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murzikaleks [220]
3 years ago
7

One identical unit is purchased on each of the following three dates and at the respective costs: June 1 at $10 June 2 at $15 Ju

ly 4 at $20 The company sells two units during the period. Conclude which inventory items are sold first and which unit remains in ending inventory if the company is using the FIFO cost flow assumption.A. The June 1 at 10 is sold; the June 2 at $15 and July 4 at $20 remain in ending inventory.B. The June 1 at 10 and the June 2 at $15 are both sold; the July 4 unit remains in ending inventory.C. The June 2 at $15 and the July 4 at $20 are both sold; the June 1 at $10 remains in ending inventory.
Business
1 answer:
Oksi-84 [34.3K]3 years ago
8 0

Answer:

B. The June 1 at 10 and the June 2 at $15 are both sold; the July 4 unit remains in ending inventory.

Explanation:

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

2 units were sold. the June 1 and June 2 units would be the items sold because they were the first to be purchased according to the dates.

the ending inventory would be the the July 4 unit

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Burning one gallon of gasoline in a car releases approximately 20 pounds of CO2 into the atmosphere. One average person drives 6
Oksanka [162]

Answer: 20,000 pounds of CO₂

Explanation:

30 mpg car.

Number of gallons of gasoline used:

= 60,000 / 30

= 2,000 gallons

CO₂ released = 2,000 * 20

= 40,000 pounds

20 mpg car

Number of gallons used:

= 60,000 / 20

= 3,000 gallons

CO₂ released = 3,000 * 20

= 60,000 pounds

Difference:

= 60,000 - 40,000

= 20,000 pounds of CO₂

8 0
3 years ago
Bogart Company is considering two alternatives. Alternative A will have revenues of $146,100 and costs of $104,400. Alternative
irinina [24]

Answer:

Choosing alternative B would increase net income by $17,100

Explanation:

The analysis showing the incremental revenues,costs and net income of alternative A and B is shown below:

              Alternative A           Alternative   B     Difference between A&B

Revenues        $146,100            $185,900           $39800

Costs               ($104,400)           ($127,100)        ($22700 )

Net income      $41,700                 $58,800        $17,100

Alternative B records a higher net income compared to Alternative A,hence choosing alternative B would increase net income by $17,100

r

4 0
3 years ago
In July, Lane Co. sells merchandise to Avery Co. on account. In August, Avery pays the balance in full. The entry that Lane will
grandymaker [24]

The entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.

<h3>What is Accounts Receivable?</h3>

Accounts Receivable can be defined as the amount a company is expected to receive from their clients or customers for the goods and service they rendered to their clients.

Based on the information given the appropriate journal entry to record the transactions is:

Debit Cash

Credit Account receivable

(To record the receipt of cash)

Inconclusion the entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.

Learn more about account receivable here:brainly.com/question/24848903

7 0
2 years ago
Adjustment for Prepaid Expense The supplies account had a beginning balance of $3,690 and was debited for $1,700 for supplies pu
zysi [14]

Answer:

Dr supplies expense   $4,100

Cr supplies                                       $4,100

Explanation:

Supplies used in the year needs to be ascertained before any adjusting entry can be posted.

Supplies used=beginning supplies+purchases-ending supplies

beginning supplies is $3,690

purchases of supplies was $1,700

ending balance of supplies was $1,290

supplies used=$3,690+$1,700-$1,290=$ 4,100.00  

The used portion of supplies would be debited to supplies expense while supplies inventory is credited with the same amount.

4 0
3 years ago
Suppose buyers of computers and printers regard the two goods as complements. Then an increase in the price of computers will ca
amid [387]

Answer: Option (a) is correct.

Explanation:

The complimentary goods are the goods which are used together to satisfy a given want. There is an inverse relationship between the price and demand of complimentary goods.

Suppose there are two complimentary goods such as computers and printers. So, an increase in the price of computers will lead to reduce the demand for printers because both are used together. Hence, there is a fall in the quantity supplied of printers. Alternatively, a decrease in the price of computers will lead to increase the demand for printers because both are used together.

5 0
3 years ago
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