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Bumek [7]
2 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]2 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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Trade Surplus and positive net Capital flow

Explanation

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3 years ago
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Answer:

the amount of the adjustment in the Allowance for

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Explanation:

Initial Balance  

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3 0
3 years ago
Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu
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Answer:

$800

Explanation:

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Pedro's donation to the church of $1,000 is charity, but he has to deduct the registration fee of $200 from it. Thus, his total charitable contribution is $1,000 - $200 = $800

4 0
3 years ago
Frederick Company has two service departments (Cafeteria Services & Maintenance). Frederick has two production departments (
Alja [10]

Answer:

Maintenance total cost: 325,000

Cost Allocated to Packagin from Maintenance 162,500

Explanation:

\left[\begin{array}{ccccc}&Maintenance&Cafeteria&Assembly&Packaging\\Employees&4&&8&8\\Direct \: Cost&270,000&275,000&&\\Allocate C&55,000&-275,000&&\\Subtotal&325,000&&110,000&110,000\\Allocate M&-325,0004&-15,760&-162,500&-162,500\\Total&&&272,500&272,500\\\end{array}\right]

We will divide the cafeteria cost by the sum of employees of the department and maintenance.

4+8+8 = 20

275,000/20 = 13,750

Then we multiply this by each department employees and add them to their cost.

Maintenance total cost after adding cafeteria is 325,000

Then we do the same, we divide this amount for the emplyees of the processsing department:

8 + 8 = 16

325,000/16 =20,325.5

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5 0
3 years ago
Performance Obligation Fulfilled Over Time Philbrick Company signed a three-year contract to develop custom sales training mater
MAXImum [283]

Answer:

Philbrick Company

Performance Obligation Fulfilled Over Time

Computation of the revenue, expense, and gross profit:

Year    Number of     Development     Sales            Gross

          Employees    /Training Cost     Value            Profit

2019          150            $ 55,000           $165,000      $110,000

2020       250               70,000             275,000      205,000

2021         100               20,000               110,000        90,000

Total       500          $145,000          $550,000   $405,000

Explanation:

a) Data and Calculations:

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No. of employees to be trained = 500

Total contract value = $550,000 ($1,100 * 500)

Expected Development and Training Costs:

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2020       250                    70,000

2021         100                    20,000

Total       500               $145,000

6 0
3 years ago
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