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
lukranit [14]
3 years ago
14

Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Co

st June 1 Beginning 20 $ 10.00 $ 200.00 11 Purchase 30 11.00 330.00 24 Purchase 30 13.00 390.00 30 Ending 34 Required: Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.)
Business
1 answer:
Sedaia [141]3 years ago
3 0

Answer:

(a) FIFO

cost of ending inventory = $442.00

cost of goods sold = $486.00

(b) LIFO

cost of ending inventory = $354.00

cost of goods sold = $566.00

(c) weighted average cost

cost of ending inventory = $391.00

cost of goods sold = $529.00

Explanation:

<u>(a) FIFO</u>

cost of ending inventory

cost of ending inventory  = Number of Units left × Earliest Price

                                          = 34 × $13.00

                                          = $442.00

cost of goods sold (46 units sold during the year)

cost of goods sold  : 20 units × $10 = $200

                                  26 units × $11  = $286

                                  Total                 = $486

<u>(b) LIFO</u>

cost of ending inventory

cost of ending inventory : 20 units × $10 = $200

                                           14 units  × $11  = $154

                                           Total                = $354

cost of goods sold (46 units sold during the year)

cost of goods sold :    30 units × $13 = $390

                                     16 units × $11  = $176

                                    Total                 = $566

<u>(c) weighted average cost</u>

cost of ending inventory

cost of ending inventory  = Number of Units left × Average price

New Average Price = ((20 units × $10) + (30 units × $11)) / 50 units

                                 = $10.60

New Average Price = ((50 units × $10.60) + (30 units × $13)) / 80 units

                                 = $11.50

cost of ending inventory  = 34 units × $11.50

                                          = $391.00

cost of goods sold (46 units sold during the year)

cost of goods sold  = Number of Units Sold × Average price

                                = 46 units × $11.50

                                = $529.00

c

You might be interested in
Nine years of citizenship and at least 30 years of age is the requirement to be
sineoko [7]
To be chosen to be a senator
8 0
3 years ago
Spice sells paprika for $9.00 per bottle. Variable cost is $2.43 per bottle and Spice's annual fixed costs are $825,000. The var
yKpoI14uk [10]

The variable expense ratio for paprika is 27%.

<h3>Variable expense ratio</h3>

Using this formula

Variable expense ratio=Variable cost/Selling price

Where:

Variable cost=$2.43

Selling price=$9

Let plug in the formula

Variable expense ratio=2.43/9×100

Variable expense ratio=27%

Inconclusion the variable expense ratio for paprika is 27%.

Learn more about variable expense ratio here:brainly.com/question/15684424

5 0
2 years ago
The master budget of Windy Compay shows that the planned activity level for next year is expected to be 50000 machine hours. At
almond37 [142]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

The master budget of Windy Compay shows that the planned activity level for next year is expected to be 50000 machine hours. At this level of activity, the following manufacturing overhead costs are expected: Indirect labor $720000 Machine supplies 180000 Indirect materials 210000 Depreciation on factory building 150000

Total manufacturing overhead $1,260,000

A flexible budget for a level of activity of 60000 machine hours would show total manufacturing overhead costs of:

Variable overhead= 720,000 + 180,000 + 210,000= 1,110,000

Unitary variable overhead= 1,110,000/50,000= 22.2

For 60,000 units:

Total overhead= 22.2*60,000 + 150,000= $1,482,000

3 0
2 years ago
"Manufacturing overhead applied is added to direct labor incurred and to what other item to equal total manufacturing costs for
alisha [4.7K]

Answer:Direct materials used.

Explanation: Manufacturing overhead is a term used to describe the indirect expenses made during the manufacturing process of a given product,it is also known as Factory Burden or Factory overhead.

Manufacturing overhead

includes ELECTRICITY USED TO RUN THE FACTORY EQUIPMENT, DEPRECIATION OF EQUIPMENT, BUILDING, FACTORY SUPPLIES AND FACTORY PERSONNEL. According to GAAP principles the manufacturing overhead must be attached to product produced in order to record the inventory and cost of goods sold.

8 0
2 years ago
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respe
Arlecino [84]
‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️‍♂️
6 0
3 years ago
Other questions:
  • The tools, skills, organization, and knowledge used to extract energy from nature are the
    8·1 answer
  • How does a country's GDP help you determine if its economy is strong or weak?
    8·2 answers
  • Tonelli Trucking buys a $65,000 truck on credit. Which financial statement will be affected by this transaction?
    11·1 answer
  • The following information pertains to JAE Corp. at January 1, 2018:
    9·1 answer
  • Bancorp changes its interest rates for consumer loans on houses and cars based on changes made by the federal reserve​ (the fed)
    11·1 answer
  • Partially correct answer iconYour answer is partially correct. This information relates to Windsor Co.
    13·1 answer
  • In its most recent financial statements, Del-Castillo Inc. reported $55 million of net income and $840 million of retained earni
    7·1 answer
  • On hot summer days, electricity-generating capacity is sometimes stretched to the limit. At these times, electric companies may
    10·1 answer
  • A conceptual framework is an analytical tool with several variations and contexts. It can be applied in different categories of
    15·1 answer
  • HELPPP
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!