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
riadik2000 [5.3K]
3 years ago
10

A physical count of merchandise inventory on July 30 reveals that there are 180 units on hand. Using the FIFO inventory method,

the amount allocated to ending inventory for July is
Business
1 answer:
Nookie1986 [14]3 years ago
8 0

Answer: $3,708

Explanation:

Using FIFO means that the earlier goods are sold before the later ones so the closing inventory would have the latest goods purchased.

If there are 180 units on hand, the cost would be:

  • 54 units purchased at $22
  • (180 - 54) units purchased at $20

Closing inventory is:

= (54 * 22) + ( (180 - 54) * 20)

= (54 * 22) + ( 126 * 20)

= $3,708

You might be interested in
An example of a difficult work decision would be: a. Deciding to finish a task before taking a break b. Deciding to fill the pap
Angelina_Jolie [31]

Answer:

c

Explanation:

8 0
3 years ago
On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees
Elanso [62]

Answer:

Please check the images attached below

Explanation:

Salaries Payable = (Salariesexpense - Socialsecurity taxes - Medicaretaxes - Incometaxes - MedicalcareInsurance Education - Union dues)

=$28,000−$1,736−$406−$3,800−$678−$190

=$28,000−$6,810

=$21,190

Hence, the salaries payable are $21,190.

Compute the social security taxes using the equation as shown below:

\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}  

Socialsecuritytaxes=FICAtaxrate×Salariesexpense

=6.2%×$28,000

=$1,736

​  

Hence, social security taxes are $1,736.

Compute the Medicare taxes using the equation as shown below:

 

Medicaretaxes=Medicaretaxrate×Salariesexpense

=1.45%×$28,000

=$406

​  

Hence, Medicare taxes are $406.

​

4 0
3 years ago
Why does the risk of incorrect rejection result in an efficiency loss to the auditor?
Sever21 [200]
© 2017 Quizlet Inc.
8 0
3 years ago
This problem has been solved!See the answerMidland Oil has $1,000 par value bonds outstanding at 13 percent interest. The bonds
aev [14]

Answer:

si

Explanation:

5 0
3 years ago
As you get closer to needing the money from an investment, what happens to your risk tolerance
Sedbober [7]

Risk tolerance gets lower and lower as you get closer to needing the money from your investment.

If you don't need the money for 50 years, you are more likely to take risks in the stock market or other higher risk investments in return for higher rewards. If you need the money tomorrow, you will not be willing to risk it all in the stock market because even though it <em>could </em>double, you might lose it all.

8 0
3 years ago
Other questions:
  • Demand for an electric fan is related to its selling price p (in dollars) by the equation n = 3680 − 80 p where n is the number
    10·1 answer
  • The supply schedule shows the relationship between
    15·1 answer
  • On January 1, 2017, a subsidiary sold equipment to its parent for $520,000. The subsidiary's original cost was $200,000 and as o
    12·1 answer
  • Seven essential elements of an effective Compliance Program include:
    9·1 answer
  • Treasury bills are paying a 4% rate of return. A risk-averse investor with a risk aversion of A = 3 should invest entirely in a
    15·2 answers
  • When economists say that money is​ neutral, this means​ that: A. a change in the money supply changes nominal variables but not
    13·2 answers
  • Gunslinger Company is considering the purchase of pipe cutting equipment. Data on the equipment are as follows: Original Investm
    15·1 answer
  • Suppose an investor deposits $5,000 in an interest-bearing account at her local bank. The account pays 2.5% (annual) with intere
    9·1 answer
  • The purchase of a used pickup for $9,000 is being considered. Records for other vehicles show that costs for oil, tires, and rep
    8·1 answer
  • A start-up company has developed some innovative products, but it has no marketing or advertising expertise. It hired The Tullen
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!