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larisa86 [58]
3 years ago
6

During 2021, a company sells 21 units of inventory. The company has the following inventory purchase transactions for 2021: Date

Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 18 $ 52 $ 936 Sep. 8 Purchase 12 54 648 30 $ 1,584 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO.
Business
1 answer:
Ugo [173]3 years ago
5 0

Answer:

Cost of goods sold = 1,116

Ending inventory = 468

Explanation:

In LIFO (last in first out) method, the goods come in most recently will come out first when it comes to sales transaction. So, 21 units of sales during 2021 includes 12 units purchased at Sep.8 and 9 units of beginning balance:

Cost of goods sold during 2021 = 12 x 54 + 9 x 52 = 1,116.

Ending inventory value for 2021 = 1,584 - 1,116 = 468.

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3 years ago
What is the term for information that comes directly from your potential customers
denis23 [38]

Answer:Primary Market Research.

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3 0
3 years ago
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Farrar Corporation has two major business segments-Consumer and Commercial. Data for the segment and for the company for March a
Aneli [31]

Answer:

The answer is "\$ 137,000"

Explanation:

Please find the complete question in the attached file.

Commercial sector contribution margin

=\$137,000

Margin per unit of contribution = sales price – Unit cost variables

Margin of Contributions = Revenue Sales - Fixed expenses

Aerospace industry variable costs

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7 0
3 years ago
On May 1, 2015, Pinkley Company sells office furniture for $300,000 cash. The office furniture originally cost $750,000 when pur
Savatey [412]

Answer:

$45,000

Explanation:

Data provided in the question:

Selling cost of the furniture on May 1, 2015 = $300,000

Original cost of the machine on January 1, 2008 = $750,000

Depreciable Life of the furniture = 10 years

Salvage value = $75,000

Now,

Annual depreciation = \frac{\textup{Purchasing cost - salvage value}}{\textup{life}}

or

Annual depreciation = \frac{\textup{750,000 - 75,000}}{\textup{10}}

or

Annual depreciation = $67,500 per year

The total duration from the date of purchase to date of selling

= 7 years 4 months

or

= 7 × 12 + 4 months

= 88 months

= \frac{88}{12} years

therefore,

The total accumulated depreciation till the date of sale

= Annual depreciation × Duration

= $67,500 × \frac{88}{12}

= $495,000

Thus,

The book value on  May 1, 2015

= Purchasing cost - Accumulated depreciation

= $750,000 - $495,000

= $255,000

Hence,

The gain recognized = Selling cost - Book value

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= $45,000

8 0
4 years ago
You notice that you always make your transaction at the very beginning of the round. Although​ it's nice to transact every​ time
Mazyrski [523]

Answer:

you're receiving too small of a gain

Explanation:

Based on the information provided within the question it can be said that offering a price so low that buyers immediately accept it might mean you're receiving too small of a gain. That is because if a buyer is immediately accepting it, then it can be because they realize that it is a great deal and that they will most likely not find a better price anywhere else and immediately decide to buy it from you. Therefore you can be selling it for an increased profit margin by increasing the price.

4 0
3 years ago
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