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slavikrds [6]
3 years ago
8

Hoover Company purchased two identical inventory items. The item purchased first cost $33.00. The item purchased second cost $35

.00. Then Hoover sold one of the inventory items for $62.00. Based on this information, the amount of:
Business
2 answers:
s2008m [1.1K]3 years ago
8 0

Answer:

The amount of gross margin is 28 if Hoover uses the weighted average cost method

Explanation:

Based on this information, the amount of gross margin is 28 if Hoover uses the weighted average cost method.

When using the weighted average method, you divide the cost of goods available for sale by the number of units available for sale, which yields the weighted-average cost per unit.

From the scenario, the two identical inventory items purchased are:

First cost ........$33.00.

Second cost ..$35.00.

Weighted Cost = (33 x 1) + (35 x 1)] / 2 = $34

Gross profit = $62.00 (sales price) - $34 (cost) = $28

AlekseyPX3 years ago
6 0

Answer:

If Hoover Company used the LIFO method:

gross margin = sales price - purchase price of second item = $62 - $35 = $27

Inventory value = $33

If Hoover Company used the FIFO method:

gross margin = sales price - purchase price of first item = $62 - $33 = $29

inventory value = $35

If Hoover Company used the weighted average method:

gross margin = sales price - average price = $62 - [($33 + $35) / 2] = $62 - $34 = $28

inventory value = $34

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On January 1, a machine with a useful life of 5 years and a salvage value of $15000 was purchased for $115000. What is the depre
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Answer:

Annual depreciation (year 2)= $20,000

Explanation:

Giving the following information:

Purchase price= $115,000

Salvage value= $15,000

Useful life= 5 years

<u>To calculate the annual depreciation under the straight-line method, we need to use the following formula:</u>

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Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (115,000 - 15,000) / 5

Annual depreciation= $20,000

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3 years ago
What are the similarities between scientific theory and bureaucratic theory?
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Answer:

The Scientific Theory is based on using data and human strengths to increase output, while the Bureaucratic management style focuses on hierarchies and tight job roles. Regardless of the organization, the goals remain the same across the board. Every organization strives to minimize costs, while maximizing output.

6 0
3 years ago
Specialization and the division of ______ can increase productivity. Please choose the correct answer from the following choices
trasher [3.6K]

Answer:

Specialization and the division of labor can increase productivity.

Explanation:

Specialization is about an <em>invidivual</em> focusing on very specific tasks that are best suited to them according to their skills and knowledge. This concept can be applied to <em>companies</em> and <em>countries</em>, as they specialize on producing a small amount of products they excel at, for having the raw material, knowledge and/or technology to do so.

The division of labor is about breaking down the production process of a good in <em>different parts</em> performed by <em>different people</em> instead of having all workers performing all the tasks. The idea is to let workers be <em>specialists</em> in a small amout of tasks so that they can be more efficient and overall productivity can be greatly increased. This concept was introduced by the <u>'father of economics'</u> Adam Smith in his book "The Wealth of Nations" released in 1776.

Specialization and division of labor are complementing concepts that bring a company an increase in productivity and helps achieve economies of scale.

3 0
3 years ago
Two workers have the job of placing plastic labels on packages before the packages are shipped out. The first worker can place 1
monitta

Answer:

The correct answer is: The second worker.

Explanation:

Productivity is an economic term describing the relationship between outputs as compared to inputs needed to produce those outputs. It is a measure of efficiency. Typically inputs are raw materials, labor, and capital assets. Outputs are generally expressed as either revenue or total units of finished goods.

In the example, a form to measure each worker's productivity is comparing how many plastic labels they can place per hour. Thus:

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  • Worker 2: <em>850 per 1/3 hour (20 minutes)</em>
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Then, the second worker is more productive.

3 0
3 years ago
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