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3 years ago

Given the following data, what is cost of goods sold as determined by the FIFO method?

Business

1 answer:

Andrei [34K]3 years ago

8 0

Answer:

The answer is D. $1,830

Explanation:

FIFO means First in First out.

It is one of the inventory methods along with LIFO(Last in First out), average weighted cost and specific identification.

FIFO literally means the inventory bought first will be the first to be sold. Leaving the last inventories bought as the ending inventory.

In this question, Cost of Sales according to FIFO is:

250 units x $6 = $1,500

30 units at $11 = $330

Total =. $1,830

Therefore, the cost of sales under this method is $1,830

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Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the comp

faltersainse [42]

Answer:

Correct option is (d)

Explanation:

Corporate social responsibility is an initiative taken by companies to act for the benefit of the society. Since companies utilize resources from the society, it their responsibility to give back to the society in the form of charity to non governmental organizations, welfare of underprivileged and protecting the environment.

Here, though Enron was undertaking unethical means for personal benefits, it was also carrying out corporate social responsibility by donating to Houston area charities.

4 0

3 years ago

Ploeger Corporation has provided the following contribution format income statement. Assume that the following information is wi

Crazy boy [7]

Answer:

Break-even point (dollars)= $234,000

Explanation:

Giving the following information:

Sales (4,000 units) $ 240,000

Variable expenses 156,000

Fixed expenses 81,900

To calculate the break-even point in dollars, first, we need to determine the selling price and unitary variable cost:

Selling price= 240,000/4,000= $60

Unitary variable cost= 156,000/4,000= $39

Now, we can calculate the break-even point:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 81,900/ [(60 - 39) / 60]= $234,000

8 0

4 years ago

Sylvestor Systems borrows $107,000 cash on May 15 by signing a 60-day, 6%, $107,000 note.

sladkih [1.3K]

Answer:

14th July

Explanation:

The computation of the maturing date of the note is calculated below:

The Sylvestor Systems borrows the amount of $107,000 on May 15 at a 6% interest rate and the mature days of the note are 60 days

So, the maturity date would be

= 16 days in May month + 30 days in June month 14 days in July month

Therefore, the note is matured on 14th July

We simply calculated the 60 days from May to July months

3 0

3 years ago

Difference between debit the receiver and credit the giver

Vinil7 [7]

Answer:

Explanation:

When a payment is made to somebody, you debit the receiver of that payment and credit Cash or Bank as money is paid from cash or by means of cheque. When money or cheques are received, you credit the person who is paying you and you debit the cash or bank.

6 0

3 years ago

The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods invent

weqwewe [10]

Answer: $57,000

Explanation:

Given that,

Beginning finished goods inventory in units = 0

Units produced = 7,000

Units sold = 5,100

Sales = $663,000

Materials cost = $140,000

Variable conversion cost used = $70,000

Fixed manufacturing cost = $490,000

Indirect operating costs (fixed) = $102,000

Total Variable cost of units produced = Materials cost + Variable conversion cost used

= $140,000 + $70,000

= $210,000

$Variable\ cost\ per\ unit = \frac{Total\ variable\ cost}{units\ produced}$

= $\frac{210,000}{7,000}$

= $30

Units in ending inventory = Units produced - Units sold

= 7,000 - 5,100

= 1,900

Value of Variable costing ending inventory = Units in ending inventory × Variable cost per unit

= 1,900 × $30

= $57,000

5 0

3 years ago