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2 years ago

Lionworks Enterprises had the following inventory data:

Business

1 answer:

Kamila [148]2 years ago

3 0

Answer:

The correct answer is a. $654

Explanation:

In order to calculate LIFO, which means last in first out, you have to determine the cost of your most recent inventory and multiply it by the amount of inventory sold.

In this case, the sale that was made on July 7 include 10 units purchased on July 4 and 2 units from July 1 which was the beginning inventory.

The cost of goods for the July 7 sale=(10 units × $55) + (2 units× $52) = $654

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At the beginning of the year, Bryers Incorporated reports inventory of $7,700. During the year, the company purchases additional

SVETLANKA909090 [29]

Answer: $20,700

Explanation:

beginning inventory (X) = $7,700

purchased additional inventory (Y) = $22,700

ending inventory (Z) = $9,700

So first, we have to calculate Cost of goods available for sale (A), we add beginning inventory (X) and purchased additional inventory (Y)

A = X + Y

A = 7,700 + 22,700

Cost of goods available for sale (A) = 30,400

NOW to get our Cost of goods sold for the year (B), we subtract ending inventory (Z) from cost of goods available for sale (A)

B = A - Z

B = 30,400 - 9,700

B = 20,700

therefore the cost of goods sold for the year is $20,700

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3 years ago

An investment that has earned a high rate of return over the last 5 years will necessarily continue to perform well in the futur

bija089 [108]

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1 year ago

1.People who make the best mystery shoppers have usually prepared themselves by: Reading Passing Certification Courses Researchi

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3 years ago

Sheridan Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $2

Lady_Fox [76]

The adjusting entry that Sheridan Company will make if the Allowance for Doubtful Accounts has a credit balance of $2500 before adjustment is:

Debit Bad Debt Expense $10,000

Credit Allowance for Doubtful Accounts $10,000

Sheridan Company Adjusting Journal entry

Debit Bad Debt Expense $10,000

Credit Allowance for Doubtful Accounts $10,000

[($250,000 × 0.05) - $2,500]

[($12,500- $2,500)=$10,000]

(To record Allowance for Doubtful Accounts)

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3 years ago

Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of wh

Marysya12 [62]

<span>1) - we see here that each college is different, so the answer is that they are not competitive because they are not not homogenous - since they can for example not all offer the same courses 2) This is a monopoly - they have the exclusive right to provide some service! it's not a competetive market (other companies don't have free entry). 3) Here there are not too many sellers - it's just a few companies, so people alsco can't choose from too many options. 4) this is a true competitive market - it has a free entry, many sellers and the product is homogenous!</span>

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3 years ago