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
melomori [17]
3 years ago
13

A company just starting business made the following purchases in August: August 1 300 units $1,560 August 12 400 units 2,340 Aug

ust 24 400 units 2,520 August 30 300 units 1,980 1,400 units $8,400 A physical count of the inventory on August 31 reveals that there are 500 units on hand. What inventory method produces the lowest gross profit for August
Business
2 answers:
nexus9112 [7]3 years ago
4 0

<u>Solution and Explanation:</u>

 <u>Purchased</u>    

Date Description        Units Value Per unit cost  

1st august Purchase 300       1560           5.20  

12th august Purchase 400       2340                 5.85  

24th august Purchase 400      2520                6.30  

30th august Purchase 300       1980                6.60  

                      Total      1400 8400        

The Closing quantity = 500

The number of Units that have been sold = 900

Value of inventory as per First in first out ( FIFO) method is calculated as follows

(200 * 6.30)+(300 * 6.60) = 3240

Therefore, the answer is $3240.

gregori [183]3 years ago
4 0

LIFO inventory method produces the lowest gross profit for August.

<u>Explanation:</u>

Applying the FIFO inventory method, the total value of the company's closing inventory as on August 31 stands at $3,240.

Applying the LIFO inventory method, the cost of goods sold stands at $5,670 (for August month).

You might be interested in
Adjusting Entries are:
LekaFEV [45]

Answer:

The answer is B.

Explanation:

Some business transactions are so huge or large to the extent that there might be omission or error in recording transactions when they occur.

Adjusting entries are done to update entries for previously unrecorded expenses or revenues. They are usually done at the end of the months.

Since accrual methods are the most preferred, they are done to make Financial statement achieve the objective of 'completeness'

6 0
2 years ago
Read 2 more answers
Vhich of the following is a description of a pullback device?
MrMuchimi

Answer:

Explanation:

A

8 0
3 years ago
Comet Company is owned equally by Pat and his sister Pam, each of whom hold 100 shares in the company. Comet redeems 50 of Pam's
lesantik [10]

Answer:

Total E&P = $ 160000

Total voting Right Sold = 50/ (100+100) = 25%

Reduction of E& P due to exchange = Total E&P*Total voting Right Sold

Reduction of E& P due to exchange = 160000*25%

Reduction of E& P due to exchange = 40000

Reduction of E& P Lower of Total E&P*Total voting Right Sold or Amount realised

Reduction of E& P Lower of 40000 or (50*1000)

Reduction of E& P Lower of 40000 or 50000

Answer

A reduction of $40,000 in E&P because of the exchange.

7 0
3 years ago
Consider the following binomial experiment: a study in a certain community showed that 6% of the people suffer from insomnia. if
Oxana [17]
To determine the standard deviation of the number of people who suffer from insomnia, you need to use the following formula:
= sqr of npq

= √10,200 people in the community x 0.6 people who suffer from insomnia x 0.91 = ?
= √10,200 x 0.6 x 0.91 = <span>√55.143 = 7.43 

= 7.43</span>
6 0
3 years ago
According to the Centers for Disease Control and Prevention, "SIDS is defined as the sudden death of an infant less than 1 year
SSSSS [86.1K]

Answer: True

Explanation:

According to the CDC, Sudden Infant Death Syndrome (SIDS) is the leading cause of children dying unexpectedly and without immediately apparent causes and is said to happen to an 3,700 infants annually.

Sudden Infant Death Syndrome (SIDS) is defined by the CDC as <em>the sudden death of an infant less than 1 year of age that cannot be explained after a thorough investigation is conducted</em>.

SIDS falls under Sudden Unexpected Infant Death (SUID) which is the unexplained death of a child before investigation and as well as SIDS can include infections and accidental suffocation.

5 0
3 years ago
Other questions:
  • List three causes of a favorable direct materials price variance. ​(Select three possible​ answers.)
    12·1 answer
  • Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual inventory system.(
    10·1 answer
  • A production department's output for the most recent month consisted of 18,000 units completed and transferred to the next stage
    15·1 answer
  • Bramble University sells 6,500 season basketball tickets at $40 each for its 13-game home schedule.
    7·1 answer
  • The CSS/Financial aid PROFILE is a(n):
    15·2 answers
  • Parker Company’s balance reflected Estimated Warranty Payable of $2,000 credit at the end of 2018, the current year. During 2019
    6·1 answer
  • If the marginal cost for oligopolies or cartels suddenly fell due to a new technology, then these firms would also be forced to
    12·1 answer
  • A person decides to buy a book to read rather than buying a movie ticket. The movie ticket that the person has given up, is know
    11·1 answer
  • A manager is asked to initiate activities that will support environmental scanning. Which activity should be used by this manage
    5·1 answer
  • financial control is a process through which a firm periodically compares its budget to which of the following? (select all that
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!