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
One thing in life we cannot control is nature. What would your organization do if there was a natural disaster that destroyed el
Llana [10]

Answer:

The classification according to the situation has been described throughout the explanation segment elsewhere here.

Explanation:

  • People, therefore, have effectively articulated documented plans as well as employee initiatives to significantly reduce chaos throughout the aftermath of a collision.
  • Throughout addition, we have quite a power server which instantaneously starts kicking off somewhere in the event of a power outage, and then at the same moment, people are however outfitted with either a couple of extra machinery which could be utilized in this type of emergency.
3 0
3 years ago
Marking brainliest! What is an example of a public corporation?
stepladder [879]

Answer:

Library

maybe

probably because many people

5 0
2 years ago
Read 2 more answers
A and B have a written contract whereby A agrees to sell B a plot of land for $100,000. Later, without terminating the first con
AnnZ [28]

Answer:

B) Is not a contract because there is no consideration for B's promise.

Explanation:

In contract law, consideration is the benefit that must be bargained for between the parties involved. It is the essential reason for the parties entering a contact. Consideration must have some value and is exchanged on the performance or promise from the other party.

Common law rules on contract modifications require some new consideration in order  to modify an existing contract. In this case, only B added some new consideration (more money) to the written contract, A didn't add anything new.

3 0
3 years ago
BRAINLIEST !!what are your thoughts on Sam and Bud Walton?
Ronch [10]
That will simpler in
3 0
2 years ago
_______ is the process of deciding where one page ends and the next begins. A. Pagination B. Word wrap C. Crop D. Editing
irinina [24]
Pagination is the answer
7 0
3 years ago
Other questions:
  • Under _____ reserve banking, banks hold only a small portion of deposits in reserve, and they lend the rest
    11·1 answer
  • For each of the users of accounting​ information, identify whether the user is an external decision maker​ (E) or an internal de
    11·1 answer
  • Thoro Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger a
    10·1 answer
  • The term "marginal investor" means an investor who is active in the market and would tend to buy a stock if its price fell and s
    5·1 answer
  • 15) Which of the following would usually be found on a job cost sheet under a normal cost system? B) C) D) A) Choice A B) Choice
    12·1 answer
  • A totalitarian political system in which a party, group, or individual that represents the interests of a particular ethnic grou
    8·1 answer
  • PLEASE HELP!<br> Question: Give an example of a Trademark in Business.
    5·1 answer
  • Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $82,000 of services
    10·1 answer
  • How much will Marie have in her retirement account in years if her contribution is ​$ per year and the annual return on the acco
    14·1 answer
  • Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,510 and two j
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!