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spin [16.1K]
3 years ago
8

uestion 31 Oriole Company has the following inventory data: July 1 Beginning inventory 114 units at $19 $2166 7 Purchases 399 un

its at $20 7980 22 Purchases 57 units at $22 1254 $11400 A physical count of merchandise inventory on July 30 reveals that there are 190 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $3686. $3914. $7486. $7714.
Business
1 answer:
lina2011 [118]3 years ago
7 0

Answer:

$7,714

Explanation:

The computation of the cost of good sold under LIFO method is shown below

But before that following calculations need to be done

Goods sold = Beginning inventory + Purchases - Ending inventory

= 114 + (399 + 57) - 190

= 380 units

Now 380 units sold would include 57 units of July 22 purchases and balance i.e. (380-57)  323 units of July 7 purchases

So, cost of goods sold

= (57 × 22) + (323 ×20)

= $7,714

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A company issues $100,000 face value, zero-coupon, 4-year U.S. corporate bonds on January 1, 20XO, when the market rate for simi
aivan3 [116]

Answer:

Amount = Maturity/(1+risk rate)⁴

Amount = $100,000/(1+0.12)⁴

Amount = $63,552 (Approx)

Interest payable = $63,552 x 0.12

Interest payable = $7,626 (Approx)

Interest payable (2nd period) = ($63,552+$7,626) x 0.12

Interest payable (2nd period) = $8,541 (Approx)

Explanation:

                           JOURNAL ENTRY

                                BOOKS OF (.....)

Date          Account title         Debit   Credit

       Cash a/c                   Dr    $63,552  

                  To Bonds payable a/c    $63,552

1st-period    

             Bond Interest a/c       Dr   $7,626

         To Bonds payable a/c                  $7,626

2nd-period  

             Bond Interest a/c       Dr   $8,541

         To Bonds payable a/c                  $8,541

6 0
2 years ago
Bennett Co. has a potential new project that is expected to generate annual revenues of $255,800, with variable costs of $141,20
Mandarinka [93]

Answer:

b. $124,120

Explanation:

4 0
2 years ago
The typical goal used when developing a process-oriented layout strategy is to: minimize the distance between adjacent departmen
Georgia [21]

Answer:

minimize the material handling costs.

Explanation:

A process-oriented layout is a strategic method or technique used by manufacturing companies to organize and develop their work areas (factories) based on the processes and activities being performed at each factory rather than on the product being manufactured.

Hence, the typical goal used when developing a process-oriented layout strategy is to minimize the material handling costs for each factory.

Process costing can be defined as a cost accounting method used for assigning manufacturing or production costs to the units of goods produced by a business firm over a specific period of time. It is mostly used by firms that produce a large quantity of homogeneous or similar products on a continuous basis. Process costing typically uses more than one Work in Process Inventory account because costing at each stage of production or manufacturing process.

6 0
2 years ago
On January 1, 2004, Kay Inc. issued its 10% bonds in the face amount of $400,000, which mature on January 1, 2014. The bonds wer
DaniilM [7]

Answer:

Unamortized discount is $43,700

Explanation:

Unamortized bond discount=original bond discount-amortization to date

original bond discount is $46,000

Amortization =interest  payable-interest expense

interest payable=$400,000*10%*6/12

                            =$20,000

Interest expense=$354,000*10%*6/12

                             =$17,700

amortization of discount=$20,000-$17,700

                                        =$2300

unamorized bond discount=$46000-$2300

                                            =$43,700

The unamorized bond discount at the end of the first six months is $43,700

                     

3 0
3 years ago
Chec
Arada [10]

Answer:

THERE IS NO ANSWER FOR THIS

Explanation:

YOU NEED ALL THE MONEY

6 0
3 years ago
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