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gogolik [260]
3 years ago
13

July 1 Beginning inventory 54 units at $122 5 Purchases 306 units at $114 14 Sale 204 units 21 Purchases 153 units at $117 30 Sa

le 143 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?
Business
1 answer:
Aneli [31]3 years ago
5 0

Answer:

$19,356

Explanation:

July

1 Beg. Inventory         54        $122

5 Purchases            306         $114

14 Sale                     204  

21   Purchases          153           $117

31  Sale                     143

Number of units left = (54+306-204+153-143)= 166

On LIFO(Last-in, first-out) basis, these 166 units of ending inventory cost;

= (54*122) + (166-54)*114    <em> (Note:166-54 is to find the balance after the first 54)</em>

= $6,588 + $12,768

= $19,356

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Answer:

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Explanation:

3 0
2 years ago
Tri Fecta, a partnership, had revenues of $367,000 in its first year of operations. The partnership has not collected on $45,800
inessss [21]

Answer:<em> </em><em>$ 155,440</em>

Explanation:

Receipt:  

Cash received from customer(367,000 - 45,800)           321,200

Investment                                                                           47,000

Borrowed money                                                                26,000

Total Receipts                                                                   394,200

Disbursement:  

Payment to vendor(240,000 - 39,600)                           200,400

Salary                                                                                   26,200

Interest                                                                                   2,860

Insurance policy                                                                     9,300

Total Disbursement (B)                                                       238,760

Cash balance (A - B)                                                            155,440

7 0
3 years ago
During 2010, Congress debated the advisability of retaining some or all of the tax cuts signed into law by former President Geor
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6 0
3 years ago
Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72
KIM [24]

Answer:

The amount of quick assets is $98,000

Explanation:

All the current assets which can be quickly converted into cash are the quick assets. Inventory is not the p[art of this because it take much longer time to convert into cash than other current assets.

Cash                              $25,000

Accounts receivable    $35,000

Prepaid expenses        $2,000

Marketable securities  <u>$36,000</u>

Quick Assets               <u>$98,000</u>

Inventory 72,000 (excluded)

Following account are other than Current Accounts

Fixed Assets

Intangible assets 40,000

Long-term investments 100,000

Property, plant, and equipment 400,000

Liabilities

Long-term liabilities 75,000

Accrued liabilities 7,000

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Notes payable (short-term) 20,000

5 0
3 years ago
Below is a list of activities for Purple Cow Incorporated. Required: For each activity, indicate the impact on the accounting eq
myrzilka [38]

Answer:

             Assets        =           Liabilities         +       Stockholders' Equity

<u>1.</u>             1,600                            0                                  1600

<u>2.</u>             -400                            0                                  -400

<u>3.</u>                  0                             0                                        0

<u>4.</u>             -100                             0                                   -100

<u>5.</u>            -400                             0                                  -400  

<u>6.</u>            1000                             0                                       0

              -1000

<u>7.</u>             7000                     7000                                       0  

<u>8.</u>                   0                       200                                  -200

<u>9.</u>           10000                           0                                10000

<u>10.</u>        <u>    -500  </u>                 <u>        0     </u>                        <u>      -500     </u>

Totals     17200                     7200                                10000

5 0
2 years ago
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