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stich3 [128]
4 years ago
7

Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is ava

ilable.
Units Unit Cost Total Cost
April 1 inventory 250 $13 $3,250
April 15 purchase 400 15 6,000
April 23 purchase
35017 5,950 1,000 $15,200

Compute the April 30 inventory and the April cost of goods sold using the average cost method. (Round computations for cost per unit to 2 decimal places, e.g. 10.25 and answers to 0 decimal places, e.g. 2,250.)
Business
1 answer:
o-na [289]4 years ago
8 0

Answer: Cost per unit $15.2, cost of good sold $10,640

Explanation:

Weighted Average cost per unit = 15,200/1000

= $15.2

Ending inventory (400 × 15.2)

= 6,080

Cost of good available for sale = 15,200

Cost of good sold (700 × 15.2)

= $10,640

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6 0
3 years ago
Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000 of self-employment income an
butalik [34]

Answer:

$795.5

Explanation:

To calculate how much 0.9% income they have to pay, the law says anybody that earns above 250000 as married couple is entitled to pay above 0.9%, so for them we will subtract the 250000 from it and also Ruth loss of 13,500

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3 years ago
The journal entry to record the $500 of work in process ending inventory that consists of $300 of direct materials, $50 of manuf
Ahat [919]

Answer:

C. Work in Process Inventory 500; Materials Inventory 300; Wages Payable 150; Manufacturing Overhead 50

Explanation:

The journal entry will definitely be as follows

Account Title                            Debit     Credit

Work in Process Inventory       $500  

Raw materials inventory                          $300

Wages payable                                        $150

Manufacturing overhead                         $50

3 0
3 years ago
By evaluating cost and benefits using competitive market prices, we can determine whether a decision will make the firm and its
Andrej [43]

Answer:

valuation principle

Explanation:

The basis concept behind the valuation principle is that the value of an asset is determined by the market. If an investor is evaluating any type of new project, he/she must use market prices in order to determine whether this new project will make him/her wealthier. E.g. the price of art works is determined by the amount of money that someone is willing to pay for it, not by the fact that you like it or not.

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3 years ago
What is one disadvantage to consumers of a rebate offer?
NemiM [27]
You have to wait to receive your rebate
8 0
4 years ago
Read 2 more answers
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