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miskamm [114]
3 years ago
15

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $60; Sec

ond purchase $67; Third purchase $64. If the company sold two units for a total of $209 and used FIFO costing, the gross profit for the period would be
Business
1 answer:
lys-0071 [83]3 years ago
8 0

Answer:

$82

Explanation:

As company Uses FIFO system, it will sell first two products

The cost price =($60 + $67 = 127).

So Gross profit = Selling Price-Cost Price

Gross Profit = 209-127

= $82

The gross profit for the period is $82

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Wewaii [24]

The student is very unrespectful in his writing

I would be sort of surprised from this email because it is written in a way where I most likely wouldn't be used to.

Based on the email, I would think this student is irresponsible and/or doesn't care enough about the work. He's only half committed to it.

4 0
3 years ago
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a
Nikitich [7]

Answer:

$12,900

Explanation:

Calculation for the amount of accounts receivable written off during the year

Beginning Balance $5,600

Add Bad debt expense $12,000

(2% x $600,000)

Less End-of-year balance ($4,700)

Accounts receivable written off $12,900

($5,600+$12,000+$4,700)

Therefore the amount of accounts receivable written off during the year will be $12,900

8 0
3 years ago
The Carter Corporation makes products A and B in a joint process from a single input, R. During a typical production run, 50,000
klemol [59]

Answer: $54,000 per production run

Explanation:

As we are dealing with the decision of whether or not to process the good further, the irrelevant cost would be the cost of producing product B from input R.

This is because this cost has already been incurred to produce product B and so is a sunk cost. Sunk costs are irrelevant to the decision to process further.

30,000 units of B were made from 90,000 units R so the cost of B is:

= 30,000 / 50,000 * 90,000

= $54,000

<em />

<em>The options here are probably for a variant of this question.</em>

8 0
3 years ago
The Great Depression was the worst economic disaster in U.S. history in terms of declines in real GDP and increases in the unemp
KatRina [158]

Answer: -27.2%

Explanation:

The Real GDP can be calculated using the formula for calculating the Price Deflator which is the current price level for the year.

Price Deflator = (Nominal GDP / Real GDP) * 100

Real GDP = (Nominal GDP/ Price Deflator ) * 100

1929

= (103.6/11.9 )* 100

= $870.588

1933

= (56.4/8.9) * 100

= $633.70787

Percentage Change

= (870.588 - 633.70787) / 870.588

= 0.272

= -27.2%

GDP changed by -27.2% over the 4 year period between 1929 and 1933

3 0
3 years ago
One of the arguments in favor of trade restrictions is the foreign export subsidies argument.
svet-max [94.6K]
Trello!
it should be TRUE!
have a nice day :D

:>
3 0
3 years ago
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