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
In which of the following situations is having a good credit score important
Serjik [45]
When it comes to financing something, like a home or a car.
7 0
3 years ago
2. Roth retirement funds require you to pay taxes on your investment dollars up-front, while
leonid [27]

Answer:

The Pros and Cons of Roth IRA and the Traditional IRA or 401(K):

Roth IRA is not advantageous to those, who are starting to save late in their career.  It favors the younger worker, who is starting out with low-paying jobs at lower-paying tax rates, who will later be earning more.

With Roth IRA, you suffer the tax burden upfront when you are active and while making your contributions, so that you can enjoy your retirement benefits tax-free.  This is why the younger worker benefits more.  In the prime of life with little responsibilities, you can settle the taxman so that you can be free of him later in older age.  But, if you are in the high tax bracket, this category is not funny for you, anyway.  The IRS has an income limit for this category, therefore, you must go for the traditional IRA.

The traditional IRA saves you the tax burden initially, but you can never be free of the IRS.  It must take its share later, having allowed you to enjoy tax-free contributions.  When the net is filled, the IRS cuts its percentage off.

You will never feel bad then, because your tax rate will surely be reduced in comparison with when you are making the contributions.  So, it is just and right to allow the IRS, who generously helped you to grow the nest in the first place to take its just and lawful cut.  It does not bleed too much then, afterall you are drying up with life's responsibilities, including reduced tax bracket, and many of your children have started answering to the IRS independently.  This is the better time to deal with IRS, anyway.

Explanation:

The question has the explanation:  ROTH IRAs are retirement funds that allow you to pay taxes on your investments into retirement funds as you are making the contributions, so that you are free to make your withdrawals after at least 5 years without paying additional taxes.

The traditional IRAs or the 401(K) encourage you to make your retirement contributions without paying taxes on them so that you can contribute more.  Then the IRS will bounce on you to pay the taxes when you are making withdrawals having grown the investments.

IRAs mean Individual Retirement Accounts which individuals use to save and accumulate their retirement funds.

5 0
2 years ago
Carlos needs to combine words in a First Name and a Last Name column. Which of the following functions should he use
pantera1 [17]

Answer:

with space: =A2&" "&B2

without space: =CONCATENATE(A2,B2)

Explanation:

When using Microsoft Excel the function that you would want to use would be the following

=A2&" "&B2

In this function, you will be combining the text in cell A2 and B2 with a space in the middle, you can change to the cells that you want and simply add &" "& in between them to combine them with a space.

If you simply want to combine the words with no space in between them you can use the concantenate function which combines words in two cells into one but without space.

=CONCATENATE(A2,B2)

4 0
3 years ago
The term given to units that represents the number of completed units that is equal, in terms of production inputs, to a given n
SIZIF [17.4K]

Answer:

The answer is EQUIVALENT UNITS (not included as an option).

Explanation:

Equivalent units are the complete units that could have been produced or manufactured during a period of time given the amount of manufacturing inputs (materials, labor) used.

For example, we have 100 nits that are 40% completed in relation to direct labor and direct materials, we could say that we have 40 equivalent units.

4 0
3 years ago
Wayne worked in an office. He had no criminal record, had never had a complaint made against him about his work or his conduct,
boyakko [2]

Answer:

A) there was no way to foresee that the incident would happen.

Explanation:

Wayne hadn't done anything wrong before in the company, his behavior at the workplace could be described as very good; no complaint in 20 years and no criminal record what so ever. If Wayne was frustrated about his job, he disguised it very well. No one can predict this type of behavior if the person shows no prior signs of violence or frustration.

6 0
3 years ago
Other questions:
  • Zoya has to earn at least $300 to meet her fundraising goal. she has only 100 bracelets that she plans to sell at $5 each. which
    14·1 answer
  • SOMEONE PLEASE HELP ME WITH THIS
    13·1 answer
  • How can these retailers improve productivity?
    14·1 answer
  • Which part of the final report examines in detail the underlying causes of problems, issues, and successes relative to the proje
    13·1 answer
  • The current​ zero-coupon yield curve for​ risk-free bonds is as​ follows: Maturity ​(years) 1 2 3 4 5 YTM 5.05 % 5.49 % 5.78 % 5
    5·1 answer
  • You asked two of your friends to give you their opinions of a business proposal you have written. Now you have received two sepa
    11·1 answer
  • Ben seems to have the Midas touch. He can recognize opportunity where others see only problems. His focus is on creating solutio
    10·1 answer
  • Marcus has decided to open an auto detailing business. He will pick up an automobile from the​ client, take it to his​ parents'
    13·1 answer
  • What is commercial cooking?<br>​
    11·2 answers
  • 2. What is the difference between international marketing and global marketing
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!