Answer:
Ending inventory (EI) = 19,619
Cost of goods sold (COSG) = 7,085
Explanation:
To calculate COSG using FIFO, we have to take the first units purchased and then take the next ones purchased.
In this case:
- 65 units * $62 = 4,030
- 168 units * $63 = 10,584
- <u>77 units * $ 65 = 5.005</u>
- COSG 310 units = 19,619
The EI will be the remaing units:
EI = 109 units * $65 = 7,085
The Initial Inventoriy company and purchases total: (4,030 + 10,584 + 12,090) 26,704. That is the total amount of inventory. Those units are sold or are in the EI, so COSG and EI must total the same amount: 19,619 + 7,085 = 26,704.
Answer: assessed as a percentage of the imported product's value levied on specific imported and exported products
Explanation: In simple words, tariffs which are ad valorem are valued on the basis of the transaction value of the goods and services that are to be imported or exported.
This strategy is implemented when the country wants to decrease its export deficit by placing high tariffs on imported goods which are of low value to the economy.
Answer:
Cost of goods sold will be too low by $5000.
Explanation:
Since, As per the given situation the current year the ending inventory is overstated by $5,000. By mistaken company reported the net income is $100,000.
Therefore, the ending inventory is high so, the error on the income statement of the current period is the too low of cost of goods sold will be by $5000.
Answer:
The U.S. Department Of Labor
Explanation:
<em>The (DOL), United States Department of Labor is a department of the United States' federal government responsible for occupational wellbeing and safety, wage and hour standards, unemployment benefits and insurance. The department is headed by the United States Secretary of Labor.
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<em>The objective of the Department of Labor is to promote and develop the wellbeing and safety of job seekers, wage earners and retirees of the U.S. </em>
Well the only answer is c so c