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ozzi
3 years ago
5

Units Unit Cost Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 12 Purchase, Nov. 8 5,000 13 If 9,000 units are on hand at

December 31, what is the cost of the ending inventory under LIFO using a periodic inventory system?
Business
1 answer:
Lostsunrise [7]3 years ago
3 0

Answer:

The answer is: $100,000

Explanation:

Under LIFO (last in, first out) costing method, we use the oldest costs are used to determine the ending inventory:

We were given the following data:

  • Jan. 1: 8,000 purchased at $11 per unit
  • June 19: 13,000 purchased at $12 per unit
  • Nov. 8: 5,000 purchased at $13 per unit

If the ending inventory had 9,000 units, then its total cost is:

Ending inventory = (8,000 units x $11 per unit) + (1,000 units x $12 per unit)

Ending inventory = $88,000 + $12,000 = $100,000

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EXCESS CAPACITY Williamson Industries has $7 billion in sales and $1.944 billion in fixed assets. Currently, the company’s fixed
Lubov Fominskaja [6]

Answer:

a. <u>Calculation of level of sales</u>

Level of sales = Sales / Operating capacity

= 7,000,000,000/90%

= $7,777,777,777.78

b. <u>Calculation of Target fixed Assets/Sales ratio</u>

Fixed assets sales ratio = Fixed assets / Level of sales

= 1,944,000,000/7,777,777,777.78

= 0.249942857

= 0.25

c. <u>Calculation of Increase in Fixed assets</u>

Increase in fixed assets = Fixed assets sales ratio * (Increase in sales - Level of sales)

= 0.249942857 * (7,000,000,000*1+15% - 7,777,777,777.78)

= 0.249942857 * (8,050,000,000 - 7,777,777,777.78)

= 0.249942857 * 272,222,222.222

= $68,040,000.

8 0
3 years ago
If Southwest Development Company is a​ 50-50 partnership of Merideth Harper and Christopher​ Black,: ​(Select the best answer​ b
Kobotan [32]

Answer:

The answer is: A) Ms. Harper has unlimited​ liability, which means creditors can claim against her personal assets.

Explanation:

One of the most important characteristic of a partnership is unlimited liability. That means that in case the partnerships goes bankrupt, the partners are responsible for paying the partnership´s debt even with their own personal assets.

If one partner doesn´t have enough assets to meet his share of the debt, the other partner (or partners) can be held liable for the unpaid debt.

5 0
3 years ago
According to research conducted by collins and Porras, which of the following is a common practice that explains the success of
tatiyna

According to research conducted by collins and Porras,  the  common practice that explains the success of visionary companies-Core Ideology

Explanation:

The core ideology defines the characteristic  of an organization—like  technological know how , management trends , and individual leaders.

For a firm it  is more important to know who they are and how they will go ahead with the changes around them(futuristic vision). The Leaders will die, products will become  obsolete, markets demand will change, new innovations will  emerge, and management will change , but the  core ideology of a company acts as a source of guidance and inspiration in hard times . Core ideology is the  glue that holds an organization together when it undergoes the process of growth , decentralization, diversification and expansion

Core Ideology typically means the Vision,Mission & Values of an organization. The ideology acts as a source of communication to stakeholders (i.e. from employees to investors  about what the company will stick to and  the guidelines to which it will adhere in the future.)

8 0
3 years ago
On December 31, 2020, Grand Company had $1,232,000 of short-term debt in the form of notes payable due February 2, 2021. On Janu
VikaD [51]

Answer:

Current liabilities:

Notes payable   $8,000

Non-current/long-term liabilities:

Notes payable     $1,224,000

Explanation:

The actual amount of notes payable at 31st December is the difference between the short-term debt and the amount of cash realized from the issue of common stock whose proceeds are meant to be used in liquidating the short-term debt.

The actual amount of notes payable=$1,232,000-$1,224,000=$8,000

By issuing common stock of $1,224,000 to repay the short-term debt,the $1,224,000 is effectively converted to funding of long-term nature,hence classified as long-term liabilities

7 0
3 years ago
AIS documentation is useful for accomplishing all of the following except:
Nataliya [291]

Answer:

E) Assuring that the company is profitable

Explanation:

Accounting processes are not meant to ensure that a company is profitable or not, they are meant to report the actual state of a company, not the desired one. If the company is profitable, then accounting should report that, if the company is losing money, then accounting should report that instead.

Accounting information system (AIS) documentation refers to the process by which accounting and financial data flows are traced.

6 0
3 years ago
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