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
sergij07 [2.7K]
3 years ago
6

Use the information below to answer the following questions. The following units of an inventory item were available for sale du

ring the year: Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
a. Calculate the value of ending inventory using FIFO.
b. Calculate the value of ending Inventory using LIFO.
c. Calculate the value of ending inventory using Weighted Average
Business
1 answer:
Oksi-84 [34.3K]3 years ago
7 0

Answer:

Instrctions are listed below.

Explanation:

Giving the following information:

Beginning inventory 10 units at $55

First purchase 25 units at $60

Second purchase 30 units at $65

Third purchase 15 units at $70

60 units of the item were sold.

A) FIFO

Inventory= 15*70 + 5*65= $1,375

B) LIFO

Inventory= 10*55 + 10*60= $1,150

C) Weighted average:

Average cost= (55 + 60 + 65 + 70)/4= 62.5

Inventory= 62.5*20= $1,250

You might be interested in
An analyst needs to adjust the nominal GDP for the years 2000 and 2010 into real terms to conclude his comparison analysis. The
valentina_108 [34]

Answer:

The answer is: the real gain in real GDP between 2010 and 2000 is 18.34%

Explanation:

First we have to determine the real GDP using the GDP deflator.

GDP deflator = (nominal GDP / real GDP) x 100

For year 2000:

24 = ($672 billion / real GDP ) x 100

2,400 = $672 billion / real GDP

real GDP = $0.28 billion

For year 2010:

51 = ($1,690 billion / real GDP ) x 100

5,100 = $1,690 billion / real GDP

real GDP = $0.331 billion

To calculate the real gain between real GDP from year 2000 to year 2010, we divide real GDP 2010 over real GDP 2000 and subtract 1:

($0.331 billion / $0.28 billion) -1 = 0.1834 x 100% = 18.34%

5 0
4 years ago
Anwar is a task-motivated leader who is in a high situational control environment. Based on Fiedler's Contingency Model, he is l
ExtremeBDS [4]

Answer: be confident, considerate, and focused on removing obstacles.

be considerate, open to suggestions, and concerned with resolving conflicts.

be directive, serious, and with little concern for others.

Explanation:

The Fiedler Contingency Model was created in mid-1960s by Fred Fiedler. He studied the characteristics and personality of an ideal leader. He was a scientist. An ideal leader understands the leader and member relationships. A leader gains the confidence of the fellow members and maintains a sense of trust. The task structure of the leader is clearly structured to avoid any confusion or obstacle in work. The leader can reward or punish the fellow members with a reason. The instructions from leader should be directional. The leader should maintain a sense of seriousness at work. The leader should be available to resolve conflict among other people at work and must be open to take suggestions.

4 0
3 years ago
Hich of the following is NOT a common credit card fee?
vaieri [72.5K]
Balance transfer fee is NOT a common credit card fee.....

HOPE it helps!!!!
8 0
3 years ago
Fried donuts has sales of $764,900, total assets of $687,300, total equity of $401,300, net income of $68,200, and dividends pai
Tomtit [17]
Internal growth rate = Net income / Total Assets
Net income = $68,200 
Total assets = $687,300
Internal growth rate 
= $68,200 / $687,300
= 0.099228 x 100%
= 9.92 %
Fried Donuts has an internal growth rate of 9.92%.
5 0
4 years ago
Unit Elastic is elasticity where a change in the independent variable (usually price) generates a proportional change of the dep
elixir [45]

Answer:

The statement is true.

Explanation:

Unit elastic is described as the demand or supply curve that is perfectly responsive to the changes in the price. In other words, the demand or the quality supplied will change or vary in accordance with the same percentage as the change in price.

The curve which has elasticity of 1 will be called as unit elastic.

5 0
3 years ago
Other questions:
  • An improvement made to a machine increased its fair value and its production ca capacity by 25% without extending the machine's
    8·1 answer
  • (BRAINLIST)
    6·1 answer
  • The Industrial Workers of the World differed from the other major trade unions in that
    14·1 answer
  • A company's retained earnings at the beginning of the year is $1 million. It paid $100,000 in dividends, had $250,000 in net inc
    14·1 answer
  • Work that totals less than forty hours per week is considered _____ work.
    11·1 answer
  • Bill and Bob share ownership of a real property, but neither owns a physical portion of the property. The kind of interest they
    13·1 answer
  • At December 31, Sunrise Company’s inventory records indicated a balance of $654,000. Upon further investigation it was determine
    12·1 answer
  • Your subscription to BusinessWeek is about to expire. You plan to subscribe to the magazine for the rest of your life. You can r
    14·1 answer
  • Northern Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,
    13·1 answer
  • ulie works in the production department. Julie's wages are an example of ______ expenses for the production department.Multiple
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!