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
Tju [1.3M]
3 years ago
13

Weiss Company purchased two identical inventory items. The first purchase cost $30 and the second cost $32. When the Company sol

d one of the items for $40, it expensed $30 to its cost of goods sold account. Based on this information which of the following cost flow methods is the company using?
a) FIFO
b) LIFO
c) Weighted average >>I picked this one
d) NIFO
Business
1 answer:
zhuklara [117]3 years ago
3 0

Answer:

a) FIFO

Explanation:

FIFO means first in, first out. It is an inventory system where the first purchased inventory is the first to be sold . The cost of goods sold is $30 which is equal to the price of the first purchased inventory . Therefore, the FIFO inventory system was used.

LIFO means last in, first out. It is an inventory system where the last purchased inventory is the first to be sold.

Weighted average is when the weighted price of inventory is used as the cost of goods sold.

I hope my answer helps you.

You might be interested in
The curvilinear relationship of corporate performance and diversification indicates that:_____.
lyudmila [28]

The curvilinear relationship of corporate performance and diversification indicates that <u>dominant-business corporate strategies tend to be higher performing than related constrained or unrelated business strategies</u>.

Curvilinear shapes are composed of curved traces and smooth edges. They provide a more natural feeling to the form. In assessment, rectilinear shapes are composed of sharp edges and proper angles and deliver a feeling of order inside the composition. They look greater human-made, dependent, and artificial.

The movement of a car whilst taking a turn on the street, a motorbike moving on round race music, and a curler skating on a curved track are all examples of Curvilinear movement.

In rectilinear movement, all particles of the body travel an identical distance along parallel instantly strains. In curvilinear motion, the trajectories of character debris of the body are curved, even though the orientation of the body in the area does now not alternate.

Learn  more about curvilinear here brainly.com/question/24132084

#SPJ4

7 0
2 years ago
The function of the marketing board​
katrin2010 [14]

Answer:

A marketing board is an organization created by many producers to try to market their product and increase consumption and thus prices. It can also be defined as an organization set up by a government to regulate the buying and selling of a certain commodity within a specified area.

Explanation:

7 0
4 years ago
MeasuresPenno Corporation recorded service revenues of $200,000 in 2017, of which $170,000 were on credit and $30,000 were for c
Ksenya-84 [330]

Answer:

$155,000

Explanation:

Given that,

Service revenues in 2017 = $200,000

Credit sales for 2017 = $170,000

Company also paid cash for 2017 wages = $25,000

Wages for 2017 not paid yet in cash = $20,000

Therefore,

Net income for 2017:

= Service revenues in 2017 - Cash paid for wages - Wages not paid yet in cash

= $200,000 - $25,000 - $20,000

= $155,000

Hence, the company’s net income for 2017 is $155,000.

4 0
3 years ago
At the end of June, the Marquess Company factored $200,000 in accounts receivable with Homemark Finance. The transfer is made wi
yanalaym [24]

Answer:

$6,000

Explanation:

Receivables may be factored to ease the liquidity pressures of an entity. Factoring comes at a cost. As such, when receivables are factored, the entries required are

Debit Cash account

Dr Interest expense (factoring charge)

Credit Accounts receivables

As such, the amount of loss on sale of receivables would Marquess record in June is equivalent to the factoring charge

= 3% * $200,000

= $6,000

7 0
4 years ago
Read 2 more answers
A consumer electronics company is considering marketing a new model of TV screen. In the past 40% of the TV screens marketed by
In-s [12.5K]

Answer: The answer is attached

Explanation:

Probability is the likelihood or the chance of an occurrence of an event happening. Probability is the number of ways to achieve success in a total number of possible outcomes.

The calculation for the above question is attached

7 0
3 years ago
Other questions:
  • Omar, an individual in the 37% tax bracket, wants to shift some of his income to a new corporation in order to take advantage of
    15·1 answer
  • Mr. Zee worked 48 hours during the week ended January 18, 2019. He is paid $12 per hour and is paid time and a half for all hour
    15·1 answer
  • For the last 25 years, prices have increased each year by roughly _____% on average
    15·1 answer
  • Which of the three decision-making perspectives could be used to research each of the following consumer decisions: a consumer b
    8·1 answer
  • The president and founder of a high-tech start-up firm contacted the vice president of HR at the company because she wanted to b
    12·2 answers
  • Neeed helppp
    5·2 answers
  • Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.
    11·1 answer
  • An increase in the price of ice cream is likely to cause: Multiple Choice a movement to the left along the demand curve for ice
    9·1 answer
  • A company has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately t
    12·1 answer
  • Please answer it is due in a hour please help <br><br>I will sure mark you as brainliest
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!