Answer:
(a) the cost of the goods sold for the September 30 sale and
(b) the inventory on September 30.
- Ending inventory = 9 units at $17 = $153
Explanation:
date transaction units unit price total
1 beginning inv. 23 $16 $368
5 sale -13 ($208)
17 purchase 24 $17 $408
30 sale -25 ($415)
30 ending inv. 9 $17 $153
When we use first in, first out (FIFO) inventory method, the price of the units sold are calculated using the oldest units in inventory.
The COGS of the units sold on Sept. 5 = 13 units x $16 = $208
The COGS of the units sold on Sept. 30 = (10 units x $16) + (15 units x $17) = $160 + $255 = $415
Ending inventory = 9 units at $17 = $153
Answer:
$3,500
Explanation:
Under variable costing method, product costs are calculated on variable manufacturing costs only.
Step 1 : Determine unit Product Cost
Product Cost = Variable Manufacturing Costs
= $ 35
Step 2 : Determine the units in Inventory
Units in Inventory = Opening Stock + Production - Sales
= 0 + 7,210 - 7,110
= 100 units
Step 3 : Determine Inventory value
Inventory value = Units x Cost per unit
= 100 units x $ 35
= $3,500
Conclusion :
the ending inventory of finished goods under variable costing would be: $3,500
<span>A free market exists when the government
places few restrictions on how a good or a service can be produced or sold or
on how a factor of production can be employed. A free market is an economic
system where prices are decided on if there is unrestricted competition between
privately owned businesses. Supply and demand are the main factors in a free
market and there is little to no government control. </span>
false: it means you dont have to agree with them but you have to respect their opinion