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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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Answer:

Debit

$14,181

Explanation:

Given:

Fair Value Adjustment account = $32,217 (Debit)

Net unrealized gain = $46,398 (Credit)

According to Fair Value Adjustment account , Debit balance is lower than Credit balance, So they should Debit (Fair Value Adjustment account)

Debit amount = Net unrealized gain - Fair Value Adjustment account

Debit amount = $46,398 - $32,217

Debit amount = $14,181

5 0
3 years ago
You are considering investing in a GM bond with 7 years to maturity. The face value of the bond is $1,000. The coupon rate is 6%
Lapatulllka [165]

Answer:

Price of bond is = $ 1057

Explanation:

As we know that;

Price of bond = C * [1-(1+r)∧-n] / r  +   F / (1+r)∧n

where C = periodic coupon payment = 1000 * 6%= 60

         F = Face value of bond = 1000

        r = yield to maturity = 5% = 0.05

        n = number of periods till maturity = 7 years

         Putting values;

              = 60 * [ 1- (1+ 0.05)∧-7 ]/ 0.05  +  1000 / (1+0.05)∧7

              = 60 * (0.2893 / 0.05) +   710

             =  60 * 5.786 +  710

              =  347.16 +710

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6 0
3 years ago
In 1919, henry ford was sued because:
Lostsunrise [7]
The appropriate response is A. Henry Ford also then sued the Chicago Tribune for criticizing the grounds that it called him an uninformed revolutionary. In court, the guard lawyer has chosen to show Ford's obliviousness and absence of patriotism by posting essential American history inquiries. The vehicle head honcho reliably missed these inquiries, and court transcripts of his nonsense wound up plainly well known perusing at the time.
8 0
3 years ago
Sean, age 37, sold the home he purchased three years ago and now rents an apartment. he had originally purchased his home for $8
ZanzabumX [31]
28,800     is the answer
                                                                                                                                       
6 0
3 years ago
Effective SCM requires reducing cost, increasing inventory velocity and compressing cycle time. What of the following is true? 1
-Dominant- [34]

Answer:

The answer is: 4) More frequently than not, the three objectives are compatible.

Explanation:

Toyota is famous for its Just in Time (JIT) management. They are the absolute kings of efficient supply chain management and they were able to do it by making the three objectives compatible. That doesn't mean that they all have to be dealt with at the same time and with the same intensity.

Toyota's first goal was to reduce costs and in order to reduce costs they had to increase their inventory turnover. Then they discovered that in order to keep increasing inventory turnover, they had to compress their cycle time. When they were able to compress their cycle time, their turnover increased even more and their costs were lowered. The system produces continuous feedback and their efficiency keeps increasing.

I once visited one of their factories that produces almost 500 pickup trucks per day and every single work station had available inventory for only 4 trucks; only 4 engines, 16 doors, etc. It is amazing how they do it considering that every 3 minutes one truck is fully produced.

The three objectives are not only compatible, but they are absolutely necessary for the SCM to be effective.

7 0
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