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
Softa [21]
3 years ago
12

The following units of an inventory item were available for sale during the year: Beginning inventory 11 units at $51 First purc

hase 15 units at $53 Second purchase 21 units at $55 Third purchase 17 units at $57 The firm uses the periodic inventory system. During the year, 21 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is
Business
1 answer:
Gennadij [26K]3 years ago
5 0

Answer:

$2,338

Explanation:

For computing the ending inventory, first we have to determine the average cost per unit, then ending inventory units which are shown below:

= (Beginning inventory units × price per unit +  first purchase inventory units × price per unit + second purchase inventory units × price per unit + third purchase inventory units × price per unit) ÷ (Beginning inventory units + one purchase inventory units + second purchase inventory units + third purchase inventory units)

= (11 units × $51 + 15 units × $53 + 21 units × $55 + 17 units × $57) ÷ (11 units + 15 units + 21 units + 17 units)

= ($561 + $795 + $1,155 + $969 ) ÷ (64 units)

= ($3,480) ÷ (64 units)

= $54.375 per unit

Now the ending inventory units would be

= Available units for sale - sale units

= 64 units - 21 units

= 43 units

Now the ending inventory would be

= Ending inventory units × average cost per unit

= 43 units × $54.375 per unit

= $2,338

You might be interested in
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold
Bogdan [553]

Answer:

This question has two requirements answer of each requiremnt is given below.

Dispose of the overhead variance by adjusting Cost of Goods Sold. Adjusted COGS $____

Applied Overhead = 532,000 * 80% =$ 425,600

This show that overhead are over apllied, so

Adjusted COGS = $1,890,000 - (425,600 -423,600)

                            = $ 1,888,000

Calculate the overhead variance for the year. $____

Overhead variance = Applied Overhead - Actual Overhead

                                = 425,600 -423,600

                                = $ 2000 (Favorable variance)

4 0
3 years ago
housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting an
natita [175]

Factory built Housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting and then transported to the building site for final assembly.

<h3>What is Factory built Housing?</h3>

Factory-Built Housing  can be described as the  residential building as well as  dwelling unit and it can as well be regarded as the individual dwelling room where parts can be stored.

It should be noted that this could be the  combination of rooms,  as well as the building components, assembly,  which help to concealed parts or processes of manufacturing before installation.

Hence , Factory built Housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting and then transported to the building site for final assembly.

Learn more about Housing at:

brainly.com/question/25773221

#SPJ1

CHECK THE COMPLETE QUESTION:

---------------housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting and then transported to the building site for final assembly.

5 0
1 year ago
Classify each of the following financial statement items based upon the major balance sheet classifications. select a major bala
seropon [69]

Answer:

Prepaid Advertising - Current Asset

Equipment - Property, Plant, and Equipment

Trademarks - Intangible Assets

Salaries and Wages payable - Current Liabilities

Income Tax payable - Current Liabilities

Retained Earnings - Stockholder's Equity

Account Receivable - Current Assets

Land (Held for future use) - Long term Investment

Patents - Intangible Asset

Bonds Payable - Long term Liability

Common Stock - Stockholder's Equity

Accumulated Depreciation -  Property, Plant, and Equipment

Unearned sales revenue - Current Liability

Explanation:

Balance Sheet of a company has different heads under which items are classified according to their nature. The major account heads for classification are Assets, Liabilities and Equity.

Prepaid Advertising and Account receivable are classified as current asset because this is expected to be used within a year.

Equipment is classified as Long term asset under the head, Property, Plant and Equipment. The equipment has estimated useful life more than a year then it is classified as Long term asset.

Trademarks and patents are classified as intangible assets, because they are not physical in nature.

Salaries and Wages payable, Income Tax payable and Unearned sales revenue are classified as Current liabilities. These expenses are due to pay within a year.

Retained Earnings and Common Stock are classified as Stockholders equity. The amount after subtracting all liabilities from total assets is referred to as Stockholder equity.

Accumulated depreciation is deducted from Property, Plant and Assets. This has negative sign and is a contra asset account.

5 0
3 years ago
"To meet the customer's investment objective of tax advantaged income, the BEST recommendation is for the customer to:"
marishachu [46]

Customer Name: Jack and Jill Customer

Ages: 62 and 57

Marital Status: Married - 39 years

Dependents: None

Occupations: Jack - Manufacturing Manager - Dyno-Mite Corp.

Jill - Marketing Consultant - Self Employed

Household Income: $140,000 Joint Income

($100,000 for Jack and $40,000 for Jill)

Net Worth: $1,100,000 (excluding residence)

Own Home: Yes $420,000 Value, No Mortgage

Investment Objectives: Income / Tax Advantaged

Risk Tolerance: Moderate

Investment Time Horizon: 25 years

Investment Experience: 30 years

Tax Bracket: 30%

Current Portfolio Composition: Cash in Bank: $30,000

Growth Fund: $50,000

Variable Annuity: $50,000

Growth Stocks: $150,000

Retirement Accounts:

Jack's IRA: $100,000 invested in growth stocks

Jack's 401(k): $600,000 invested in Dyno-Mite Corp. stock

Jack's 529 Plan for Grandchild: $20,000 in growth mutual fund

To meet the customer's investment objective of tax advantaged income, the BEST recommendation is for the customer to:

A. immediately liquidate the entire Dyno-Mite position and invest the proceeds in high yield bonds

B. set a minimum and maximum threshold price to liquidate as much of the Dyno-Mite stock as the customer will permit, and invest the proceeds in high yielding common and preferred stocks

C. liquidate the IRA without penalty since Jack is past age 59 1/2, and use the proceeds to buy corporate income bonds

D. consider early retirement, since Jack is old enough to receive Social Security as a means of supplementing income

Answer:

B. set a minimum and maximum threshold price to liquidate as much of the Dyno-Mite stock as the customer will permit, and invest the proceeds in high yielding common and preferred stocks

Explanation:

Given that, the customer has a "moderate" risk tolerance level and dividend income is at the moment taxed at the preferential rate of 15%, therefore, it is expected that investments in high yielding common and preferred stocks will meet the customer's objective of tax-advantaged income.

Hence, the right answer is Option B. set a minimum and maximum threshold price to liquidate as much of the Dyno-Mite stock as the customer will permit, and invest the proceeds in high yielding common and preferred stocks

5 0
3 years ago
The quantity theory of money is a theory of how A) the money supply is determined. B) interest rates are determined. C) the nomi
meriva

Answer:

C) the nominal value of aggregate income is determined

Explanation:

The quantity theory of money states that nominal aggregate income is determined by money supply. It is assumed that money velocity is constant in the short run and so would not impact nominal aggregate income.

The quantity theory of money is obtained from the equation of exchange which is:

(Money supply × velocity ) = (price × agregrate output)

Dividing both sides by velocity gives,

Money supply = (1/velocity) × ( price × agregrate output)

It is assumed velocity is constant, therefore,

Money supply = k × (price × agregrate output)

I hope my answer helps.

All the best

5 0
3 years ago
Other questions:
  • Valley Farms offers to sell Whole Harvest Bakeries, Inc., five hundred bushels of wheat. Whole Harvest responds, "We agree to bu
    8·1 answer
  • Last year the price of corn was $3 a bushel and the quantity of corn demanded was 10 million bushels. this year the price of cor
    8·1 answer
  • Smart Talk develops a smartphone with a state-of-the-art camera, allowing customers to use their phones as their main photo and
    9·1 answer
  • A North Face retail store in Chicago sells 500 jackets each month. Each jacket costs the store $100 and the company has an annua
    7·1 answer
  • What is an appropriate budgeting question
    8·1 answer
  • S&amp;L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2021, S&amp;L purchased C
    6·1 answer
  • Who played the character of harry potter in movie? Daniel Red Cliff.
    13·2 answers
  • Which of the following is a problem with information silos? a. isolated decisions b. organized processes c. decreased expense d.
    8·1 answer
  • Free 100 points + brainliest to Ambitious or below, will not give brainliest if higher than amb
    7·2 answers
  • Pls help me and thanks
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!