1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lesechka [4]
3 years ago
15

Use the information below to answer the following question. The following lots of a particular commodity were available for sale

during the year: Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of merchandise sold for the year according to the LIFO method?
Business
1 answer:
Andreas93 [3]3 years ago
8 0

Answer:

$1,510

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

The business had a total of 40 inventories.

The inventories sold = 40 - 20 = 20

The cost of the goods sold would first be alloted to the 3rd purchased inventory = 10 x $77 = $770

The remaining cost of goods sold would be allocated to the 2nd purchase of inventory = 10 x $74 = $740

Total = $740 + $770 = $1,510

I hope my answer helps you

You might be interested in
An investment project has annual cash inflows of $4,200, $5,100, $6,300, and $5,500, and a discount rate of 15 percent. a. What
Naddika [18.5K]

Answer:

It will take 1 year and 307 days to cover the initial investment.

Explanation:

Giving the following information:

Initial investment= $6,900

Cash flows:

Cf1= $4,200

Cf2= $5,100

Cf3= $6,300

Cf4= $5,500

Discount rate= 15%

<u>The payback period is the time required to cover the initial investment. We need to discount each cash flow.</u>

<u></u>

Year 1= 4,200/1.15 - 6,900= -3,247.83

Year 2= 5,100/1.15^2 - 3,247.83= 608.50

<u>To be more accurate:</u>

(3,247.83 / 3,856.33)*365= 307 days

It will take 1 year and 307 days to cover the initial investment.

6 0
3 years ago
Which of the following would likely be covered under homeowners insurance but NOT by renter's insurance?a. Your basement floods,
VladimirAG [237]

Answer:

C

Explanation:

The answer is a tree branch breaks your bedroom window during a storm because this is covered by the homeowners insurance and not by the renters insurance

Renter’s insurance does not cover building or Structure on sites

7 0
3 years ago
All else the same, if a bank's liabilities are more sensitive to interest rate fluctuations than are its assets, then ________ i
Bad White [126]

Answer:

A) an increase; reduce

Explanation:

All else the same ,if a bank liabilities are more sensitive to interest rate fluctuations than are its assets, then an increase in interest rates will reduce bank profits.

A bank is said to be sensitive towards to interest rates means that the bank revalue its liabilities on the basis of the change in the interest rates. Thus if the interest rates increases it means the liabilities of the bank has increased on which the bank is liable to pay higher interest which will automatically reduce the bank profits as the interest payable by the bank is an expense for the bank.  

6 0
3 years ago
How long and when do political caucuses last?
Damm [24]
First of all a meeting at which local members of a political party register their preference among candidates running for office or select delegates to attend a convention. Depending on the party, the caucuses could last from 2 to 3 hours. This caucuses <span>generally begin in either late-January or early-February, and ending about mid-June before the general election in November. </span>
5 0
3 years ago
What is the definition of the time/value of Money A:the relationship between time money and the rate of return and their effect
jenyasd209 [6]

Answer:

The answer is B

Explanation:

6 0
2 years ago
Other questions:
  • Sophia Martin is assessing her balances. She expects to retire in the next year and has $675,000 in savings and investments and
    14·1 answer
  • Franklin Corporation bought equipment on January 1st, 2022 .The equipment cost $150,000 and had an expected salvage value of $30
    11·1 answer
  • A competitive market is in long-run equilibrium. if demand increases, we can be certain that price will
    9·2 answers
  • You are caring for a client status post lung resection. When assessing your client you find that the bubbling in the water-seal
    12·1 answer
  • Which of the following situations would most likely encourage a firm's managers to make decisions that are in the best interests
    12·1 answer
  • At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable t
    10·1 answer
  • Is the South African post office a natural or artificial monopoly?motivate​
    9·1 answer
  • Aggies Candle Factory has recently been awarded a new contract with a large retailor in Doylestown. Demand for the candles is 25
    15·1 answer
  • ______ across boundaries occurs even beyond the boundaries of the organization to include customers.
    5·1 answer
  • Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,90
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!