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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.

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Franktown meats just announced that they are increasing the annual dividend to $1.75 and establishing a policy whereby the divid
Monica [59]

I guess the correct answer is $15.77

Franktown Meats just announced that they are increasing the annual dividend to $1.75 and establishing a policy whereby the dividend will increase by 2% annually thereafter. One share of this stock be worth six years from now is $15.77 if the required rate of return is 14.5%

5 0
3 years ago
Jerry Rawls is the purchasing manager for the headquarters of a large insurance company chain with a central inventory operation
Savatey [412]

Answer: 0.785 days

Explanation:

Cash conversion cycle = Days inventory outstanding + Days sales outstanding – Days payable outstanding

Days inventory outstanding = 365/inventory turnover

= 365 / 50

= 7.3 days

Days sales outstanding = 365 / 8

= ‭45.625‬ days

Days payable outstanding = 365 / 7

= 52.14 days

Cash conversion cycle = 7.3 + 45.625 - 52.14

= 0.785 days

8 0
2 years ago
Classify each of the following based on the macroeconomic definitions of saving and investment:1. Saving Investment Kyoko borrow
r-ruslan [8.4K]

Answer

The classification is shown below:

Explanation:

The saving refers to the amount i.e above its consumption expenditure let us take an example if an individual salary is $100,000 and its expenditure assumes $50,000 then it saves $50,000 so the $50,000 is the savings.  While the investment is the amount that is spent to buy some assets in terms of building, machinery, home, etc.

So the classification is presented below:

a. Kyoko borrows money to build a new lab for her engineering firm.  = Investment

b. Rina purchases stock in Nano Speck, a biotech firm.  = saving

c. Musashi takes out a mortgage for a new home in Detroit. = investment

d.Jacques purchases a corporate bond issued by a car company. = saving

6 0
3 years ago
Elite Stationary employs 20​ full-time employees and 10 trainees. Direct and indirect costs are applied on a professional​ labor
kolezko [41]

Answer:

Since cost per hour of full-time employees is $150, while cost per hour of trainees $27, clients using proportionately more​ full-time employees than trainees will​ <u>be under billed or charged for the resources or labor hour used</u>.

Explanation:

The data in the question are merged and they are first separated before answering the question as follows:

Details                                                  Budget                Actual

Indirect costs ​                                     $250,000 ​             $400,000

Annual salary of each employee ​     $200,000 ​             $250,000

Annual salary of each trainee ​             $40,000 ​               $45,000

Total professional​ labor-hours         ​40,000 dlh ​            50,000 dlh

In normal costing system, actual costs are used.

Therefore, labor hours for each category and cost per hour can be calculated as follows:

Full-time employees total labor hours = (20/30) * 50,000 = 33,333 hours

Each full-time employee annual labor hour = 33,333/20 = 1,667 hours

Cost per hour of full-time employees = $250,000/1,667 = $150 per hour

Trainee total labor hours = (10/30) * 50,000 =  16,667 hours

Each trainee annual labor hours = 16,667/10 = 1,667 hours

Cost per hour of trainees = $45,000/1,667 = $27 per hour

Since cost per hour of full-time employees is $150, while cost per hour of trainees $27, clients using proportionately more​ full-time employees than trainees will​ <u>be under billed or charged for the resources or labor hour used</u>.

5 0
2 years ago
The hourglass model for structuring effective business presentations suggests you should:_______.
mrs_skeptik [129]

Answer:

Begin and end your presentation with motivating context

Explanation:

Just as the hourglass is shaped with a large top, narrow middle and a large bottom. Presentations should start on a general and motivational context.

The middle of the presentation should focus on some details and procedures on how to achieve set goals and objectives of the topic. This is where practical steps are given to the audience.

The end of the presentation should again be a motivational context again. The audience is made to see the big picture of the situation.

6 0
3 years ago
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