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
Kobotan [32]
3 years ago
10

Rutgers Industries has the following inventory information for 2019: Jan 1 Beginning Inventory 240 units at $100 per unit June 1

3 Purchases 340 units at $150 per unit Dec 14 Purchases 370 units at $200 per unit Rutgers sold 500 units during 2019 and had 450 units remaining at December 31, 2019. Assuming that a periodic inventory system is used, what is the value of ending inventory at December 31, 2019 on a FIFO basis
Business
1 answer:
timofeeve [1]3 years ago
4 0

Answer:

$86,000

Explanation:

FIFO means first in, first out. It means that the first purchased inventory is the first to be sold.

This means thay the 500 units sold would be taken from the earliest purchased inventory and the ending inventory would be the most recently purchased inventories.

Ending inventory = (80 × $150) + (370 × $200) = $12,000 + $74,000 = $86,000

I hope my answer helps you

You might be interested in
The iPod is a very popular item among people of all ages. The demand is continuing to grow. The iPod's introductory price was ar
astraxan [27]

Answer:

Price Skimming

Explanation:

Price Skimming is a strategy used whereby a producer initially charges the highest price that consumers would be willing and able to pay. As demand starts to fall from the high consumer segments, the price is lowered to tap into a new group of consumers.

In this case, the initial price charged was $300 and gradually reduced to $199 to capture those individuals who could not afford (or were not willing and able  to pay) such a high price for an iPod.

6 0
3 years ago
During the year just ended, Shering Distributors, Inc., had pretax earnings from operations of $490,000. In addition, during the
mixas84 [53]

Answer:

A) Shering's operating activities reported a $490,000 pretax profit, and since their tax rate is 40%, their taxes = $490,000 x 40% = $196,000

B) Shering only has to include 30% of the dividends received from Tank as taxable income = $20,000 x 30% = $6,000, plus the $20,000 from bonds form Zig = $26,000

Shering will owe $26,000 x 40% = $10,400 in taxes, and its after tax income = $40,000 - $10,400 = $29,600

3 0
3 years ago
An increase in aggregate demand when the economy is operating at high levels of output is likely to result in:_____.
yanalaym [24]

Answer:

an increase in the overall price level but little or no increase in output.

3 0
2 years ago
An accreditation agency counterpart to the joint commission for managed care organizations is
katen-ka-za [31]
<span>An accreditation agency counterpart to the joint commission for managed care organizations is called: NCQA

NCQA is the acronym for </span><span>National Committee for Quality Assurance, an independent non-profit organization which was formed to improve the quality of health care in the country.</span>
8 0
3 years ago
Read the scenario and answer the question.
Aleksandr-060686 [28]

Answer:

A). The price of gasoline increased in coastal cities since gasoline was harder to find.

Explanation:

As per the principles of demand and supply, a decrease in supply while demand remains constant will cause the price to increase.  In Georgia, the supply of gasoline was interrupted by the storm's effect. There was little gasoline coming in, leading to a shortage. After Electricity went off, gasoline demand must have gone high as people needed fuel for generators.

Gasoline has no close substitutes, especially when used as fuel for cars and generators. A shortage results in the scramble for the little available products. Sellers hike prices to maximize profits, and buyers are willing to pay more to get the scarce gasoline, thereby increasing its prices.

6 0
3 years ago
Other questions:
  • James is dreading going to get his UF parking decal because he knows that the lines are usually three hours long. However, when
    10·1 answer
  • The regulations regarding both advertising and doing real estate business over the internet have been set forth in:
    8·1 answer
  • Rent-A-Reck Incorporated finds that it can rent 60 cars if it charges $40 for a weekend. It estimates that for each $5 price inc
    5·1 answer
  • So can a for profit business give someone the title of Executive Director?
    7·1 answer
  • The stockholders’ equity accounts of Martinez Corporation on January 1, 2020, were as follows:
    13·1 answer
  • If the depreciable investment is $1,000,000 and the MACRS 5-Year class schedule is: Year-1: 20%; Year-2: 32%; Year-3: 19.2%; Yea
    5·1 answer
  • Given the following information, compute accounts receivable turnover. Gross sales $150,000 Accounts receivable, beginning of ye
    8·1 answer
  • Hey y'all !! Can some body help me out!!
    5·1 answer
  • Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account is now worth $112,000. How
    10·1 answer
  • Provisions that a party agrees to perform only if the other side also does what it promised are called Group of answer choices c
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!