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Marrrta [24]
3 years ago
11

The following lots of a particular commodity were available for sale during the year Beginning inventory 7 units at $52.00 First

purchase 19 units at $53.00 Second purchase 25 units at $28.00 Third purchase 18 units at $65.00 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the average cost method
Business
1 answer:
ycow [4]3 years ago
6 0

Answer:

$986.39

Explanation:

Given :

Value of items in inventory :

(7 * $52) + (19 * $53) + (25 * $28) + (18 * $65) = $3241

Number of items in inventory :

(7 + 19 + 25 + 18) = 69 units

Weighted average inventory cost :

$3241 / 69 = $46.971014

Number of commodity in hand at year end = 21 units

Amount of inventory at year end using average costing method :

Number of commodity * Average inventory cost

(21 * $46.971014) = $986.39

The amount of inventory at the end of the year according to the average costing method is $986.39

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Using accrual accounting, expenses are recorded and reported only: _A. when they are incurred and paid at the same time. B. if t
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Answer:

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In fact, the term "accrued expense" means an expense that has been incurred, but not yet paid.

One common example of an accrued expense is accrued wages:

Suppose that a firm hires a worker on March 1, for a wage of $1,000 dollars per month, that is due to be paid at the end of the month (March 31). This worker is earning $33 per day. By March 4, the firm should have recorded accrued wages for $132 ($33 x 4 days) even if no payments will be made until March 31.

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Suppose Dina is an avid reader and buys only comic books. Dina deposits $3,000 in a bank account that pays an annual nominal int
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Answer:

Instructions are listed below

Explanation:

Giving the following information:

Dina deposits $3,000 in a bank account that pays an annual nominal interest rate of 10%. The comic book is priced at $15.00.

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