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Bumek [7]
3 years ago
10

Alphabet Company, which uses the periodic inventory method, purchases different letters for resale. Alphabet had no beginning in

ventory. It purchased A thru G in January at $6.00 per letter. In February, it purchased H thru L at $8.00 per letter. It purchased M thru R in March at $9.00 per letter. It sold A, D, E, H, J and N in October. There were no additional purchases or sales during the remainder of the year. If Alphabet Company uses the LIFO method, what is the cost of its ending inventory
Business
1 answer:
RSB [31]3 years ago
3 0

Answer:

$82

Explanation:

Month                            Quantity       rate         Total  

January purchase            7 letters       6             42

February                           5 letters       8             40

March                                6 letters       9             45

Total                                  18                                127

Number of letters sold = 6

Closing inventory = 18 - 6 = 12

Using LIFO , the last set of item purchased are the first to be sold , therefore the closing inventory will be

(5*8)+(7*6)= $82

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Answer:
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3 years ago
When Tim earned​ $65,000 he purchased 10 novels a year. His income has just increased to​ $68,000 and he plans to purchase 15 no
trasher [3.6K]

Answer:

8.88

Explanation:

Data provided in the question:

Initial income, I₁ = $65,000

Initial novel purchased, D₁ = 10

Final income, I₂ = $68,000

Final novel purchased, D₂ = 15

Now,

Tim's income elasticity of demand for novels will be

= \frac{(\frac{D_2-D_1}{D_1+D_2})}{(\frac{I_2-I_1}{I_1+I_2})}

on substituting the respective values, we get

= \frac{(\frac{15-10}{10+15})}{(\frac{68,000-65,000}{65,000+68,000})}

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5 0
4 years ago
Statements Answer 1. Significant financial statement accounts are materially affected, either directly through entries in the ge
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Answer:

Explanation:

1. Significant financial statement accounts are materially affected, either directly through entries in the general ledger, or indirectly through the creation of rights or obligations that may or may not be recorded in the general ledger by major class of transaction.

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3. A significant deficiency is a control deficiency that is less severe than a material weakness yet important enough to merit attentions by those responsible for oversight of the company's financial reporting.

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If the Potinsky household spends ​$37 comma 300 annually on all living expenses and​ long-term debt, calculate the amount recomm
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Answer:

$9,249 for three months, $18,498 for six months.

Explanation:

Experts recommend that an emergency fund should include 3 to 6 months of cash to provide for living expenses.

The Potinsky household spends $37,000 annually, therefore, it spends $3,083 monthly ($37,000 / 12).

For a three-month emergency fund = $3,083 x 3

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