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3 years ago

Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method:

Business

1 answer:

Nikolay [14]3 years ago

5 0

Answer:

COGS= $297

Explanation:

Giving the following information:

December 2: 5 units were purchased at $7 per unit.

December 9: 10 units were purchased at $9.40 per unit.

December 11: 12 units were sold at $35 per unit.

December 15: 20 units were purchased at $10.15 per unit.

December 22: 18 units were sold at $35 per unit.

First, we need to calculate the number of units sold:

Number of units sold= 12 + 18= 30

Now, under the LIFO (last-in, first-out) method, the cost of goods sold is calculated using the cost of the lasts units incorporated into inventory:

COGS= 20*10.15 + 10*9.4

COGS= $297

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The expenditure approach to measuring U.S GDP equals all expenditure on final goods and services produced in the united states in a given time period

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1 year ago

Coronado Industries began the year with 12 units of marine floats at a cost of $11 each. During the year, it made the following

Leni [432]

Answer:

Explanation:

For computing each part, first we have to determine the sale units i.e

= (Opening units + purchased units) - closing units

= (12 units + 27 unit + 20 units + 25 units) - 30 units

= 54 units

a. The cost of goods sold under FIFO is

Since 54 units are sold and in this starting units would be considered

So 12 units would be taken at $11 each, 27 units would be taken at $15, and the remaining units i.e. 15 units would be taken at $20

So,

= 12 units × $11 + 27 units × $15 + 15 units × $20

= $132 + $405 + $300

= $837

b. The cost of goods sold under LIFO is

Since 54 units are sold and in this ending units would be considered

So 25 units would be taken at $23 each, 20 units would be taken at $20, and the remaining units i.e. 9 units would be taken at $15

So,

= 25 units × $23 + 20 units × $20 + 9 units × $15

= $575 + $400 + $135

= $1,110

c. The average unit cost is

= (12 units × $11) + (27 units × $15) + (20 units × $20) + (25 units × $23) ÷ (12 units + 27 units + 20 units + 25 units)

= ($132 + $405 + $400 + $575) ÷ (84 units)

= $18 per unit

d. The cost of goods sold under the average cost is

= $18 per unit × 54 units

= $972

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3 years ago

An attempt to reduce inflation requires _____________ fiscal policy, which causes real GDP to _________ and the price level t

Maru [420]

Answer:

Explanation:

TO CONTRACT in order to pay more taxes and spend less money to avoid a price hike. DECREASE, if people spend less money the GDP is affected because of the purchases and the price level obviously prives FALL.

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3 years ago

Consider the following: Year Population (Millions) Real GDP ($ Billions) GDP Deflator 2018 121 2019 125 Calculate the percent

horrorfan [7]

Answer: 3.59%

Explanation:

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Real GDP per Capita 2018

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3 years ago

The principle of comparative advantage asserts that a. the world price of a good will prevail in all countries, regardless of wh

Free_Kalibri [48]

Answer:

b. countries can become better off by specializing in what they do best.

Explanation:

Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.

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In 1817, David Ricardo who is an english political economist talked about the law of comparative advantage in his book “On the Principles of Political Economy and Taxation."

Also, the principle of comparative advantage asserts that countries can become better off by specializing in what they do best.

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4 years ago