All categories

3 years ago

Kingbird, Inc. has the following inventory data:

Business

1 answer:

stealth61 [152]3 years ago

5 0

Answer:

Cost of goods sold (rounded) under FIFO is $ 1.649

Explanation:

Date Q Cost U.Cost inventory Sold Cost

nov-01 34 231,2 6,8 0 34 231

nov-08 137 1006,95 7,35 0 137 1.007

nov-17 68 489,6 7,2 11 57 410

nov-25 103 772,5 7,5 103 0 0

114 228 1.649

You might be interested in

Task 2: Record the listed transactions of Nikea Inc. for the first quarter (January to March) in

gavmur [86]

Answer and Explanation:

The journal entries are shown below:

a. Cash Dr $20,000

To Capital $20,000

(being the issuance of the capital stock is recorded)

b. Rent Dr $5,000

To cash $5,000

(being the rent paid is recorded)

c. Supplies dr $1,500

To Account payable $1,500

(being the supplies purchased on account is recorded)

d. Account payable Dr $1,000

To cash $1,000

(being the amount paid is recorded)

e. Cash Dr $25,000

To sales commission $25,000

(being the sales commission earned is recorded)

f. Automobile expense $4,500

To Cash $4,500

(being cash paid is recorded)

g. Office salaries Dr $8,000

To cash $8,000

(being cash paid is recorded)

h Supplies expense $1,500

To supplies $1,500

(being supplies expense is recorded)

g. Dividend payable $1,500

To Cash $1,500

(being dividend paid is recorded)

3 0

2 years ago

Lee is considering buying one of two newly-issued bonds. Bond A is a twenty-year, 7.5% coupon bond that is non-callable. Bond B

vova2212 [387]

Answer:

Multiple choices below are missing:

A) purchase Bond A

B) purchase Bond B

C) purchase neither A nor B at this time

D) negotiate a higher rate on Bond A

The correct option is A,purchase bond A.

Explanation:

By purchasing Bond A,Lee is assured interest payment of 7.5% for a period of twenty years,hence the issuer cannot call the bond if interest rate drops by 2% in order to issue a lower interest-bearing bond which would be cheaper cost-wise.

However, if Lee purchases Bond B with current coupon of 8.25%,the interest is only guaranteed for a period of two years,since the issuer has the prerogative of calling back the bond after two years should interest fall in order to issue another bond that commands lower interest rate.

6 0

3 years ago

Information on Wolfen Company's direct labor costs for the month of January follows: Actual direct labor rate $5.00 Standard dir

xeze [42]

Answer:

Standard Rate = $ 5.65

Explanation:

Wolfen Company

Actual direct labor rate $5.00

Standard direct labor hours allowed 11,000

Actual direct labor hours 10,000

Direct labor rate favorable $6,500

Using formula to find the unknown figure

Direct Labor Rate variance = Actual Hours ( Standard Rate-Actual Rate)

$6,500= 10,000( Standard Rate-5)

$6,500/10,000 = (Standard Rate-5)

0.65+ 5=Standard Rate

Standard Rate=5+0.65= $ 5.65

We can check by putting it in another formula

Direct Labor Rate variance= (actual hours * standard rate)-(actual hours* actual rate)

$6,500=(10,000*Standard Rate)-( 10,000 *5.0)

$6,500= (10,000*5.65)-( 10,000 *5.0)

$6,500= (56,500)-( 50,000 )

$6,500=$6,500 (favorable) when standard price is higher than actual price

3 0

3 years ago

The four key types of ratios that investors monitor are liquidity ratios, leverage ratios, profitability ratios and _______ rati

mash [69]

I believe it is Activity Ratios. Hope this helps!

7 0

3 years ago

Read 2 more answers

The financial ratio that indicates how efficiently the managers of the organization are collecting the revenue due to the organi

Marysya12 [62]

It is the Days sales outstanding ratio or the DSO ration. It can be computed to estimate the firms' average account receivable. It illustrates on how the firm's receivable will be managed. It is usually determine on an annual, monthly and quarterly basis.

4 0

3 years ago

Read 2 more answers