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Ierofanga [76]
3 years ago
9

The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 300 units at $5 each on January 1.

Xu purchases 500 units at $4 each in February and 200 units at $6 each in March. There were no additional purchases or sales during the remainder of the year. Xu sells 300 units during the quarter. If Xu uses the LIFO method, what is its cost of goods sold?
a. $1,500
b. $1,800
c. $1,400
d. $1,600
Business
1 answer:
bogdanovich [222]3 years ago
3 0

Answer:

Cost of goods sold is d. $1,600

Explanation:

The LIFO is a method used to account value for inventory. Under the method, the last item of inventory purchased is the first one sold.

1. January 1,  Inventory 300 units, $5 per unit. Total $1,500

2. Purchasing:

In February, 500 units, $4 per unit. Total $2,000

In March,  200 units, $6 per unit. Total $1,200

The Xu Corporation uses a periodic inventory system and sells 300 units during the quarter.

Cost of goods sold = 200 x $6 + 100 x $4 = $1,200 + $400 = $1,600

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Answer:

C) 2.57%

Explanation:

Pet World's net cash flows:

<u>Year  </u>                  <u>Cash flow</u>

0                           -$9,500  

1                             $2,000

2                            $2,025

3                            $2,050

4                            $2,075

5                            $2,100

In order to find the rate of return we can use an excel spreadsheet and the IRR function =IRR (values,[guess]) =IRR (-9500,2000,2025,2050,2075,2100)

=IRR = 2.57%

3 0
3 years ago
A company has a discount on a forward contract for an asset. How is the discount recognized over the life of the contract?
exis [7]

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Explanation:

The discount is recognized over the life of the contract when it is charged to accumulate other comprehensive income.

5 0
3 years ago
During 2018, Skechers USA had Sales of $1,846.4, Gross profit of $818.8 million and Selling, General and Administration expenses
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Answer:

The answer is $1,027.6 million

Explanation:

Gross profit = Sales - Cost of Sales(cost of goods sold)

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Sales of $1,846.4 million.

To find Cost of Sales, we rearrange the formula to now be:

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$1,846.4 million - $818.8 million

=$1,027.6 million

Therefore, Skechers' Cost of sales for 2018 is $1,027.6 million

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Answer:

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Select all that apply.
tino4ka555 [31]

Answer:

adding up consumption, investment, government expenses, and net exports

adding up the market prices of final goods and services produced in the U.S

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Explanation:

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GDP is calculated using three methods. They include the income, production, and expenditure approach.

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The production approach involves getting the value of all the finished consumer goods and services in the economy. The approach excludes intermediary goods and work-n progress. GDP is obtained by adding the total of the finished products and services and multiplying them by their prices. (3rd option)

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4 0
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