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sasho [114]
3 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]3 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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Classifying Cash Flows - Identify whether each of the following would be reported as an operating, investing, or financing activ
Yanka [14]

Answer:

<em><u>Classifying Cash Flows:</u></em>

Retirement of bonds payable  ⇒  <em><u>Financing activity</u></em>

Purchase of inventory for cash  ⇒  <u><em>Operating activity</em></u>

Cash sales  ⇒  <u><em>Operating activity</em></u>

Repurchase of common stock  ⇒  <em><u>Financing activity</u></em>

Payment of accounts payable  ⇒  <u><em>Operating activity</em></u>

Disposal of equipment ⇒  <em><u>Investing activity</u></em>

8 0
3 years ago
While at a garage sale, jenna purchased a set of used plastic baby bottles. she noticed the symbol "7" in a triangle on the bott
grigory [225]
<span>I would tell Jenna that she first needs to research what the 7 on the bottom of the bottles means. This number is in reference to the specific type of plastic used in the bottles. She needs to make sure this plastic has not been deemed as dangerous for infants. Once cleared, she should thoroughly wash the bottles and use them.</span>
6 0
3 years ago
Non-toxic-toys currently has $400,000 of equity and is planning a $160,000 expansion to meet increasing demand for its product.
Rashid [163]

Answer:

1. $100,000 and 25%

2. $137,200 and 34.3%

3. $150,000 and 27%

Explanation:

1. It does not expand

    a. Net income= $100,000 (as given in the question)

    b. Return on equity= (net income)/(shareholder’s equity)

Shareholder’s equity= $400,000

Thus return on equity= 100000/400000 = 0.25  or 25%

2. It expands and issue $160,000 in debt

    a. Net income= $100000 + 50000 –  12800 (debt interest 8% of     $160000)

= $137,200

b. Return on equity= (net income)/(shareholder’s equity)

= 137200/400000

=0.343  or 34.3%

3. It expands and raises equity of $160000

a. Net Income= $100000 + 50000

= $150000

b. Return on equity= (net income)/(shareholder’s equity)

= 150000/(400000 + 160000)

Where ($560,000) 400000 + 160000 is shareholder’s equity

= 0.27 or 27%

5 0
3 years ago
"Under what circumstances might a broker open a separate escrow account for each beneficiary of a transaction?"
hodyreva [135]

Answer and Explanation:

If the broker shall have an "ownership interest" in a company, joint venture or alliance, and shall receive payments for the selling or lease of such land of these institutions.

Then the broker may choose to set up a separate escrow account for each "major accounting company" controlled or otherwise operated to comply with this and other regulations.

6 0
3 years ago
econ One year a country has negative net exports. The next year it still has negative net exports and imports have risen more th
Vesnalui [34]

Answer:

its trade deficit rose

Explanation:

Trade deficit occurs when the imports of a country are higher than the exports. It is called the trade deficit. It means the country is importing more value of goods from other countries and exporting less. When Imports grows higher than the growth in exports, the trade deficit eventually rises.

8 0
3 years ago
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