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aev [14]
3 years ago
10

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of Septembe

r:
Sep. 1 : Inventory20 units at $20
Sep. 4 : Sold10 units
Sep. 10 : Purchased30 units at $25
Sep. 17 : Sold20 units
Sep. 30 : Purchased10 units at $30
a) If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is:___________.
a.$800
b.$750
c.$650
d.$700
b) If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is:__________.
a.$800
b.$700
c.$650
d.$750
Business
1 answer:
Degger [83]3 years ago
6 0

Answer:

lLIFO-option B is correct ,$750

FIFO-option A is correct,$800

Explanation:

In using LIFO, each item sold is from the last inventory received while the FIFO is of the opinion that item sold is the oldest stock of inventory.

Under LIFO, cost of ending merchandise is as follows:

10 units (20-10) at      $20=$200

10 units (30-20) at     $25=$250

10 units at  $30                =$300

Total value of inventory  =$750

The correct option is B,$750

Under FIFO, cost of ending inventory is as follows:

20 units at  $25                 =$500

10 units at $30                   = $300

total value of inventory      =$800

The correct option is A,$800

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Your text indicated that several groups were protected by federal equal opportunity legislation. In these examples, indicate whe
ehidna [41]

Answer:

a. A recently retired military veteran was not offered a job for which she was qualified.  Yes ( Veterans)

b. A Mormon says his religion forbids him to work on certain days.  Yes ( Religion)

c. A person who is hearing impaired claims she is disabled.  Yes (Disability)

d. A homosexual applicant wasn’t hired because of his sexual orientation. Yes (Sex: Sexual orientation)

e. A male wasn’t hired for a sales position in a retail store specializing in women’s shoes.  Yes (Sex)

f. A 24-year old woman wasn’t hired for a managerial position because she was too young.  No ( Age considerations begins from 40)

g. A Norwegian applicant claimed he wasn’t hired because a Chinese restaurant hired only Asians.  Yes (national origin)

h. A light-skinned African American would not hire a dark-skinned African American.  Yes (genetic discrimination)

i. A store wouldn’t hire anyone with a college degree because it thought they were snobs. No

j. A fast-food chain refused to hire any males with long hair. No

Explanation:

The federally protected class are a group of people whom the law in the United States protects from discrimination especially in the employment setting. They are grouped under race, religion, sex, pregnancy, familial, national origin, genetic discrimination, veterans, and disability. Options f, i, and j do not fall under these classes.

f. The age discrimination in Employment Act applies for people from the age of 40.

i. College degree is not a consideration among the federally protected class.

j. Gender or sex is not the issue here but a feature of the gender.

4 0
3 years ago
Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has
Brrunno [24]

Answer:

over 1 year

Explanation:

IRS known as Internal Revenue Service interpret internal revenue code and they control treasure regulation. They also have code that control disposition of asset which is the process of selling out of an asset

It should be noted that Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has been held for over 1 year.

7 0
3 years ago
Individuals who give up looking for work because they don't feel that there are good prospects of finding a job are known as:
lord [1]
Individuals who give up looking for work because they don't feel that there are good prospects of finding a job are known as <span>discouraged workers.
Correct answer: D
</span>These type of workers have not found no suitable employment options in the past  so they believe that <span>there aren't any jobs for them and they are</span> discouraged to search for a job.
8 0
3 years ago
Accruals recorded in the Salaries and Wages Expense and Salaries and Wages Payable columns of the balance sheet and income state
zhenek [66]

Answer:

Incurred but unpaid

Explanation:

When wages and salaries are incurred by an entity and paid, the entries required are debit Wages and Salaries expense, credit cash account. However, when the expense is incurred but cash is yet to be paid, this represents a liability to the organization and as such, an accrual is required. The entries to be posted are debit Wages and salaries expense (in the income statement), credit Accrued wages and salaries (in the balance sheet).

4 0
3 years ago
Opportunity costs are not found in accounting records because they are not relevant to decisions.
Sergio [31]

The following statement "Opportunity costs are not found in accounting records because they are not relevant to decisions" is false.

The opportunity cost is the time spent learning and the money that might have been used for something else. When a farmer decides to grow wheat, there is an opportunity cost associated with not doing so or using the resources in another way (land and farm equipment).

The apparent advantage of not selecting the next best alternative when resources are limited is what is commonly referred to as opportunity cost. Opportunity costs are not just monetary or financial expenses. An opportunity cost is also the real price of missed productivity, time, or any other for-profit gain.

To know more about Opportunity Costs here

brainly.com/question/28347796

#SPJ4

6 0
1 year ago
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