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
lara [203]
2 years ago
9

A Company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Sec

ond purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be
Business
1 answer:
gogolik [260]2 years ago
3 0

Answer: $65

Explanation: Under the FIFO method, that is, first in first out method inventory is recorded on the assumption that the goods that were purchased first will also be sold first and the remaining inventory will have the latest purchased units.

So, in the given question the two units sold would be costing $80 and $95

Hence,

Gross profit = $240 - ($80 + $95)

                    = $65

You might be interested in
Difference between horticulture and floriculture
Serjik [45]
The horticulture is the science and management in cultivation of all forms of plants, including fruits, vegetables, ornamental plants, or flower.
Floriculture, on the other hand, is the science and management in cultivation of the only flower in particular (which also include most of the ornamental plants because the majority of ornamental plants use flowers)
4 0
3 years ago
Read 2 more answers
Ok i dont know how much my parents have to pay for childrens in rapids wayer park. Can SOMEONE PLZ TELL ME AND I WILL GIVE YOU B
Nezavi [6.7K]
Regular Admission (All Day)

Individual rate Monday-Friday (No Holidays) - $42.99 plus tax

Individual rate Saturday-Sunday (And Holidays) - $47.99 plus tax

Children 2 and under are free
3 0
2 years ago
DeAngelo went to the store to purchase groceries. By the time he reached the paper products aisle, he was down to his last few d
FinnZ [79.3K]

Answer:

Generic Brand

Explanation:

Based on the scenario being described it can be said that the brand that DeAngelo seems to have bought is known as a Generic Brand. These are a product brand that is distinguished by it's absence of any brand name on the package and instead it's package only defines it's characteristics. They usually are the cheapest option and compete with more expensive branded products.

3 0
2 years ago
Pease Answer ASAP. I need help with sources to answer the following question:
cestrela7 [59]

Answer:

No, a college degree can help you earn a better salary but nothing is guaranteed. For example, someone with a college degree earns on average around $50,000 per year, while those with only a high school degree earn around $28,000 (that is almost half of a college graduate).

But the salary you earn is not guaranteed, it might be much higher or it might be zero. If you work hard you might get a raise pretty soon or you can get promoted, but if you are lazy then you can get fired.

The income classification is based on income, not on education. There are people who never graduated from college that are extremely rich, e.g. Bill Gates, Mark Zuckerberg, but they are not the majority. That is why they serve as examples so often. Most rich people actually do have a college degree, but they are rich not because of their college degree, but because of their work.

6 0
3 years ago
SafeRide, Inc. produces air bag systems that it sells to North American automobile manufacturers. Although the company has a cap
iogann1982 [59]

Answer:

SafeRide, Inc.

a. The financial implications of accepting the order are that total production cost will increase by $315,000 with a corresponding increase in sales revenue of $540,000, and an increase in net income by $225,000.

b. Under full capacity, the total production cost will increase by $1,485,000 for adding additional facilities while the sales revenue would increase by $540,000, resulting to a loss of $945,000.

c. Under full-capacity circumstances, there is a financing disadvantage of accepting the order because the order will entail additional capacity and facilities, resulting to a loss of $945,000.

Explanation:

Annual production capacity = 300,000 units

Current production capacity = 180,000 units

Special order from a German manufacturer = 60,000 units

Special order price per unit = $9.00

Budgeted Costs For      180,000 Units  240,000 Units  Difference 60,000

Manufacturing costs

Direct materials                 $450,000           $600,000       $150,000

Direct labor                           315,000             420,000          105,000

Factory overhead              1,215,000           1,260,000           45,000

Total                                  1,980,000          2,280,000       $300,000

Selling and administrative 765,000              780,000            15,000

Total                              $2,745,000        $3,060,000        $315,000

Costs per unit

Manufacturing                       $11.00                  $9.50

Selling and administrative       4.25                     3.25

Total                                     $15.25                  $12.75

Selling price to North American manufacturers = $20 per unit

Financial implications of accepting the order:

Manufacturing costs

Direct materials                  $150,000

Direct labor                           105,000

Factory overhead                  45,000

Total                                  $300,000

Selling and administrative    15,000

Total                                  $315,000

Total cost per unit = $5.25 ($315,000/60,000)

Total manufacturing cost per unit = $5 ($300,000/60,000)

Increase in net income from accepting the order = $225,000 ($9.00 - $5.25) * 60,000

Manufacturing costs

Direct materials                  $150,000 (variable)

Direct labor                           105,000 (variable)

Factory overhead              1,215,000

Total                                $1,470,000

Selling and administrative    15,000 (assumed to be variable)

Total                               $1,485,000

Unit cost per additional unit = $24.75

4 0
3 years ago
Other questions:
  • The mere exposure effect most directly contributes to the positive relationship between ________ and liking.
    6·1 answer
  • Firms that decide against international expansion to play it safe ________.
    6·1 answer
  • Which scenario is an example of a true ethics dilemma? a. Sure-Good Soup Company is thinking about using more expensive organic
    10·1 answer
  • Jesse launched a cheaper variant of her high-performing dishwashing liquid, anticipating similar success. Which strategy has Jes
    12·1 answer
  • Philippe is from the Mediterranean coast of Greece and Sasha is from Iran. In their grocery store, this married couple is accust
    13·1 answer
  • Clarence is purchasing a $142,000 home with a 15-year mortgage. He will
    15·1 answer
  • When recommending a 529 Plan to a client, the registered representative should inform the customer about the: A income-phase out
    8·1 answer
  • You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The prev
    7·1 answer
  • Steve's Outdoor Company purchased a new delivery van on January 1 for $47,000 plus $4,000 in sales tax. The company paid $13,000
    5·1 answer
  • In the ______ interview, applicants are asked how they handled a work-related situation in the past.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!