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
laila [671]
3 years ago
12

King Costume uses a periodic inventory system. The company started the month with 6 masks in its beginning inventory that cost $

8 each. During the month, King Costume purchased 41 additional masks for $10 each. At the end of the month, King counted its inventory and found that 3 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:
Business
1 answer:
madreJ [45]3 years ago
8 0

Answer:

$464

Explanation:

Periodic Inventory method is being used. That means valuation of inventory is done at the end of a specific period.

LIFO method is also used for determining the cost of inventory sold. FIFO stands for Last In First Out.

<u>Calculation of Cost of Goods Sold :</u>

41 unit × $10   = $440

3 units × $8    =   $24

Total               = $464

The cost of goods sold for the month is: $464

You might be interested in
Cyclical unemployment is closely associated with Select one: a. long-term economic growth. b. short-run ups and downs of the eco
kiruha [24]

Answer:

b. short-run ups and downs of the economy.

Explanation:

Cyclical unemployment is a form of employment that occurs as a result of fluctuations in the economy.

When there's a downturn in the economy, unemployment increases and It falls when there's a boom.

I hope my answer helps you

7 0
3 years ago
Read 2 more answers
Upon her grandfather's death, Jordan inherited 10 shares of Universal Corp. stock that had a fair market value of $5,000. Her gr
Nastasia [14]

Answer: Jordan's recognized gain in the year of sale is $2500.

Explanation:

Given that,

Jordan inherited 10 shares of universal corp. stock upon her grandfather's death and have a fair market value of $5000

Jordan's grandfather purchase these shares in 1995 for $2500

After four months of her grandfather's death, Jordan sold all of the shares for $7500

So,

Jordan's recognized gain in the year of sale = the value of sale - the fair market value at the time of her grandfather's death

= $7500 - $5000

= $2500

4 0
3 years ago
That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified
daser333 [38]

The answer is:<span>
"Trial Balance"

The full sentence will be as follow:
That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a trial balance.
Trial Balance means a statement with all the debits and credits in an account book along with the mention of any difference showing a mistake.</span>

7 0
3 years ago
The shape of a production possibility curve is downward-sloping because ____________________. Select the correct answer below: y
Afina-wow [57]

Answer:

you can get more of one good only by giving up some of another good

Explanation:

A production possibilities frontier shows the opportunity cost of producing one good instead of another. This way, as you follow the curve, the combination of goods will vary, increasing the production of one good but deceasing the production of the other.

Opportunity costs are the benefits lost or extra costs associated to choosing one activity or investment over another alternative. Since resources are scarce, you must always give something up in order to obtain another thing, e.g. you give up your leisure time in order to study.

8 0
3 years ago
Mellon Corporation The data presented below is Mellon Corporation for the year ended December 31, 2015: Sales (100% on credit) $
kaheart [24]

Answer:

The bad debts expense for 2015 would be $ 28,000

Explanation:

The balance of the allowance for doubtful account should be equal to the amount estimated to be uncollectible based on the ageing analysis

Estimated uncollectible account                                                 $ 31,000

Allowance for doubtful accounts prior to adjustment               <u>$   3,000</u>

Bad debts expense for the year to be recorded                    <u> $ 28,000</u>

The accounting entry to record this is as follows:

Bad debts expense                                          Debit               $ 28,000

Allowance for uncollectible accounts            Credit                               $ 28,000

4 0
3 years ago
Other questions:
  • Bob Hanson emphasizes that sending MBSC employees to seminars on a regular basis is highly motivating. It’s possible that for so
    5·1 answer
  • What are the big six foodborne illness
    15·1 answer
  • A bond’s is generally $1,000 and represents the amount borrowed from the bond’s first purchase. • A bond issuer is said to be in
    15·1 answer
  • 5 years ago,an individual has invested $10,000 in aninvestment trust. Over those years, the trust has distributed $2,000, consis
    7·1 answer
  • Groupong Inc. recently paid a $2.78 annual dividend on its common stock. This dividend increases at 3.50 percent per year and th
    12·1 answer
  • A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. @ $9 per lb.) 60,000 lbs
    15·1 answer
  • A​ 20% increase in sales causes EPS to rise from​ $4.00 to​$6.50. Assuming the firm has no​ debt, what is its degree of operatin
    12·1 answer
  • O False
    15·1 answer
  • Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The l
    8·1 answer
  • Meg invested $16,000 in a savings account. if the annual interest rate is 6%, how much will be in the account in 5 years for qua
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!