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anastassius [24]
3 years ago
7

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases

(listed in chronological order of acquisition):· 40 units at $100· 70 units at $80· 170 units at $60Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the average cost method (rounded) is:Select one:a. $650b. $707c. $1,000d. $600
Business
1 answer:
Firlakuza [10]3 years ago
7 0

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Purchases:

40 units at $100·

70 units at $80·

170 units at $60

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

First, we need to calculate the average purchase cost.

Average cost= (100*40 + 80*70 + 60*170)/280= $70.7

Now, we can calculate the value of ending inventory:

Inventory= $70.7*10= $707

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Which of the following is classified as an asset​ account?A.Notes PayableB.​Owner, WithdrawalsC.Prepaid InsuranceD.Unearned Reve
almond37 [142]

Answer:

C.Prepaid Insurance

Explanation:

Prepaid Insurance is the insurance amount paid in advance, so that company has a receivable because amount is not due yet. It will charged to expense account with the passage of time. Notes Payable, Unearned Revenue, ​Owner Withdrawals are classified as liabilities and capital contra accounts. So correct option is C. Prepaid Insurance.

8 0
3 years ago
A homeowner has a ten‑year home-improvement loan for $36,875. What are the annual payments required by the loan if the annual ra
neonofarm [45]

Answer:

$4,546.35

Explanation:

We use the PMT formula that is to be presented in the attachment. kindly find out below:

Provided that,  

Present value = $36,875

Future value or Face value = $0

Rate = 4%

NPER = 10 years

The formula is shown below:  

= -PMT(Rate;NPER;PV;FV;type)  

So, after solving this, the annual payment required is $4,546.35

4 0
3 years ago
Which of the following is not a prohibited escrow-related activity? An escrow agent cannot disburse a real estate broker's commi
11111nata11111 [884]

Answer:

The correct option is  escrow licensees may not solicit or accept escrow instructions containing any blank to be filled in after signing or initialing.

Explanation:

Escrow agreement involves a third party managing funds belonging to two or more parties in a transaction before the funds are disbursed to them.

One of the prohibited escrow related activity is that the agent cannot disburse the commission on real estate to beneficiaries prior to closing the escrow account.

8 0
3 years ago
Suppose the nominal GDP is $25 million, the price level is 1.25, and the central bank has set the money supply at $10 million. W
lidiya [134]

Answer:

a) real GDP =$20,000,000

b)velocity of money is 2.50

Explanation:

Nominal GDP is normal spending carried out in terms of dollars.

Nominal GDP is the product of real GDP and price level

Nominal GDP= real GDP*Price level

Given the nominal GDP=$25 million and the price level =1.25 then,

$25000000=real GDP *1.25

$25000000/1.25 = real GDP

$20000000= real GDP

Apply the quantity equation in economics which is;

money supply*velocity of money =price level * real GDP

Given the money supply is=$10,000,000 then,

velocity of money = (price level*real GDP)/money supply

velocity of money = (1.25*20,000,000)/10,000,000

velocity of money =2.50

4 0
3 years ago
Read 2 more answers
Uniform Supply accepted a $6,300, 90-day, 8% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Su
Dovator [93]

Answer:

Debit Cash $6,426; credit Interest Revenue $21; credit Interest Receivable $105, redit Notes Receivable $6,300.

Explanation:

Based on the information given the appropriate journal entry that Uniform Supply should make on January 15 of the next year will be:

Debit Cash $6,426

($6300+$105+$21)

Credit Interest Revenue $21

($6300*8%*15/360)

Credit Interest Receivable $105

(6300*8%*75/360)

Credit Notes Receivable $6,300

6 0
3 years ago
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