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
zhenek [66]
3 years ago
14

A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11 units at $16 per unit. On May 12

, they purchased 18 units at $17 per unit. On May 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at May 15 after the sale
Business
1 answer:
monitta3 years ago
4 0

Answer:

Value of ending inventory on May 15 after sale = $272

Explanation:

The periodic nventory methods calculating inventory through a physical count at the end of the period.

Under FIFO method, the inventory that is purchased first is the one that is sold first. Thus, a sale of 30 units on May 15 will be made from:

Cost of sales:

17 units at $ 11 = 187

11 units at $ 16 = 176

Remaining units = 30 - (17+11) = 2

The 2 units will be taken from units purchased on May 12.

The ending inventory, thus, will be 18 - 2 = 16units at $17 per unit

Value of ending inventory on May 15 after sale = 16 * 17 = $272

You might be interested in
Identify the correct order of the four steps used to prepare a production cost summary (report). 1)Summarize the cost flow of ph
Veronika [31]

Answer:

The answer is "Option C".

Explanation:

The Costs of production relate to the price of a company producing or producing a service, which can include the range of expenditures, like labor, manufactured goods, supplies of items, and expenses. It has mainly four steps that can be defined as follows:

  • Complete the physical unit flow.
  • Measure the production unit's equivalent.
  • Compare the value per unit for output equivalent.
  • Assign costs to finished units and manufactured units.

5 0
2 years ago
What makes australian economy so prosperous?
Setler79 [48]
<span>Capitalist economic policies caused Kenya's economy to prosper.</span>
3 0
3 years ago
An entrepreneurial team is a group composed of the entrepreneur plus the firm's banker, cpa, and attorney. the firm's managers.
makvit [3.9K]

Answer:

"An entrepreneurial team is a group composed of the entrepreneur plus the firm's banker, CPA, and attorney."

Explanation:

An entrepreneurial team usually consists of 2 or more people with a great interest in the success and future of a company. The work of this team is interdependent as they pursue common goals for success for the venture. They are usually interested in the financial and other areas of a company and include the entrepreneur, the CPA, attorney, and the organization's banker.

8 0
3 years ago
A new aerated sewage lagoon is required in a small town. Earlier this year, one was built on a similar site in an adjacent city
zysi [14]

Answer:

value of new lagoon will be $4.05 million

Explanation:

We have given cost = $2.3 million

It is given that new lagoon will be 65% larger

So size of lagoon will be 1+0.65 =1.65

Sizing exponent for this project is given 1.13

So x = 1.13

New lagoon is given by New\ lagoon=cost\times size^x

So new lagoon will be equal to =2.3\times 1.65^{1.13}=2.3\times 1.76=4.05 $ million

So value of new lagoon will be $4.05 million

6 0
2 years ago
Mary, a sales representative for a small cleaning business, asks current customers for names of friends, customers and other bus
Fofino [41]

Answer:

Mary is relying on <u>referral marketing</u> to identify potential customers.

Explanation:

Referral marketing is a method of spontaneously promoting a businesses products and services to new customers by word of mouth. This can happen through a variety of channels such as email, mobile, and social media.

Referral programs are formal programs that exists in some organizations instituted by employers to encourage employees to refer candidates for jobs at the company.

Referral programs benefit both the employer and the current employees. In some cases, a bonus can be earned if a referred candidate is hired.

8 0
2 years ago
Read 2 more answers
Other questions:
  • g Closser Corporation produces and sells two products. In the most recent month, Product M50S had sales of $43,000 and variable
    15·1 answer
  • The corporate charter of Alpaca Co. authorized the issuance of 10 million, $1 par common shares. During 2018, its first year of
    6·1 answer
  • Which of the following events are examples of positive social media coverage?
    12·1 answer
  • As phasedown of shelter operations has begun, the American Red Cross Disaster Operations Supervisor has directed you to begin re
    13·1 answer
  • An implicit cost is a nonmonetary opportunity cost. a cost unique to sole proprietorships. a cost unique to corporations. a cost
    12·1 answer
  • Which of these items is NOT important to cosier when selecting a credit card?
    15·1 answer
  • Hyperlink is a feature that - a- calculates data in a cell B- connects test in the doc to an outside source C- saves a worksheet
    6·1 answer
  • On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34,
    15·1 answer
  • Adkins Bakery uses the modified half-month convention to calculate depreciation expense in the year an asset is purchased or sol
    13·1 answer
  • Take it and go................................
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!