1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna [14]
3 years ago
6

Bramble Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follow

s: Units Per unit price Total Balance, 1/1/18 200 $6.00 $1200 Purchase, 1/15/18 70 5.30 371 Purchase, 1/28/18 70 5.40 378 An end of the month (1/31/18) inventory showed that 85 units were on hand. If the company uses FIFO and sells the units for $12 each, what is the gross profit for the month
Business
1 answer:
Alecsey [184]3 years ago
3 0

Answer:

Bramble Company

The gross profit for the month is:

$2,588.50

Explanation:

a) Data and Calculations:

Selling price = $12

                                  Date    Units      Per unit price    Total Balance,

Beginning Inventory 1/1/18    200              $6.00            $1,200

Purchase,                1/15/18      70                 5.30                 371

Purchase,               1/28/18      70                 5.40                 378

Cost of goods available       340                                     $1,949

Calculating the cost of goods available for sale allocated to, using FIFO:

Ending inventory    1/31/18     85 (70 * $5.40 + 15 * $5.30) = $457.50

Cost of goods sold, 255 units ($6.00 * 200 + 55 * $5.30) $1,491.50

Income Statement, December 31, 2018:

Sales Revenue = ($12 * 340) $4,080.00

Cost of goods sold                    1,491.50

Gross profit                            $2,588.50

You might be interested in
Fixed overhead was budgeted at $200,000, and 25,000 direct labor hours were budgeted. If the fixed overhead volume variance was
Liono4ka [1.6K]

Answer:

$208,000

Explanation:

Calculation for fixed overhead applied

Using this formula

Fixed overhead applied =Budgeted Fixed overhead+Fixed overhead volume variance

Let plug in the formula

Fixed overhead applied =$200,000+$8,000

Fixed overhead applied=$208,000

Therefore Fixed overhead applied must be $208,000

3 0
2 years ago
In a financial sector, we use ______ to construct financial instruments such as derivatives.
Anettt [7]

Answer:

Predictive models

Explanation:

Predictive modeling uses statistics to predict outcomes. It can be applied to any type of unknown event, regardless of when it occurred.

3 0
3 years ago
Teresa has a contract to teach eighth grade at Washington Middle School. She decided she could make more money writing a book, s
kari74 [83]

Answer:

The duties under the teaching contract cannot be delegated

Explanation:

The person wit whom the school has a binding agreement was Teresa and contract of services cannot be delegated unilaterally by Teresa to her friend Shirley without consulting the school authority.

The appropriate procedure would be for Teresa to discuss with the school her plans to let Teresa to cover up for her absence,however, if the school accepts the new arrangement , Teresa would need to be relieved of her duties as this would be a permanent substitution.

8 0
2 years ago
Catamount Company had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distr
lapo4ka [179]

Answer:

D. No loss recognized and a reduction in E&P of $200,000

Explanation:

Given that:

  • Current and accumulated E&P : $500,000
  • A distribution of land to its sole shareholder: $200,000
  • E&P basis to Catamount :  $250,000

From that, we can see that the current and accumulated E&P is greater than its distribution of land so no loss would be reported so there will be reduction in earning and profits of the company of $200,000.

Hope it will find you well.

5 0
2 years ago
Employees with a(n) ________ locus of control will probably resist close managerial supervision and should probably be placed in
Katena32 [7]

Answer:

Internal

Explanation:

Internal locus of control is the term which is defined as the belief that the events in life of the person, whether bad or good, are caused or occurred through the controllable factors like effort, attitude of the person and preparation.

For example, when the person fail in test, the person acknowledge that he had studied adequate and did not understand the vital questions.

Therefore, the internal locus of control will resist the close supervision of managerial. So, should be placed in jobs needed high initiative and lower compliance.

4 0
3 years ago
Other questions:
  • Lightning Cycles, Inc., makes Lightning-brand motorcycles and accessories, which are distributed to authorized dealers, includin
    7·1 answer
  • Farmer Corp. owned 20,000 shares of Eaton Corp. purchased in 2009 for $300,000. On December 15, 2012, Farmer declared a property
    14·1 answer
  • Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month (including principal and
    6·1 answer
  • In part, a transaction affects the accounting equation by decreasing an asset. There is no effect on liabilities. Which of the f
    14·1 answer
  • 2 Points
    11·1 answer
  • ices direct economic activity in a market economy by a. influencing the actions of buyers and sellers. b. reducing scarcity of t
    6·1 answer
  • Which of the following is NOT considered a convertible instrument and is indicative of a complex capital structure? a. convertib
    13·1 answer
  • When marginal costs are below average total costs, a. average fixed costs are rising. b. average total costs are falling. c. ave
    12·1 answer
  • Suppose the United States maintains a price floor for spinach. This policy might decrease revenues for spinach farmers if the: m
    14·1 answer
  • Classify each job as working more with data, people, or things.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!