Owner's equity at the beginning of the year is
Assets-liabilities
60,000−17,000=43,000
Owner's equity at the end of the year is
Beginning balance+revenues-expenses+additional investment-withdrawal amount
43,000+48,000−36,000
+8,000−9,000
=54,000
Owner's equity changed by
ending balance-beginning balance
54,000−43,000=11,000. ..answer
GDP deflator is nominal GDP divided by real GDP.
Therefore, 225/real GDP = 3, and then real GDP would then equal 75.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
Material A = 234,000 lbs.
Material B = 39,000 lbs.
Explanation:
First we must determine how many units we have to manufacture:
expected sales + ending inventory - beginning inventory = 76,000 + 10,500 - 8,500 = 78,000 units to be manufactured
now we calculate the amount of direct materials used:
Material A: 78,000 units x 3 lbs. per unit = 234,000 lbs.
Material B: 78,000 units x 1/2 lb. per unit = 39,000 lbs.
Answer:
$1.3 million
Explanation:
Under FIFO costing:
Cost of goods sold = $22 billion
Inventory = $2.1 billion
LIFO Reserve for year-end 2018 = $0.6 billion
At year-end 2019 it had increased to $0.8 billion
Ending inventory (LIFO) = Ending inventory (FIFO) - Ending period LIFO reserve
= $2.1 billion - $0.8 billion
= $1.3 million
