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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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According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.
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a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

Answer:

$9800

Explanation:

This question requires us to calculate the employer's payroll taxes

His social security tax = $110000*6.0%

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His Medicare tax = $110000*1.5%

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Federal = 25000x0.8%

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Total employers payroll tax

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2 years ago
A building is an example of a _____ because it is a cost that does not change as output changes. fixed cost variable cost market
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3 years ago
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What is a similarity between trade sales promotion and consumer sales promotion?
lubasha [3.4K]

Answer:

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Explanation:

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Answer:

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Explanation:

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Balance of Payments is in deficit or negative if imports are more than the exports and it is in surplus or positive if exports are more than imports during a period of time.

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