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Nata [24]
4 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]4 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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Discriminatory practices that are deeply embedded in institutions such as education, health care, business, and criminal justice
Taya2010 [7]

An institutional discrimination is the discrimination that occurred in institutions such as education, health care, business and criminal justice.

<h3>What is an institutional discrimination?</h3>

This refers to a prejudicial practices within an institutions that often result in the systematic denial of resources or opportunities to the members.

Hence, it is the type of discrimination that often occurred in institutions such as education, health care, business and criminal justice.

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3 0
2 years ago
Coastal Shores Inc. (CSI) was destroyed by Hurricane Fred on August 5, 2021. At January 1, CSI reported an inventory of $170,000
Fofino [41]

Answer:

$65,000

Explanation:

Calculation to determine what The estimated inventory loss due to Hurricane Fred would be

Beginning inventory$170,000

Add Net purchases195,000

Goods available for sale365,000

($170,000+$195,000)

Less: Cost of goods sold (300,000)

($480,000/160%)

Estimated ending inventory$65,000

($365,000-$300,000)

Therefore The estimated inventory loss due to Hurricane Fred would be $65,000

8 0
3 years ago
Is a 401 K considered an individual retirement account?.
Natasha_Volkova [10]

No, 401(k) can not be considered as an individual retirement account.

The 401(k) differs from an individual retirement account ((RA) because A 401(k) is created through an individual's employer. Generally, 401(k)s as well as individual retirement accounts include beneficial tax advantages, But where we see a distinction is that the 401(k)s are designed for employers of labor to offer while individual retirement accounts are for Individuals as IRAS give more investment opportunities and 401(k)s gives a higher annual contribution.

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5 0
2 years ago
Observation #2
Maru [420]

Answer:

1. A business name is your business's legal name. It is the official name of the person or entity that owns a company. And, it's the name you use on your government forms and business paperwork.

2. Review common business structures

Sole proprietorship. A sole proprietorship is easy to form and gives you complete control of your business. ...

Partnership. Partnerships are the simplest structure for two or more people to own a business together. ...

Limited liability company (LLC) ...

Corporation. ...

Cooperative.

3. A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals.

6 0
3 years ago
First National Bank Assets Liabilities and Net Worth US Treasury Bonds $450,000 Net Worth $500,000 Reserves (Cash) $175,000 Chec
Firdavs [7]

Answer:

The Required Reserve Ratio is 25% for all banks. Assuming that all the customers that have outstanding loans have used all of those additional funds to invest in new machinery for their businesses (therefore, the amount of Checkable Deposits is the true liability the bank has to its customers), the whole system (these three banks) is capable of creating $___3,400,000____ in new loans.

Explanation:

a) Data and Calculations:

Required Reserve Ratio (RRR) = 25%

Checkable Deposits:

First National Bank                    $250,000

Second National Bank                  100,000

Third National Bank                     500,000

Total of Checkable Deposits = $850,000

Money Supply = Total Checkable Deposits/Required Reserve Ratio

= $850,000/25%

= $3,400,000

b) The computation of the total Money Supply is based on the stated assumption that "all the customers that have outstanding loans have used all of those additional funds to invest in new machinery for their businesses (therefore, the amount of Checkable Deposits is the true liability the bank has to its customers)."

4 0
3 years ago
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