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andrew11 [14]
3 years ago
11

The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First

purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to the nearest dollar using the average cost method?
Business
1 answer:
Rus_ich [418]3 years ago
3 0

Answer:

The answer is: the amount of inventory at the end of the year was $1,583 using the average cost method.

Explanation:

The average cost method calculates the cost of inventory by dividing the total costs of goods by the total units.

  • 10 units x $60 = $600
  • 25 units x $65 = $1,300
  • 30 units x $68 = $2,040
  • 15 units x $75 = $1,125

The total cost of inventory is $5,065 ($600 + $1,300 + $2,040 + $1,125)

The total units in inventory are 80 (10 + 25 + 30 +15)

To find the average cost per unit = $5,065 / 80 units = $63.31

If 25 units were left at the end of the year, then the total cost of inventory is $63.31 x 25 = $1,582,81 or $1,583

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Answer:

This is an example of mass customization

Explanation:

Mass customization is a business concept that involves mass manufacturing products that meet individual consumer wants and needs. It combines flexibility and personalization of unique made products with the low unit costs associated with mass production. It is sensitive to customer preferences with standardisation of processes, and the customer satisfaction that comes with owning a custom product.  

Custom Foot offers a basic package for their boots and shoes, and then offer customers a variety of features they can add or subtract. With this, they can provide alternatives for modifying a product without the costs associated with making a 100 percent unique product.

8 0
3 years ago
Richard's father, Joseph Leder, died in 2014 and was insured by a $1,000,000 policy purchased in 2011 (within three years of his
Lady bird [3.3K]

Answer:

C) III

  • III. No, the policy was excluded from Joseph's estate.

Explanation:

It doesn't matter who pays the policy's premiums, what matters is who is the beneficiary of the policy. If the proceeds of the policy are paid to the insured's estate, then they are part of it, but if the proceeds are paid to another beneficiary, then they are not included in the estate.

Since Joseph's wife was the owner and beneficiary of the policy, the proceeds will be paid directly to her. The advantage here is that proceeds from the life insurance policy  are not taxed as income, but if Joseph's state was larger than $5.43 million, then estate taxes might apply.

5 0
3 years ago
AB Builders, Inc., has 22-year bonds outstanding with a par value of $2,000 and a quoted price of 106.657. The bonds pay interes
Aloiza [94]

Answer:

7.32%

Explanation:

<em>The price of a bond is the present of its interest payment and the present value of redemption value (RV</em>

Present value of the Redemption Value (RV) =

FV× (1+r/2)^(-2×n)

FV- 2000, r- yield rate, r/2= 6.74%/2 = 3.37%, n-22

=2000× (1.0337)^(-2×22)

= 465.233

Present Value of the coupon payment =Price of bond - PV of RV

                          = (106.657% × 2000) - 465.233

                         =    $1667.90

PV of coupon payment= A × (1-(1+r)^(-2×n)

A- semiannual coupon payment, r -yield

   1667.90 = A × (1-(1.0337)^(-2*22))/0.0337

    1,667.90   = A × 22.7710

A = 1,667.90/22.7710

A= 73.246

Annual coupon payment = 2× 73.246=  146.493

Annual coupon rate = coupon payment/ face value

                                = (146.493/2,000 )× 100

                                = 7.32%

6 0
3 years ago
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Answer:

Short term capital loss and $10,800

Explanation:

Remaining balance - Capital gains

$18,000 - $7,200 = $10,800

Monty can report the bad debt of $18,000 as short term capital loss since it is expense for the business and receivables are not recoverable. This amount can be reported as loss of the business.

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2 years ago
Which of the following is not considered when you are calculating cost of quality?
enyata [817]

Answer: The following is not considered when you are calculating cost of quality:<u><em>  The cost of gaining formal acceptance of project deliverable.</em></u>

Cost of Quality contains all the costs that are both internal and external to the system; whereas, the Cost of Quality include the conformance, considering any costs connected with both appraisal and interference.

Cost of Quality is calculated as :

Cost of Quality = Cost of Poor Quality  + Cost of Good Quality

4 0
3 years ago
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