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NikAS [45]
3 years ago
9

QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning inventory and two purchases for th

e month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.00 Purchase on January 9 50 2.20 Purchase on January 25 100 2.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Business
1 answer:
pogonyaev3 years ago
5 0

Answer:

$544

Explanation:

LIFO means last in first out. It means it's the last purchased inventory that is the first to be sold.

The cost of the 250 units sold would be first deducted from the inventory purchased on the 25th

= 100 × 2.34 = $234

That leaves 250 - 100 = 150 units.

The cost of goods sold would be next allotted to the inventory purchased on the 9th

= 50 × 2.20 = $110

This leaves 150 - 50 = 100

The cost of the 100 would be alloted to the beginning inventory

100 × $2 = $200

Total cost of goods sold = $200 + $110 + $234 = $544

I hope my answer helps you

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These sums are included in the period's ending balance, retained profits, dividends, and net income in the statement of stockholders' equity.

Stockholder equity, often known as shareholders' equity or owners' equity, is the amount of assets left over for shareholders to use after all liabilities have been settled. It is determined by subtracting a company's total assets from its total liabilities, or alternatively by adding its share capital and retained earnings and deducting its treasury shares. Among the possible components of shareholders' equity are common stock, paid-in capital, retained earnings, and treasury stock.

Stockholders' equity can conceptually be used to assess the amount of money a company has kept on hand. If this number is negative, a business may be on the verge of bankruptcy, especially if there is also a substantial debt obligation.

There are two main sources of Stockholder equity, which is also known as the company's book value. The money that was initially and subsequently invested in the business through share offerings is the first source. The company's retained profits (RE), which are accumulated over time as a result of its operations, make up the second source. Retained earnings typically make up the greatest portion, especially when dealing with businesses that have been around for a while.

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5 0
1 year ago
The greater the magnitude of the external benefits of production, a. ​ The larger is the deadweight loss from underproduction. b
Naddika [18.5K]

Answer:

d. ​ All of the above are true

Explanation:

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7 0
3 years ago
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Fed [463]

Answer:

An <u>increase</u> in the liquidity of corporate bonds will <u>increase</u> the price of corporate bonds and <u>decrease</u> the yield on corporate bonds, all else equal.

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Bond liquidity refers to how quickly the bonds can be redeemed and converted to cash. This relates to the ease with which an investor can sell his bond.

High liquidity bonds are costly as they are more in demand and an attractive investment for the investors.

Thus, bond liquidity is directly related to it's price.

The yield of a bond refers to the market rate of return and represents the expectation of the bondholder with respect to rate of return.

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B. When fees are allocated to income.

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4 0
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