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ZanzabumX [31]
3 years ago
12

Required information

Business
1 answer:
Triss [41]3 years ago
4 0

Answer:

1. Ending inventory = $3519

2. Cost of Goods Sold = $21030

3. Sales Revenue = $27279

4. Gross Profit = $6249

Explanation:

FIFO method of inventory valuation is whereby the stock that first comes into the business, leaves first. This is common in perishable inventory such as vegetables or fruits.

Jan 1. Beginning inventory: 53 units x $45 = $2385

Total

53 units x $45 = $2385

Apr 7. Purchase 133 units x $47 = $6251

Total

53 units x $45 = $2385

133 units x $47 = $6251

Jul 16. Purchase 203 units x $50 = $10150

Total

53 units x $45 = $2385

133 units x $47 = $6251

203 units x $50 = $10150

Oct 6. Purchase 113 units x $51 = $5763

53 units x $45 = $2385

133 units x $47 = $6251

203 units x $50 = $10150

113 units x $51 = $5763

1. Ending inventory = 502 - 433 = 69 hence,

69 units x $51 = $3519

2. Cost of Goods Sold =

[$2385 + $6251 + $10150 + (44 units x $51)] = $21030

OR $24549 - 3519 = $21030

3. Sales Revenue =

433 units x $63 = $27279

4. Gross Profit = Sales Revenue - Cost of Goods Sold hence,

$27279 - 21030 = $6249

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Answer:

d. $80 per machine hours

Explanation:

The computation of the overhead rate is shown below:

Overhead rate = Estimated total overhead cost ÷ total machine hours

= $16,000,000 ÷ 200,000 hours

= $80 per machine hours

The overhead rate is come by dividing the estimated total overhead rate by the total machine hours

All the other information that is mentioned is not considered. Hence, ignored it

4 0
3 years ago
Superior has provided the following information for its recent year of operation: The common stock account balance at the beginn
Crank

Answer:

A. 10,000

Explanation:

The dividends declared during the company's recent year can be viewed from the perspective of changes in retained earnings since the  end of the year retained earnings are a function of the beginning of the year retained earnings, net income and dividends as captured in the formula below:

closing retained earnings=beginning retained earnings+net income-dividends

closing retained earnings=$91,000.

beginning retained earnings=$75,000

net income=$26,000

dividends=the unknown

$91,000=$75,000+$26,000-dividends

dividends=$75,000+$26,000-$91,000

dividends=$10,000

5 0
3 years ago
A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a four-year lease term (also
Ostrovityanka [42]

Answer:

year   beginning       interest       payment   total              ending

          balance          payment                       payment       balance

<em>1          150000               0               50000    50000      150000</em>

<em>2        100000            10500           50000    60500      100000</em>

3        50000              7000            50000     57000      50000

4.       0                       3500             50000     53500       0  

b. The balance of the lease liability reported would be $ 150000

Interest payable would be $150000*0.07 = 10500

Explanation:

the opening balance is without the $50000 paid at the beginning of every year.

interest for the previous year is paid on the beginning of the current along with the payment for the year at the beginning.

7 0
3 years ago
Which option best describes a trustworthy person? A. a dependable person B. an honest person C. a person who has never harmed ot
gladu [14]

Answer:

A.

Explanation:

A trustworthy person is one who can be relied on and be trusted by other people in many things such as keeping secret, helping people, etc. This requires many characteristics such as honesty, positiveness or being considerate, kind and compassionate.

Although honesty is one characteristic needed to be a trustworthy person, this is not enough for being considered trustworthy, so that B is eliminated.

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The last answer has totally different meaning from a trustworthy person. Sharing values just help make people in a relationship understand each other, does not mean reliable.

3 0
3 years ago
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Wright Automobiles, a used car dealer, has to purchase soft drinks and snacks for the vending machines in the customer lobby. Th
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<u></u>

A purchase in which the customer buys the same goods in the same quantity on the same terms from the same supplier.

Modified rebuy is a state of affairs wherein the client makes some adjustments within the order, and it could require some additional analysis or studies. straight rebuy: wherein the client reorders the identical products without seeking out data or thinking about different suppliers.

If your company is upset with a dealer's product and the procurement crew makes modifications to the order, you completed a changed rebuy. There are several motives for agencies to try this new requirement, excessive costs, suppliers, product adjustments, etc.

A buying scenario in which an individual or agency buys goods that have been bought previously, however, adjustments either the provider or a few other elements of the preceding order.

Learn more about straight rebuy here brainly.com/question/8530057

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3 0
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