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Phantasy [73]
3 years ago
8

Given the following information and assuming beginning inventory was zero and a periodic inventory system was used, what is the

gross profit at the end of the period using the FIFO, LIFO, and average cost methods?
Purchases

Sales
20 units at $50 15 units at $60
35 units at $40 35 units at $45
85 units at $30 85 units at $35
FIFO LIFO Cost Average

A.
$650 $750 $677

B.
$650 $750 $990

C.
$677 $650 $677
Business
1 answer:
aivan3 [116]3 years ago
4 0

Answer:

A.  $650 $750 $677

Explanation:

period                 purchases                            sales

1                        20 units at $50                15 units at $60

2                       35 units at $40                35 units at $45

3                       85 units at $30                85 units at $35

total revenue = $900 + $1,575 + $2,975 = $5,450

COGS:

  • using FIFO = (15 x $50) + (5 x $50) + (30 x $40) + (5 x $40) + (80 x $30) = $4,800
  • using LIFO = (15 x $50) + (35 x $40) + (85 x $30) = $4,700
  • cost average = ($4,950 / 140 units) x 135 units = $4,773.21

Gross profit:

  • using LIFO = $5,450 - $4,800 = $650
  • using FIFO = $5,450 - $4,700 = $750
  • using cost average = $5,450 - $4,773.21 = $676.79 ≈ $677
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Answer:

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Explanation:

According to the Scenario, the given data is:

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So, the direct-labor efficiency balance can be calculated as:

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So, Direct-labor efficiency variance = 14.80 × ( 22000 - 21800 )

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3 years ago
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Answer:

Time-Share Estate

Explanation:

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After several United Airlines flights were canceled because of bad weather, reservation clerks had to scramble to get passengers
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After several United Airlines flights were canceled because of bad weather, reservation clerks had to scramble to get passengers rerouted to their destinations on other flights and/or airlines.  This is primarily an example of adaptive task performance. This is further explained below.

<h3>What is adaptive task performance.?</h3>

Generally, The capacity of a person to adjust to quickly changing work settings is what is meant by "adaptive performance." Problems can be solved imaginatively, ambiguity can be managed, new tasks can be learned, adaptation in interpersonal relationships can be shown, and emergencies can be handled. These are all aspects of adaptive performance.

In conclusion, Because of the inclement weather, numerous flights operated by United Airlines had to be canceled, and reservation clerks had to work quickly to rebook customers on other flights and/or airlines so that they could reach their final destinations. First and foremost, this is an illustration of adaptable task performance.

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During the current year, Comma Co. had outstanding: 25,000 shares of common stock, 8,000 shares of $20 par, 10% cumulative prefe
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Answer:

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