overstated

e. overstated

f. unaffected

Explanation:

The journal adjustment entry for supplies consumed should be;

Supplies expense A/C                                            Dr.

     To Supplies  A/C                                    

(Being supplies consumed recorded)

Supplies expense being an expense and supplies being an asset, the omission would lead to understated expenses since the expense has not been recorded and overstated assets since the cost of supplies used was supposed to be reduced from assets balance.

6 0
3 years ago
As a politician, you would be more inclined to propose an increase in the minimum wage when you believe that the new minimum wag
scoundrel [369]
The answer is c. Be equal to the equilibrium wage.
3 0
3 years ago
Identify and explain three reasons that an artist would elect to present content through abstract or non-representational form,
alexira [117]
There are at least 3 reasons why an artist would represent their ideas in abstract form. First, they may try to show the essential form or shape of the subject matter as in some paintings of the Group of Seven or Emily Carr in Canada in portraying snowy mountains or forests for example. Then, they may show disfigured people and horses screaming their outrage and dismay at being bombed like the painting of Guernica by Picasso to show outright rejection of the terrible bombing of Guernica in Spain by the Nazis in WWII. Also, color in an abstract painting can show the emotions of the painter such as in dark forests by Emily Carr to capture the feeling of being inside a dense forest of being closed in yet surrounded by wonderful vegetation.
6 0
3 years ago
Other questions:
  • In response to some recent customer complaints about poor​ service, francesca prepares a training presentation and manual for cu
    6·1 answer
  • Lucky Cow Dairy provided the following expense information for​ May: Assemblyminusline ​workers' wages $ 72 comma 300 Caps for m
    11·1 answer
  • Purchase of a house is:
    14·1 answer
  • Bryson Accounting Services performed accounting services for a client in December. A bill was mailed to the client on December 3
    14·1 answer
  • had the following balances and transactions during​ 2018: Beginning Merchandise Inventory 10 units at $74 March 10 Sold 7 units
    13·1 answer
  • Select the statement that is not a component of a standard housing lease?
    15·1 answer
  • A company paid its annual dividends of $5.39 per share last week. The company expects to grow its dividends at the rate of 5.0 p
    6·1 answer
  • Which is true of payment history and it’s relation to credit reports
    5·1 answer
  • Type the correct answer in the box. Spell all words correctly.
    6·1 answer
  • The effects of legislation on human resource professionals is important because: Multiple choice question. it seldom changes and
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!