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Sliva [168]
3 years ago
12

Swifty Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/20 Purchase 55 $46 3/14/20 Pur

chase 91 $41 5/1/20 Purchase 61 $46 The company sold 140 units at $70 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO? (rounded to whole dollars)
Business
1 answer:
kykrilka [37]3 years ago
5 0

Answer:

$3,785

Explanation:

FIFO Inventory valuation method requires that the Inventory which is purchased first should be sold first and inventory Purchased at last should be sold at last.

As we know Gross profit is the Net of Sales and Cost of Goods Sold.

Sales                            $9,800

Cost of Goods Sold    <u>($6,015)</u>

Gross Profit                  <u>$3,785</u>

All workings are made in an MS Excel File, which is attached with this answer Please find it.

Download xlsx
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Mortgage loans made to borrowers with normal credit quality, but who lack the necessary documentation of their financial circums
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Thus the answer will be Alt- A loans.

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4 0
2 years ago
a ___ is an organization that is formed when a person or group of persons uses resources to produce a good or service that meets
8_murik_8 [283]

Answer:

If im right,

Explanation:

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6 0
3 years ago
Which economic theory assumes individuals will use past values of inflation to predict the possible expected future values of in
OlgaM077 [116]

The rational expectations theory is a concept and theory used in macroeconomic.

what is rational expectations theory?

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3 0
2 years ago
Training is the hidden cost associated with ERP implementations that is considered the most under-estimated.
algol [13]

Answer:

TRUE

Explanation:

Training is the hidden cost associated with ERP implementations that is considered the most under-estimated because at the initial stage of Enterprise resource planning software purchase, only the cost of purchase and installation is considered. However the software cannot be used without training the users on how to use the software.

Such training costs are sometimes as significant as 25% or more of the cost of the software and these costs are not included in the list price of the purchase of the ERP. Furthermore even when the training costs are estimated, they are often under-estimated as the number of users may increase with time as the organisation grows.

4 0
3 years ago
To increase the potential for a successful acquisition, a firm should: a. always bid low to allow for partial failure. b. try to
Annette [7]

Answer:

c. screen the foreign enterprise to be acquired.

Explanation:

Growth can occur in two fundamental ways :

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