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
Helen [10]
3 years ago
5

June 1 Beginning inventory 20 units at $19 $ 380 June 7 Purchases 70 units at $20 1,400 June 22 Purchases 10 units at $23 230 $2

,010 A physical count of merchandise inventory on June 30 reveals that there are 30 units on hand. Using the FIFO inventory method, the total COST OF GOODS SOLD for June is Select one: a. $1,407 b. $1,430 c. $1,390 d. $1,380
Business
1 answer:
Vadim26 [7]3 years ago
6 0

Answer:

Option (d) is correct.

Explanation:

Given that,

June 1 Beginning inventory 20 units at $19 = $ 380

June 7 Purchases 70 units at $20 = 1,400

June 22 Purchases 10 units at $23 = $230

Cost of goods available for sale = $2,010

On June 30, units on hand = 30 units

Cost of Ending inventory:

= (20 units × $20) + (10 units × $23)

= $400 + $230

= $630

Total cost of goods sold:

= Cost of goods available for sale - Cost of Ending inventory

= $2,010 - $630

= $1,380

You might be interested in
Which assumption or principle requires that all information significant enough to affect decisions of reasonably informed users
sladkih [1.3K]

Answer:

The answer is: full disclosure principle

Explanation:

Full disclosure principle in accounting refers to the requirement that businesses are supposed to provide all material information pertaining to their operations to the stakeholders of the business so as to facilitate better decision-making frameworks when evaluating the business.

The going concern principle is based on the assumption that the business will not cease operating in the foreseeable future. The matching principle requires that the expenses incurred in carrying out an economic activity are recorded in the same period as the revenues earned from that activity. The historical cost principle requires assets or liabilities to be recorded at their acquisition value.

7 0
3 years ago
Why might the unemployment rate underestimate the underutilization of labor​ resources? The unemployment rate might underestimat
DaniilM [7]

Answer:

marginally attached staff and​ part-time staff that hope on getting​ full-time jobs

6 0
3 years ago
The profit-maximizing perfectly competitive firm charges a price equal to __________ while the profit-maximizing monopolistic co
Karo-lina-s [1.5K]

Answer:

An apple, potato, and onion all taste the same if you eat them with your nose plugged fun fact btwwwww

Explanation:

8 0
3 years ago
Men’s Wearhouse purchased black leather belts for $15.99 each and priced them to sell for $29.99 each. What was the markup on th
sukhopar [10]

Answer:

Mark-up percentage= 87.55%

Explanation:

Giving the following information:

Purchased price= $15.99

Selling price= $29.99

<u>To calculate the mak up percentage, we need to use the following formula:</u>

Mark-up percentage= [(selling price - purchase price)/purchase price]*100

Mark-up percentage= [(29.99 - 15.99)/15.99]*100

Mark-up percentage= 87.55%

7 0
2 years ago
Brands that we closely link to our rituals are called ________ brands; once they become imbedded in our rituals we are unlikely
KiRa [710]

Answer:

Fortress

Explanation:

A fortress brand as seen in the statement above can be defined as a brand that is a part of an individual's ritual and are unlikely to be replaced.

This means that the love or affinity fro a certain brand in day to day lives if individuals, makes the brand the go-to brand at any time because it has become a part of the individual's life.

Cheers.

8 0
3 years ago
Other questions:
  • Which of these statements is true of the hiring process
    13·2 answers
  • After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $
    10·1 answer
  • Sonny's BBQ Company recently issued $85 par value preferred stock that pays an annual dividend of $9. Analysts estimate that the
    10·1 answer
  • Why is it important to distinguish between unilateral and mutual mistakes?
    6·1 answer
  • Jazz Corporation owns 10 percent of the Williams Corp. stock. Williams distributed a $10,000 dividend to Jazz Corporation. Jazz
    13·1 answer
  • 1.2.5 Quiz: Different Ways to Play
    15·1 answer
  • Piper Corporation’s standards call for 1,000 direct labor-hours to produce 250 units of product. During October the company work
    6·1 answer
  • The lower the real exchange rate is (defined as the foreign price of domestic currency), the ______ expensive domestic goods are
    8·1 answer
  • Western Airlines operates five flights daily between Chicago and Phoenix during the winter. One flight leaves Phoenix at 12:10 P
    10·1 answer
  • The operational improvement cycle is referred to as the: a. 5S cycle b. FMEA cycle c. DMAIC cycle d. Generate - Integrate - Inte
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!