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
KATRIN_1 [288]
4 years ago
11

Health Defense sells first aid kits and uses the periodic inventory system to account for its merchandise. The beginning balance

of the inventory and its transactions during January were as follows: January 1: Beginning balance of 18 units at $13 each January 12: Purchased 30 units at $14 each January 19: Sold 24 units at a selling price of $30 each January 20: Purchased 24 units at $17 each January 27: Sold 27 units at a selling price of $30 each If the ending inventory is reported at $357, what inventory method was used?
Business
1 answer:
klasskru [66]4 years ago
8 0
<h2>Answer </h2>

FIFO inventory method is used.

<u>Explanation </u>

Health Defense is using FIFO (First In First Out Method) Inventory method. Under periodic inventory system, no frequent recording is made throughout the year. Rather physical count is done at the end of the period and cost is assigned to the remaining inventory accordingly. If FIFO inventory method is used in periodic inventory system, ending inventory is valued using the most recent purchases which is the case here.

Opening Inventory :  18 units

Purchased :  30 units

Sold : 24 units

Purchased : 24 units

Sold : 27 units

Ending Inventory therefore is  : 18+30-24+24-27 = 21 units

Dividing the amount of ending inventory by the remaining units in inventory will give us $17 which is the price of most recent purchases.

$357/21 = $17

You might be interested in
Under variable costing income statements, product cost would include Direct materials only Direct materials, direct labor and fi
pantera1 [17]

Answer:

Direct materials and direct labor.

Explanation:

A variable cost is the one that vary depending on the level of production or sales. The cost increase or decrease according to the level of volume change.

The variable costing charges only direct costs (material, labour and variable overhead costs) into the cost of a product. It is lower than the cost calculated under absorption costing, that also include fixed manufacturing overhead.

Fixed manufacturing overhead is considered as a periodic cost and charged from the periodic gross profits.

4 0
4 years ago
Green Gardens sells gardening and landscaping goods and equipment. The marketing department places an unmanned machine in the st
Dennis_Churaev [7]

Answer:

A) kiosk marketing

Explanation:

kiosk marketing -

The marketing strategy , which a kiosk is used , is known as kiosk marketing .

A kiosk , is a temporary booth operated by one or two people, which is used to attract people, specifically placed in a crowded place, for marketing purpose .

Kiosks are placed in places like , malls , busy street  etc .

Hence , the company , Green gardens set up kiosks in order to attract people and increase their customers and thereby increasing their profit .

6 0
4 years ago
If there are 22.36 million homes in the uk, approximately how much money in total do uk households pay for their electricity per
uranmaximum [27]
In United Kingdom, we assume that there are 22.36 million home and approximately £2,938 million money in total do UK households pay for their electricity per year, we use 365 days in a year. The answer in this question is £2,938 million is the money in total do UK households pay for their electricity per year.
7 0
3 years ago
Read 2 more answers
2. Why is defining activities a process of project schedule management instead of project scope management
Greeley [361]

Answer:

Explanation:

Project schedule management is the allocation of timeframe to the task s to be done for a project to be successful while project scope management show the work that needs to be done.

Defining activities is a process of project schedule management, because it simply concentrates on how and when a task will be carried out while in project scope management l, the focus is on the work that will be performed on a project.

6 0
4 years ago
The advantages of partnerships include ease of start-up, shared decision making and a larger pool of capital. true or false
iVinArrow [24]
The answer would be: True

4 0
3 years ago
Other questions:
  • What could you learn in the successful turkey hunting course?
    6·1 answer
  • Approximately how many people in the united states are over the age of 100?
    13·1 answer
  • The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account fo
    7·1 answer
  • Using a combination approach of your own words and research to define a project. What are five characteristics which help differ
    13·1 answer
  • Hoosier Manufacturing operates a production shop that is designed to have the lowest unit production cost at an output rate of 1
    5·1 answer
  • A wealth gap is an economic difference between
    10·1 answer
  • If a company owns multiple lines of business in different areas such as cable TV, film entertainment, networks, and publishing,
    14·1 answer
  • Centre College, a private liberal arts college in Central Kentucky, charged (billed) tuition and fees of $50,000 based on the re
    13·1 answer
  • Veronique and lily each bought a piece of luggage that had the same price in different stores. the table below shows how they wi
    12·1 answer
  • True or false: banks keep a portion of their reserves in their own vaults.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!