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Nata [24]
3 years ago
8

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells

390 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 350 $ 3.40 Purchase on January 9 80 3.60 Purchase on January 25 110 3.70 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Business
1 answer:
Kay [80]3 years ago
5 0

Answer:

$510 is costs assigned to ending inventory

Explanation:

According to Last-In- First-Out method of inventory valuation , items of stock received last is sold first.

As a result, the sale of 390 units on January 26 is from the purchases of 25 January (110 units), January 9 (80 units) and 200 units from the purchase made on  January 1st.

Above all, closing inventory is items bought on January 1st.

Value of closing inventory=150*$3.40=$510

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A flower shop acquired 80 new customers last year. Costs in the marketing and sales areas were the following:
Anna11 [10]

Answer:

$1,215 per customer

Explanation:

Add all costs:

Marketing Costs = $1,200

Sales Costs = $9,000

Salaries = $87,000

Total = $97,200

$97,200 divided by 80 new customers = $1,215 per customer

6 0
2 years ago
If real GDP is $200 billion, full employment GDP is $500 billion, and the marginal propensity to consume is 0.75, then Congress
Anuta_ua [19.1K]

Answer:

The answer is: decrease taxes by $100 billion.

Explanation:

If the real GD is $200 billion, which represents only 40% of full employment GDP, then the government should try to increase consumer spending either by decreasing taxes or increasing government spending, or a combination of both.

In this case, I chose the tax decrease since government have budget limitations and they can only decrease taxes by so much before hitting a deficit. Additionally, when you have a large tax reduction, usually government spending either stays the same or decreases.

If the government decreases taxes by $100 billion, the marginal propensity to consume shall result in a $75 billion increase in consumption. According to the Keynesian Multiplier theory, that $75 billion should generate additional production, creating a virtuous cycle that should increase the real GDP in a larger proportion.

3 0
3 years ago
What is economic growth
goblinko [34]
Hey there!

(economic) growth is when the country or the city is more wealthy in money. This would mean that there are not lacking in making this city or ect, look good, they have food to eat, water, and this is what make a economic city place look good. It is also when places have money to use on other thing's as a skating rink or things of that case.
3 0
3 years ago
Read 2 more answers
Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of emp
Elena L [17]

Answer:

On Jan 31

Vacation pay expense Dr $8,900

        To vacation payable $8,900

(Being the vacation expense is recorded)

Explanation:

The journal entry is as follows

On Jan 31

Vacation pay expense Dr $8,900

        To vacation payable $8,900

(Being the vacation expense is recorded)

The computation is shown below:

= Estimated amount of the current year's vacation pay ÷ total number of months in a year

= $106,800 ÷ 12 months

= $8,900

For recording this transaction we debited the vacation expense as it increased the expenses while at the same time it also increased the liabilities so the vacation payable is credited

6 0
3 years ago
Identify the item below that is accurate regarding preparer retention of records.a. The preparer must make the copy or record of
AveGali [126]

Answer:

D. all of the above

Explanation:

a. The preparer must make the copy or record of returns and claims for refund and record of the individuals required to sign available for inspection upon request by the commissioner.

b. The preparer must retain a completed copy of each return or claim for refund prepared or retain a record by list, card file, or otherwise, of information, as required by regulation, about each return prepared.

c. The preparer must retain information about the preparer of each return presented to a taxpayer for signature. This information may be retained via retention of a copy of the return or claim for refund, maintenance of a list or card file, or otherwise.

7 0
3 years ago
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