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alisha [4.7K]
3 years ago
13

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2013 are as follows:

Units Per unit price Total Balance, 1/1/13 200 $5.00 $1,000 Purchase, 1/15/13 100 5.30 530 Purchase, 1/28/13 100 5.50 550 An end of the month (1/31/13) inventory showed that 140 units were on hand. If the company uses FIFO, what is the value of the ending inventory
Business
2 answers:
rjkz [21]3 years ago
7 0

Answer:

The answer is $762

Explanation:

Without doubt the 140 units on hand at month end would comprises of:

100 bought units on 1/28/13 for $5.50 each        $550

40 units purchased on 1/15/13 $5.30 each           $212

Total value of closing inventory                             $762

The value of closing inventory at the end of the month using FIFO method of valuing inventory is $762

FIFO First In First Out method assumes that the first sets of stock purchased are sold first which is in  sharp contrast with LIFO Last In First Out where the last sets of inventory are assumed to be sold first.

However, the LIFO method tends to overvalue inventory in a period of rising inflation

nirvana33 [79]3 years ago
7 0

Answer:

Ending inventory value is $762 (100 units at $5.50 each, i.e. $550 + 40 units at $5.30 each, i.e. $212).

Explanation:

The FIFO inventory system assumes that the units bought first will be utilized first.  It is called First-in, First-out.

The implication is that for the 140 units ending inventory for January 2013, the value will be split between the purchases on January 28 and January 15.  Therefore, the first 100 units from the 140 are costed at the purchase price of $5.50 per unit while the remaining 40 units are costed at the purchase price of $5.30 per unit.

There are other methods of valuing inventory, including LIFO (Last in, First Out), Weighted Average Method, e.t.c. which are not discussed here.

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Instead of treating mobile commerce and traditional retailing as separate retail channels, the National Retail Federation recomm
Hitman42 [59]

Answer:

Omni-channel

Explanation:

According to my research on different business strategies, I can say that based on the information provided within the question the integrated strategy being described within the question is called Omni-channel retailing. This is a strategy that emphasizes simultaneous communication between different communication channels and their supporting resources in order to provide a better user experience.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

3 0
3 years ago
How can marketing affect the society?
k0ka [10]

Answer:

Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth.

3 0
3 years ago
A retail store's Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales. If the sale
ella [17]

Answer:

$10,619.05

Explanation:

When sales is made at a tax rate of 5%, the entries to be posted in the proportion of the transaction amount

Dr Cash/ Accounts receivable 105%

Cr Sales revenue 100%

Cr Sales tax 5%

As such, if Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales, it means that the accounts contains 105%, as such, the sales tax which is the amount owed the taxing agency

= 5/105 * $223,000

= $10,619.05

3 0
3 years ago
Pine Corp. produces three products, and currently has a shortage of machine hours since one of its two machines is down. The sel
yulyashka [42]

Answer:

product B

Explanation:

The computation is shown below;

<u>Particulars           Product A          Product B             Product C </u>

Selling Price            $5.00                $3.00                  $5.00

Less: Variable cost per unit ($3.50)   ($2.00)               ($2.00)

Contribution per unit     $1.50               $1.00                $3.00

Machine hours per unit   0.75                 0.25                    1

Contribution per machine hour $2.00   $4.00            $3.00

                                         ($1.50 ÷ 0.75)  ($1.00 ÷ 0.25)   ($3.00 ÷ 1)

The product B should be produced as it has the highest contribution per machine hour

6 0
3 years ago
The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fu
Dima020 [189]

Answer:

standard price= $5

Explanation:

Giving the following information:

Quantity of direct materials used 3,000 lbs. Actual unit price of direct materials $5.50 per lb. Units of finished product manufactured 1,400 units Standard direct materials per unit of finished product 2 lbs.Direct materials quantity variance-unfavorable $1,000Direct materials price variance-unfavorable $1,500.

Direct material price variance= (standard price - actual price)*actual quantity

-1,500= (SP - 5.5)*3,000

15,000=3,000SP

5= standard price

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (1400*2 - 3,000)*5

Direct material quantity variance= 1,000 unfavorable

5 0
3 years ago
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