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
Julli [10]
3 years ago
13

Fabulous Frames Frame Shop wants to know the effect of different inventory costing methods on its financial statements. Inventor

y and purchases data for June are:
Units Unit Cost Total Cost
Jun 1 Begining inventory 2,200 $ 13.00 $28, 600
4 Purchase 1,700 $ 13.40 22,780
9 Sale (1900)
Required:
1. If Fabulous Frames Frame Shop uses the FIFO method, the cost of the ending inventory will be _________.
A. $ 25,000.
B. $ 26, 680.
C. $ 22, 780.
D. $ 24, 700.
Business
1 answer:
Marina CMI [18]3 years ago
3 0

Answer:

B. $26680

Explanation:

FIFO (First-In-First-Out) is a method of inventory valuation whereby the inventory that comes first is used first. In other words, the oldest inventory is used first. This is common for perishable stocks which if held too long would be wasted.

Jun 1 : Beginning Inventory : 2200 units x $13 = $28600

Jun 4 : Purchases : 1700 units x $13.4 = $22780

Total units : 2200 + 1700 = 3900 units

Sales : 1900 units

Cost of Goods Sold would be:

1900 x $13 = $24700

Ending inventory:

(2200 - 1900) x $13 = $3900

1700 x $13.4 = $22780

Ending inventory : $3900 + $22780 = $26,680

You might be interested in
Using word of mouth for finding a job is helpful because _____.
leonid [27]
So that you can talk to the person offering the job
7 0
3 years ago
Rupert and cordelia own an american company that does business in foreign nations. getting a license in a new country can be cha
Lyrx [107]

Answer:

The payment made by Cordelia

Explanation:

In the scenario it stated clearly that Rupert filled out what would have been a normal application form for operational license in the country

However Cordelia using connections was able to schedule a meeting with the government official that <u>has the authority to determine which foreign companies get licenses, and pays him $200 to approve their license.</u>

Cordelia payment is nothing short of bribery and corruption because it is not a legally required payment and the motive was clearly to unduly influence the minister to approve their license.

Such payment will likely violate the foreign corrupt practices act

6 0
4 years ago
Read 2 more answers
The following transactions were made by Ruby Inc. last year:
Juliette [100K]

Answer:

OPtion (C) is correct.

Explanation:

Given that,

Issuance of common stock = $100,000

Dividends paid to the company's stockholders = $2,000

Depreciation expense = $6,000

Repayment of principal on bonds = $40,000

Proceeds from the sale of the company's used equipment = $39,000

Purchase of land = $230,000

Cash flow from financing activities:

= Issuance of common stock - Dividends paid to the common stockholders - Repayment of principal on the company's own bonds

=  $100,000 - $2,000 - $40,000

= $58,000

Therefore, the net cash inflow from financing activities is $58,000.

8 0
4 years ago
Legal forces are important external forces that international managers need to understand. They are developed at the national le
Fantom [35]

Answer:

1. Per se application  - US Competition law

Justification: It is a provision of US competition law

2. Misuse of activity - EU Competition law

Justification: It is a provision of EU competition law

3. Extraterritoriality - US and EU

Justification: It is a provision of US and EU antitrust and competition law

4. Trade obstacle, non-tariff - France

Justification: These are considered to be part of the France trade system

5. Strict liability - U.S. Tort Law

Justification: It is part of the U.S. Tort Law and depends on intent to harm liability

6. Punitive damages - U.S. Product Liability Law

Justification: It is a provision of U.S. Product Liability Law

5 0
3 years ago
Refer to Exhibit 3-17. At a price of $20, the quantity demanded of good X is ____________ than the quantity supplied of good X,
zlopas [31]

Answer:

Less, fall, toward

Explanation:

Refer to Exhibit 3-17. At a price of $20, the quantity demanded of good X is less than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon fall. This would push the price toward the equilibrium price.

3 0
3 years ago
Other questions:
  • Assume the global economy consists of just two trading partners, the United States and Europe. Determine whether each scenario b
    10·1 answer
  • Depreciation Methods On January 2, 2018, Skyler, Inc. purchased a laser cutting machine to be used in the fabrication of a part
    10·2 answers
  • HELP ASAP!
    14·1 answer
  • Suppose these students came from a university with an enrollment of 34,642 students. We are told that about 28% of all students
    8·1 answer
  • For years, Company A has made a line of high-quality power tools. They plan to introduce a revolutionary new tool made entirely
    13·1 answer
  • Accounts receivable__________.A. are reported on the income statement.B. are amounts owed to a business by its customers.C. aris
    10·1 answer
  • Brestine Inc., a European multinational corporation, wants to expand its customer base and decides to target the Asian market. A
    6·2 answers
  • When American Airlines decided to review new ideas aimed at first-class passengers on very long flights, like an ultra high-spee
    7·1 answer
  • the price of a stock is $45 at the beginning of the year and $50 at the end of the year. of the stock paid a $1 dividend and inf
    13·1 answer
  • You are a salesperson in a vitamin store. What steps can you take to move up the company?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!