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Ad libitum [116K]
2 years ago
13

A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective

tax rate of 20%. Eneri uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period?
Business
2 answers:
adoni [48]2 years ago
7 0

Answer:

Gross profit is $42,000

Explanation:

stira [4]2 years ago
4 0

<em>Answer</em>:

<u>$52,000</u>

Explanation:

Remember, the FIFO inventory costing method records the inventory value based on the cost of the earliest (first) purchased or in hand balance.

The effective tax rate would usually be applied after the sales, however using FIFO we assume the first value of the inventory prior to the tax deduction.

= 4000 x $13

= $52,000

Therefore, the gross profit for the period is $52,000.

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Employment Discrimination Law, <span>Civil Rights Law</span>
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3 years ago
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"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quan
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Answer:

d. All of the above are correct

Explanation:

Demand refers to the quantities of a product that buyers are willing to purchase at a given price over time. The relationship between demand and price is explained in the law of demand. The law asserts that everything else remaining constant, the demand for a product is indirectly related to its price.

The demand curve illustrates the relationship between price and demand for a service or product. The curve is downward sloping showing how the quantity demanded changes with changes in price. Most goods will behave as per the demand curve. However, inferior goods tend to behave differently. An increase in income reduces the demand for an inferior product.

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2 years ago
Joe's Hardware is adding a new product line that will require an investment of $ 1,512,000. Managers estimate that this investme
Sati [7]

Answer:

6.05 years

Explanation:

Payback period is the time in which a project returns back the initial investment in the form of net cash flow. For this purpose we use the net cash flows to calculate the payback.

Payback working is attached with this answer please find it.

7 0
2 years ago
Which of the following statements is most accurate? Multiple Choice In process costing, estimating the degree of completion of u
kirza4 [7]

Answer:

C. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.

Explanation:

THIS IS THE COMPLETE QUESTION BELOW

Which of the following statements is most accurate?

A. In process costing, estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials.

B. The FIFO method includes the cost of the beginning Work in Process inventory account in calculating cost per equivalent units.

C. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.

D. The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period.

E. It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.

EXPLANATION

FIFO method which is known as

(First In, First Out) can be regarded as an asset-management as well as valuation method , this method follows a process whereby any assets that is first produced or acquired are the asset that are sold first or first disposed. For the purposes of tax, FIFO gives assumption that assets that has oldest costs are usually entered into cost of goods sold I.e (COGS) income statements. Fifo can be calculated by finding the cost of oldest inventory, then multiply it by the amount of inventory sold.

It should be noted that The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory

8 0
2 years ago
When managing your human resources, _____________ is the process of deciding who should be hired, under legal guidelines, to ser
Oksanka [162]

Answer:

Employee Selection

Explanation:

Employee Selection -

It refers to the process of selecting the best candidate for the company or organisation , is referred to as employee selection .

The first of all requirement in most of the selection process is the educational qualification , which need to be fulfilled and then proceeded to further steps .

There could be various steps involved for the selection process , like test , interview , group discussion etc.

The people excelling in all the steps are selected to work for the company .

Hence , from the given information of the question ,

The correct term is employee selection .

3 0
3 years ago
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