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hammer [34]
3 years ago
5

Katie had a high monthly food bill before she decided to cook at home every day in order to reduce her expenses. She starts to s

ave $1,060 every year and plans to renovate her kitchen. She deposits the money in her savings account at the end of each year and earns 14% annual interest. Katie’s savings are an example of an annuity. If Katie decides to renovate her kitchen, how much would she have in her savings account at the end of seven years? $11,374.32 $9,668.17 $12,966.73 $4,545.60

Business
1 answer:
tiny-mole [99]3 years ago
8 0

Answer:

Savings at the end of seven years would be $11,374.32

Explanation:

Given:

Money deposited in savings account at the end of the year (pmt) = $1060

Annual interest earned (rate) = 14%

Time period (nper) = 7 years

It is an annuity as money is deposited every year. In order to compute the amount available at the end of 7th year, future value annuity needs to be computed.

Spreadsheet function FV can be used to compute the same.

=FV(rate,nper,PMT,PV)

Savings at the end of 7th year is $11,374.32.

Note: PV is 0.

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Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. F
masha68 [24]

Answer:

Closing Units =  (710 units - 490 units)= 220 units

a) FIFO : closing inventory = $14,040

   Mar 18 purchase 20 *$62 =$1,240

  Mar 25 purchase 200 *$64 = $12,800

b) LIFO : closing inventory = $12,780

Mar 1 opening = 90 * $52 =$4,680

Mar 18 purchase = 110 * $62 = $6,820

Mar 25 purchase = 20*$64 =1,280

c) Weighted Average Method (WAM) :

WAM= (Opening cost + purchases cost)/(opening units +units purchased)

       = ($7,800+$14,250)/(150+250) = $55.125 cost before Mar 9 sale

WAM(after the first sale) = ($4,961.25 +$6,820 + $12,800)/(90+110+200)

                                        = $61.45

Closing Inventory = $61.45*220 =$13,519

d) Specific Identification :Closing Inventory = $13,070

Mar 01 opening = 60 *$52 =$3,120

Mar 5 Purchase = 30*$57 =$1,710

Mar 18 Purchase = 40*$62 =$2,480

Mar 25 Purchase = 90*$64 =$5,760

Explanation:

The Question is incomplete. I have provided the missing part of the question below.

Date Activities Units Acquired at Cost Units Sold at Retail

Mar. 1  Beginning inventory  150 units  $52.00/unit    

Mar. 5  Purchase  250 units  $57.00/unit    

Mar. 9  Sales      310 units  $87.00/unit

Mar. 18  Purchase  110 units  $62.00/unit    

Mar. 25  Purchase  200 units  $64.00/unit    

Mar. 29  Sales      180 units  $97.00/unit

     Totals  710 units   490 units

5 0
3 years ago
A company makes tools, such as hammer and tape measures. One of their primary raw materials is steel and if they run out of stee
Sedbober [7]

Answer:

D. continuous review system

Explanation:

In the context of manufacturing it seems that the system being described would be a continuous review system. Like mentioned in the question this is a system that automatically adjusts the stock level in real time when a product moves in or out of stock, and automatically triggers an order for more stock as soon as the stock level hits a low quantity point is hit.

3 0
3 years ago
Meaning of accounting​
frutty [35]

Answer:

<em>Accounting is the process of recording financial transactions pertaining to a business.</em> 

6 0
2 years ago
Videoconferencing, instant messaging, electric meetings, and even conference calls are considered __________ technology.
Alisiya [41]

Videoconferencing, instant messaging, electric meetings, and even conference calls are considered. synchronous technology.

You may easily respond to modification requests, quickly develop new concept designs, and simultaneously update numerous elements of an assembly thanks to synchronous technology. Design reuse, working with imported data, making changes—all of these tasks are made quicker and simpler by synchronous technology.

With the help of Solid Edge's synchronous technology, you can quickly develop new concept designs, accept modification requests with ease, and update many elements of an assembly at once. This design flexibility enables you to do away with onerous preplanning and prevent feature failures, rebuild problems, and time-consuming rework. The ability to treat multi-CAD data as native files thanks to synchronous technology enables seamless communication with partners and suppliers.

Learn more about  synchronous technology here

brainly.com/question/14319190

#SPJ4

4 0
9 months ago
The management of Wengel Corporation is considering dropping product B90D. Data from the company's accounting system appear belo
slamgirl [31]

Answer:

Net loss of $24,600

Explanation:

Sales              $773,900

Variable Expenses ($402,100)

Contribution Margin $371,800

Avoidable Expenses of B90D

Fixed Manufacturing Expenses        $186,000

Fixed Selling and Admin Expenses  %161,200

Total Avoidable expenses                 $347,200

If the product B90D is discontinued,the contribution margin of $371,800 will be lost by Wengel corporation and costs of $347,200 will be saved.

Therefore there will be net loss of $(371,800-347,200) $24,600 to the company if the product is discontinued.

3 0
2 years ago
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