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antiseptic1488 [7]
3 years ago
5

he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $29 $638 June 16 Purc

hase 31 units @ $30 930 Nov. 28 Purchase 41 units @ $37 1,517 94 units $3,085 There are 18 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number.
Business
1 answer:
Mama L [17]3 years ago
6 0

Answer:

Thus, difference in gross profit = $144 + $144 = $288

Profit as per FIFO is higher than profit as per LIFO

Explanation:

In the given case, as per both the methods computation shall be as follows:

Date                    Quantity                   Rate              Amount

Mar 1                     22 units                   $29                 $638

Jun 16                   31 units                    $30                 $930

Nov 28                 41 units                     $37                 $1,517

Total                     94 units                                           $3,085

Closing units = 18

That means sales = 94 - 18 = 76 units

Thus as per LIFO cost = 41 units @ $37 + 31 units @ $30 + 4 units @ $29

= $2,563

Closing stock = 18 units @ $29 = $522

As per FIFO cost = 22 units @ $29 + 31 units @ $30 + 23 units @ $37 = $2,419

Closing stock = 18 units @ $37 = $666

Thus, difference of closing stock = $666 - $522 = $144

Profit as per FIFO is higher by $144

Cost is higher in LIFO by $2,563 - $2,419 = $144

Thus, difference in gross profit = $144 + $144 = $288

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Answer:

False

Explanation:

Ramon is a sole proprietor and he has the right to take the profits from his business after conducting all the necessary tax deduction. Therefore, on the Schedule C Report, he can also document the income/profit he made after removing the self employment tax. He doesn't need to document the income from the payment card and other sources of income.

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personnel psychology

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8 0
3 years ago
Unlike traditional manufacturing, flexible manufacturing: a. decreases efficiency. b. lowers unit costs. c. allows the productio
loris [4]

Answer:

The correct answer is letter "B": lowers unit costs.

Explanation:

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Flexible manufacturing concentrates on using technology for mass-production of products characterized to be subject to rapid market changes. <em>Flexible manufacturing saves money in labor costs, thus, lowers the unitary costs of the output.</em>

4 0
3 years ago
The Mighty Music Company produces and sells a desktop speaker for $100. The company has the capacity to produce 50,000 speakers
castortr0y [4]

Answer:

$75

Explanation:

Calculation to determine what selling price will the company be indifferent between accepting and rejecting the special order

Using this formula

Selling price between accepting and rejecting the special order= ( Additional cost ÷ Units sold number) + Unit level Cost

Let plug in the formula

Selling price between accepting and rejecting the special order= ( $15,000 ÷ 500 ) + $45

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Selling price between accepting and rejecting the special order= $75

Therefore The selling price that the company will be indifferent between accepting and rejecting the special order is $75

8 0
3 years ago
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I would go to the movies if it was up to me.

4 0
3 years ago
Read 2 more answers
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