1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
You find a mutual fund that offers approximately 6% APR compounded
aliya0001 [1]

Answer:72.19

Explanation:

8 0
3 years ago
Find the interest due on $700 at 10.5% for 90 days.. 19.11. 18.38
ludmilkaskok [199]
To answer the question, I assume that the given interest is annual and simple interest. The interest acquired by the investment in simple interest is given by the equation,
                                    I = P x i x n
where I is interest, P is present worth, i is rate and n is number of interest period. Assuming that a year is 360 days,
                                   I = ($700) x (0.105) x (90/360)
The answer is 18.375. Therefore, the interest due is approximately equal to $18.38. 
8 0
3 years ago
Your family owns a small construction company, CopperBuild, that builds custom homes for an upscale architectural firm. Your two
beks73 [17]

Answer:

All the statements apply

Explanation:

1. Avoid mere mechanical descriptions.

This statement applies because it is an architectural proposal, thus, it should include aesthetic descriptions.

2. Emphasize the benefits to the recipient.

The proposal should include the ways CopperBuild would benefit the investors of the shopping center, from an architectural, and financial point of view.

3. Detail your expertise and accomplishments.

CopperBuild should add a few pages highlighting the firm's past experience, this in order to obtain more credibility.

4. Proposals are sales presentations.

This is a good analogy because what CopperBuild is doing by means of the proposal is selling "itself" (its experience, credibility, prestige) to the investors in order to get the contract.

7 0
3 years ago
Formula for average inventory ​
morpeh [17]

The average of inventory is the average amount of inventory available in stock for a specific period.


To calculate the average of inventory, take the current period inventory balance and add it to the prior period inventory balance. Divide the total by two to get the average inventory amount.
6 0
3 years ago
Columbus Inc. sells a high end hair dryer in a super competitive marketplace. As a result, market research and competitive press
soldier1979 [14.2K]

Answer:

The hair dryer cost cannot exceed 27 dollars per unit

Explanation:

the target cost will the one which achieve the target profit at the selling price of the market.

In this case we are given that selling price is $53 and we want to achieve a 26 dollar gain per unit therefore:

revenue - cost = profit

revneue - profit = cost

53 -26 = cost

cost = 27

3 0
3 years ago
Other questions:
  • Wilson is currently operating at maximum capacity. The firm has a net income of $2,250, total assets of $24,600, long-term debt
    14·1 answer
  • For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direc
    8·1 answer
  • Energy Resources Ltd. does business in 50 countries around the world. The company stresses to all employees the importance of un
    5·2 answers
  • Manny wants to be involved in a business but is not sure which type of business to join or create. He has capital to invest. He
    9·1 answer
  • In the formula for roi, idle plant assets are question 32 options:
    5·1 answer
  • Lincoln Park Co. has a bond outstanding with a coupon rate of 5.75 percent and semiannual payments. The yield to maturity is 4.7
    13·1 answer
  • Organizations are often divided into units or departments. Which of these is NOT a common way to organize a company?
    13·1 answer
  • Kathy Bates has just moved into a condominium complex of 60 units. The complex has a swimming pool, and a management company tak
    15·1 answer
  • How do ethics and law govern how businesses conduct themselves ?
    8·1 answer
  • When aggregate demand falls, to avoid a(n) and return to the long-run equilibrium, we must increase aggregate demand.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!