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Oliga [24]
3 years ago
11

Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sol

d.
Date Explanation Units Unit Cost Total Cost
May 1 Inventory 28 $9 $252
15 Purchase 26 10 260
24 Purchase 39 11 429
Total 93 $941
Required:
1. Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
2. Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.)
Business
1 answer:
disa [49]3 years ago
5 0

Answer:

Explanation:

Date     Unit    Unit cost    Total       Goods sold     Cost   Total

May 1    28         9                252              28                9       252

May 15  26        10               260              26                10      260

May 24 39         11                 429             26               11        286

Total      93                             941              80

1) Weighted average unit cost = 941/93 = $10.118

FIFO method

2)Ending inventory  (93-80)*11 =$ 143

FIFO method assumes that the first set of inventory are the first to be sold

LIFO method

LIFO assumes that the last set of inventory are the first to be sold

    Goods Sold       Cost     Total

            39                  11       429

            26                  10      260

             15                  9         135

Ending Inventory = (93-80)*9 = $117

Average Cost Method

Ending Inventory = 13 * 10.118 =$131.534

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In the management hierarchy _____ includes managers who set the overall direction of a firm, articulating a vision, establishing
ValentinkaMS [17]

Answer:

The correct answer is D) Top management

Explanation:

Top management, as the name implies, consists of those who are at the highest point in the management hierarchy. The most common positions that are part of top managament are, Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Strategist Officer (CSO). They are usually part of the Board of Directors, which answers to the shareholders.

Their task is, as the question specifies, to define the general policy of the company, including goals and strategies to achieve those goals. In a way, companies are just like nations, they have top executives like the president or the president of the senate, who define the direction in which the company/country will go.

7 0
3 years ago
When companies follow the key factors of Corporate Social Responsibility, a __________ usually results, thus __________.
KengaRu [80]

Answer:

positive public image, attracting more customers

Explanation:

7 0
2 years ago
E3-27 (book/static) The Home Style Eats has two restaurants that are open 24 hours a day. Fixed costs for the two restaurants to
vazorg [7]

Answer:

Explanation:

1.

Contribution Margin=Sales - variable cost =$8.75-$3.50=$5.25

Contribution Margin Ratio = Contribution Margin / Sales = $5.25/ $8.75=60%

Pre-Tax Net Income=Net Income/(1-tax rate)

$117,600/(1-0.36)=$183,750

Target Revenue =Fixed cost +Target Pre-Tax net Income/Contribution margin Ratio =($430,500+$183,750)/0.6=$1,023,750

2. Number of customers needed to Break Even

Fixed costs/Contribution margin per unit=$430,500/$5.25=82,000 Customers

Number of customers to earn 117,600 = (Fixed costs + 117,600)/5.25 = (430,500+117,600)/5.25 = 104,400

3.  

Sales (170,000*8.75)   1,487,500

Less: Cost of goods sold   (170,000*3.50)  -595,000

Contribution margin  892,500

Less: fixed costs  -430,500

Net Income before tax  462,000

Less: tax rate (462,000*36%)  - 166,320

Net Income after tax   295,680

3 0
3 years ago
Which of the following examples is NOT a trust indorsement?
konstantin123 [22]

Answer:

a. Rao indorses his payroll check in blank.

Explanation:

There are many types of indorsements, and out of them one is "Trust Indorsement"

Trust Indorsement is an indorsement to a person who can use the funds for the benefit of the indorser.

Example:

Brian indorses a check to his employee Denny  "Payable to Denny, as agent for Brian", This is an example of trust indorsment.

Option b and c are clearly examples of trust indorsements in which you can notice that Rao has indorsed his lawyer and accountant "as agent for Rao".

Whereas, option a is NOT a trust indorsment but rather a "Blank Indorsement"

Blank Indorsment is an indorsement that doesn't have any particular indorsee and only has a signature on it.

7 0
3 years ago
Costly Corporation is considering using equity financing. Currently, the firm's stock is selling for $31.00 per share. The firm'
Setler [38]

Answer:

Cost of external equity= 26.9%

Explanation

<em>According to the dividend valuation, the value of a stock is the present value of expected future dividends discounted at the required rate of return.</em>

The model can me modified to determined the cost of equity having flotation cost as follows:

Ke = D(1+r )/P(1-f) + g

Ke= Cost of equity

D- current dividend,

D(1+g) - dividend next year

p- price of stock - 31,00$

f - flotation cost - 14%

g- growth rate - 7%

Ke= 5.30/31× (1-0.14)  +  0.07

 = 0.2687997  × 100

= 26.9%

4 0
3 years ago
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