1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
From what part of income should someone take savings?<br>​
vovikov84 [41]

Answer:

nowhere

it wouldnt help anyway

5 0
3 years ago
Read 2 more answers
Write any two things that girls do earlier.​
olya-2409 [2.1K]
Wait what do you mean? do you mean like things girls can do earlier than boys? well i would say girls become more mature before boys do. Also, i would say girls can learn how to do hair earlier than boys. i’m sorry if that wasn’t your question but i’m just trying to help :)
7 0
2 years ago
Read 2 more answers
Which adjective best describes you at work? a.unique b.orderly
UkoKoshka [18]

Answer:

B

Explanation:

being unique can be good at work but making sure you're organized doing your job is vital.

5 0
3 years ago
Calculate the values for each of the questions. Assume that in each country there are no taxes, international trade, or inflatio
Inessa [10]

Explanation:

a. The computation is shown below:

As we know that

Multiplier = 1 ÷ 1 - MPC

1.5  = 1 ÷ 1 - MPC

So, MPC is 0.3333

Now the real GDP is

= Multiplier × Government spending

= 0.3333 × $70 billion

= $105 million

So the change in real GDP is

= $105 million - $70 million

= $35 million

b. The computation is shown below:

As we know that

Multiplier = 1 ÷ 1 - MPC

Multiplier  = 1 ÷ 1 - 0.6

So, multiplier is 2.5

Now the real GDP is

= Multiplier × Government spending

= 2.5 × $16 billion

= -$40 million

c. As we know that

Real GDP = Multiplier × Government spending

$280 billion = Multiplier × $70 billion

So, the multiplier is 4

Now the MPC is

Multiplier = 1 ÷ 1 - MPC

4 = 1 ÷ 1 - MPC

So, the multiplier is 0.75

3 0
3 years ago
LIFO uses the ______ unit costs for Cost of Goods Sold on the income statement and the ______ unit costs for Inventory on the ba
Tasya [4]

LIFO uses the last unit costs for Cost of Goods Sold on the income statement and the first unit costs for Inventory on the balance sheet.

<h3>What is LIFO?</h3>

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

For example, if beginning inventory consists of 10 units at $10 per unit. In the middle of the month, 10 units were bought at $15 per unit. At the end of the month, 10 units were sold. Using LIFO, the cost of goods sold would be $150 ( 10 x 15). Ending inventory would be $100 ($10 x 10).

To learn more about LIFO, please check: brainly.com/question/13779572

3 0
2 years ago
Other questions:
  • Monetary policy actions by the Fed are Multiple Choice more effective in a restrictive direction than they are in an expansionar
    9·2 answers
  • Which of these would be a good candidate for a one-variable data table and payment function?
    14·1 answer
  • In a company's SWOT analysis, which of the following is an example of a threat? A. The company makes a low quality product. B. T
    6·2 answers
  • The next dividend payment by Hoffman, Inc., will be $2.65 per share. The dividends are anticipated to maintain a growth rate of
    9·1 answer
  • Suppose that the government introduces a tax on interest earnings. That is, borrowers face a real interest rate of r before and
    15·1 answer
  • Economic integration is a process of eliminating restrictions on international trade, payments, and factor mobility. Economic in
    14·1 answer
  • The supreme court decision that struck down the quota system was
    11·1 answer
  • Business analytics tools are used with data in the ________________ to gain insight and support decision making.
    12·1 answer
  • Which of the following could be true if one decreases their long term liability and increases their liquid assets?
    8·2 answers
  • Assume that Swiss investors have francs available to invest in securities, and they initially view U.S. and British interest rat
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!