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sasho [114]
2 years ago
15

A company purchased 120 units for $ 20 each on January 31. It purchased 170 units for $ 30 each on February 28. It sold 170 unit

s for $ 60 each from March 1 through December 31. If the company uses the firstminus​in, firstminusout inventory costing​ method, what is the amount of Cost of Goods Sold on the income statement for the year ending December​ 31? (Assume that the company uses a perpetual inventory​ system.)
Business
1 answer:
Zolol [24]2 years ago
4 0

Answer:

$2,730

Explanation:

The computation of the Cost of Goods Sold is shown below:-

Cost of goods sold =  Purchase × Each Unit + (Sold units - Each unit) × Purchase units

= 120 units × $20 + 110 units × $30

= $2,400 + $330

= $2,730

Therefore we have calculated the cost of goods sold from First in the first-out method by applying the above formula.

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Answer:

Chiquita makes an economic profit of $250,000.

5 0
2 years ago
Which of the following BEST represents a mission​ statement? A. Our goal is to honor and empower wounded warriors. B. We strive
BabaBlast [244]

Answer:

B. We strive to be the worldwide leader in sharing delicious tastes and creating joyful memories

Explanation:

There are two concepts i.e mission and vision. The mission statement is the statement in which it talks about the company goals and objective that represent the present condition of which market should be targeted, its geographical location, etc

While on the other hand the vision statement refers to position of the company in the future. It is always for the long term as it is always thinking for the future where the company what to be.

Based on the above explanation, the option B is correct as it depicts the mission statement.

4 0
3 years ago
Security markets provide liquidity:________
Keith_Richards [23]

Answer:

C. by allowing corporations to raise funds by selling new issues and by creating a market in which owners may easily turn an investment into cash through its sale

Explanation:

Naturally, a security market is seen to permit you do more with your actual savings within your saving periods. It is seen to aid over the counter trading which is seen to occur directly between the trader and the broker. In certain cases that can be termed marketable securities, it is seen to occur due to the maturities are seen to tend to be less than one year; and at such, the buyer/broker rates at which they can be bought or sold have little effect on prices.

5 0
2 years ago
MC Qu. 107 The following information is available... The following information is available for a company's utility cost for ope
lianna [129]

Answer:

Variable cost Per Unit $2.50

Explanation:

Total cost at high activity = $8100

Total Cost at Low activity = $3600

Total Units at high activity = 2400

Total Units at low Activity = 600

Variable Cost Per Unit =  (High activity total Cost - Low activity total cost ) / (High Activity unit - low activity units)

Variable cost per unit = ($8100 - $3600) / (2400 - 600) = $4500 / 1800 = $2.50

7 0
3 years ago
What is business idea? Explain its characteristics​
WINSTONCH [101]

Answer:

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Explanation:

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2 years ago
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