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saul85 [17]
2 years ago
8

The following lots of a particular commodity were available for sale during the year: Beginning inventory 5 units at $61 First p

urchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of merchandise sold for the year according to the LIFO method?
a.$1,510
b.$1,375
c.$1,380
d.$1,250
Business
1 answer:
AURORKA [14]2 years ago
8 0

Answer: Option (a) is correct.

Explanation:

Given that,

Beginning inventory = 5 units at $61

First purchase = 15 units at $63

Second purchase = 10 units at $74

Third purchase = 10 units at $77

Ending inventory = Beginning inventory × $61 + First purchase × $63

                            = 5 units × $61 + 15 units × $63

                            = $1,250

Cost of goods sold = Second purchase × $74 + Third purchase × $77

                                = 10 units × $74 + 10 units × $77

                                = $1,510

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Explanation:

The FPRA is an agreement between an entrepreneur and a governmental agency in which some indirect charges are determined over a set period of time. All such rates are price forecasts used for cost agreements and contract changes.

By using an FPRA the contracting system can be accelerated by removing the need for audit and analysis of rates. The Contracting Officer (COO) oversees the prices of the contracting party. The ACO should always be asked any questions about the prices. After a FPRA is reached, a copies of the agreement should always be provided for in any ensuing proposal.

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3 years ago
The accounts payable account is a/an_______ ___, and it has a normal.
Viktor [21]

The accounts payable account is a/an option C: <u>liability; credit, </u>and it has a normal.

<h3>What do you mean by Account payable?</h3>

A account payable is refers to as the monet owned by a company to its supplies and its represent in the firm's balance sheet.

The main role of account payable os to provide financial, administrative and clerical support to the firm. Their main role include complete the whole payment and control expenses.

Moreover, it is considered as the liability for each business because the company have to pay back its all due on particular period of time and it is credit in nature.

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5 0
1 year ago
Suppose that the price of good X rises from $12.00 to $12.90, and as a result the quantity demanded of good X falls from 5,000 u
ivann1987 [24]

Answer:

The price elasticity of demand is 1.14.

The price is Elastic.

Elasticity is more than one so total revenue will fall.

Explanation:

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2 years ago
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Answer:

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Black_prince [1.1K]
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