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skelet666 [1.2K]
3 years ago
9

Rosierre Company purchased two identical inventory items. One of the items cost $6.00 and was purchased in January. The other wa

s purchased in February, and the company paid $7.00 for this item. One of the items was sold in March at a price of $10.00. Select the correct answer assuming that Rosierre uses a FIFO cost flow assumption. Multiple Choice A) The balance in ending inventory would be $7.00. B) The amount of gross margin would be $3.00. C) The amount of ending inventory would be $6.50. D) The amount of ending inventory would be $6.00.
Business
1 answer:
victus00 [196]3 years ago
5 0

Answer:

A) The balance in ending inventory would be $7.00.

Explanation:

FIFO Perpetual chart is attached.

FIFO Perpetual chart shows purchases , sales and balance of each period.  We must see final situation to know which is the final inventory balance.

The balance at the end of March is

Units Unit Cost Total

   1              7                   $7,00

Total=$7.00

Download xlsx
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"You found out that now you are going to receive payments of $8,500 for the next 16 years. You will receive these payments at th
Paraphin [41]

Answer:

Present value= $62,722.875≈ $62,723

Explanation:

To calculate present value use this formula

Present value= Yearly payment*{[1-(1+rate)^-period]/rate}

Present value= 8,500*{[1-(1+0.11)^-16]/0.11}

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2 years ago
The Chewbacca Starship Company had the following transactions during the month of December:
Naily [24]

Answer:

The Chewbacca Starship Company

T-accounts:

Cash

Date   Account Titles                 Debit        Credit

Dec. 1 Beginning balance      $73,500

Dec. 31 Salaries expense                        $57,000

Dec. 31 Accounts receivable 265,000

Dec. 31 Accounts payable                       210,000

Accounts receivable

Date   Account Titles           Debit        Credit

Dec. 1 Beginning balance   $60,000

Dec. 31 Sales revenue         154,000

Dec. 31 Cash                                     $265,000

Accounts payable

Date   Account Titles           Debit        Credit

Dec. 1 Beginning balance                  $39,000

Dec. 31 Inventory                               230,000

Dec. 31 Cash                    $210,000

Inventory

Date     Account Titles           Debit        Credit

Dec. 31 Accounts payable   $230,000

Sales revenue

Date     Account Titles           Debit        Credit

Dec. 31 Accounts receivable              $154,000

Salaries Expense

Date     Account Titles           Debit        Credit

Dec. 31 Cash                       $57,000

Explanation:

a) Data and Analysis:

a. Inventory $230,000 Accounts payable $230,000

b. Salaries expense $57,000 Cash $57,000

c. Accounts receivable $154,000 Sales revenue $154,000

d. Cash $365,000 Accounts receivable $265,000

e. Accounts payable $210,000 Cash $210,000

Opening balances:

Cash $73,500

Accounts receivable $60,000

Accounts payable $39,000

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Answer:

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