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strojnjashka [21]
3 years ago
13

The following inventory was available for sale during the year for Dolphin Tools: Beginning inventory 10 units at $120 First pur

chase 15 units at $165 Second purchase 30 units at $210 Third purchase 20 units at $195 Dolphin Tools has 25 units on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the first-in, first-out method?a. $6,600.b. $11,900.c. $6,300.d. $7,800.
Business
1 answer:
vaieri [72.5K]3 years ago
8 0

Answer: $4,950

Explanation:

If the company is using the First In First Out method for Inventory valuation then the earlier inventory is sold off first which would mean that the inventory at year end will be the more recent inventory.

The 25 units at the end of the year will be the most recent units purchased and so will be;

20 units from the third purchase

5 units from the 2nd purchase

Inventory value = (20 * 195) + ( 5 * 210)

= $4,950

<em>The options are not for this question. </em>

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Goods in process inventory account of a manufacturing company that uses an overhead rate based on the direct labor cost has a 4,
mafiozo [28]

Answer:

Overhead absorption rate

= Overhead absorbed/Actual labour cost x 100

= $4,400/$800  x 100

= 550% of direct labour cost

Explanation:

Since the overhead absorbed is $4,400, there is need to divide the overhead absorbed by actual direct labour cost multiplied by 100. This gives the overhead application rate.

7 0
3 years ago
"When Jiffy-Pop packaged its popcorn in an aluminum skillet, complete with attachable handle, it designed the package to become
user100 [1]

<u>Answer:</u>

Jiffy-Pop’s popcorn, in this case, is an example of <u>innovative packaging.</u>  

<u>Explanation:</u>

The days have passed when packaging is merely a means to secure and label an item. These basic tasks must be performed by packaging in a successful product, however the effect of packaging is progressively higher. It's often appropriate to create many design elements in tandem, so that they are the best and most efficient packages within the project's objectives and limitations.

A new update or innovation may attract customers who are searching for economic benefit or who think they have an unsatisfied need or want. In the case of Jiffy-Pop, the customer need not to buy a skillet and a bowl to cook and place the popcorn, in fact both these functions are performed by the outer innovative packaging done by the Jiffy-Pop’s popcorn itself. Thus, customers tend to buy this product more compared to others.

8 0
3 years ago
Described below are certain transactions of Pina Corporation. The company uses the periodic inventory system. 1. On February 2,
nadya68 [22]

Answer:

Question: From the details given, make all the journal entries necessary to record the transactions above using appropriate dates.

                                  Pina Corporation

                                   Journal Entries

Date                          Details                                    Debit               Credit

                                                                                    $                       $

February 2              Purchases                               62,034

                               Accounts Payable                                            62,034

Being credit purchase of goods at discount of 2%

February 26           Accounts Payable                   62,034

                               Purchase - Discount                  1,266

                               Cash                                                                 63,300  

Being payment made for goods purchased

April 1                      Vehicle                                      52,000

                                Cash                                                                   3,000

                                10% 1-year Note payable                                49,000

Being purchase of vehicle by part cash, part note-payable

May 1                       Cash                                            82,900

                                Note Payable - Discount             9,600

                                1-year Note payable                                         92,500

Being borrowing from bank

August 1                   Dividend                                     280,000

                                 Dividend Payable                                            280,000

Being dividend declared, not yet paid

September 10           Dividend Payable                      280,000

                                  Cash                                                                280,000

Being cash payment of dividend

Explanation:

a) 2/10, n/30 means that the buyer is to pay within 30 days but is entitled to 2% discount if the purchase is paid for in 10 days. Since Pina records at net amounts after cash discount

To record this purchase = 63,300 * 0.02 = 1,266

                                        = 63,300 - 1266 = $62,034

b) Since payment was made on 26th, it means the 10 day discount was not utilized hence Pina pays full price for the goods

3 0
3 years ago
Brian just started using a budget. He proudly tells friends that his budget helps him know where his money is being spent. It al
stepan [7]
The right answer for the question that is being asked and shown above is that: "<span>Brian has some understanding of budgeting. However, a budget does not create more money each month. It just helps him use his money better." That is the best answer among the choices.</span>
5 0
3 years ago
Morgan Clinical Practice is considering an investment in new imaging equipment that will cost $400,000. The equipment is expecte
Ainat [17]

Answer:

$33,091.95

Explanation:

The net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be found using a financial calculator:

Cash flow in year 0 = $400,000

Cash flow each year from year 1 to 5 =$80,000

Cash flow in year 6 = $80,000 + $150,000 = $230,000

I = 10%

NPV = $33,091.95

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

8 0
3 years ago
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