Answer:
COGS= $7,950
Explanation:
Giving the following information:
Beginning inventory 10 units at $120
First purchase 15 units at $150
Second purchase 30 units at $180
Third purchase 20 units at $195
Helen Tools has 25 hammers on hand at the end of the year.
<u>Under the FIFO method of inventory cost, the cost of goods sold is calculated using the purchasing price of the first units incorporated.</u>
We need to calculate the number of units sold:
Units sold= total units - ending inventory
Units sold= 75 - 25= 50 units
COGS= 10*120 + 15*150 + 25*180= $7,950
Answer: Stock in the local art supply company.
Explanation:
Helen can only make a capital gain on assets that she actually owns. She only manages the apartment building but does not own it so if she sells any property, it does not contribute to her capital gain.
The stock in the local art supply company is hers however so if the prices of the stock increased from when she bought it and she sells it, that would give rise to capital gain.
Answer: the bank on which the check is drawn because it must pay the check. (A)
Explanation:
A Drawee is a banking and legal term that is used to describe the party which has been directed by the depositor to pay a certain amount of money to the person who is presenting the draft or check or draft.
A typical example is if when someone is cashing a paycheck. The drawer is the bank that cashes the person's check, the drawer is the employer or person who wrote the check, and the person cashing the check is the payee.
Answer:
The correct answer would be option A, Current Assets, and Property, Plant and Equipment.
Explanation:
In a company, there are many financial statements that are made and used to see the financial position of the company. Some of the major financial statements include, Balance Sheet, Income Statement, Cash Flow Statements, etc.
Balance Sheet is the financial statement in which the Assets, Liabilities and Owner's Equity are calculated and written. So in the Subsection of Assets head, there would be a detailed description of all Current and Fixed Assets. And that would include option A choices, Current Assets, Property, Plant and Equipment.