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xxMikexx [17]
3 years ago
6

g On November 1, 2020, 5M Corporation entered into a purchase contract (not subject to revision or cancellation) to purchase 750

units of inventory for $50 per unit before January 1, 2021. The company uses the LIFO inventory method. a. If the inventory has a market price of $45 per unit on November 30, 2020, what entry (if any) does 5M Corporation record
Business
1 answer:
enot [183]3 years ago
5 0

Answer and Explanation:

The journal entry is shown below;

Estimated loss on purchase commitment (750 units ×  ($50 - $45)  $3,750

       To Estimated liability on purchase commitment $3,750

(Being estimated loss is recorded)

Here the estimated loss is debited as it increased the loss and estimated liability is credited as it also increased the liability

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A number between 1 and 15
alexgriva [62]

Answer:

The probability is 0.20 or 20%

Explanation:

we know that

The probability of an event is the ratio of the size of the event space to the size of the sample space.  

The size of the sample space is the total number of possible outcomes  

The event space is the number of outcomes in the event you are interested in.  

so  

Let

x------> size of the event space

y-----> size of the sample space  

so

P=\frac{x}{y}

In this problem we have  that

Multiple of 5 between 1 and 15 = 5, 10,15

so

x=3

Total numbers between 1 and 15=15

so

y=15

substitute

P=\frac{3}{15}=0.20

Convert to percentage

P=0.20(100)=20\%

8 0
3 years ago
Best products, an Atlanta based company, is in the midst of its budgeting process. It has already prepared its direct materials
zubka84 [21]

Answer:

The target direct materials ending inventory is the correct answer.

Explanation:

8 0
3 years ago
Another firm, called Robbem Power & Water, an established public utility company, has been paying dividends for the past 20
oksian1 [2.3K]

Answer:

sorry...too Difficult

4 0
3 years ago
Calculate the cash dividends required to be paid for each of the following preferred stock issues: Required: The semiannual divi
damaskus [11]

Answer:

(a) Annual dividend = Dividend rate × par value ×  number of shares outstanding

                                 = 7% ×  $60 ×  40,000

                                = $168,000

Semi‑annual dividend = \frac{Annual\ dividend}{2}

                                     = \frac{168,000}{2}

                                     = $84,000

(b) Annual dividend = Dividend rate × number of shares outstanding

                                  = $5.20 × 171,600

                                 = $892,320

Arrears of $892,320 are owed for last year as well, so the total dividends owed would be:

$892,320 × 2 years

= $1,784,640

(c) Annual dividend = Dividend rate × stated value × number of shares outstanding

                                 =  4.8% × $100 × 445,000

                                = $2,136,000

Quarterly dividend = = \frac{Annual\ dividend}{2}

                                     = \frac{2,136,000}{4}

                                     = $534,000

8 0
3 years ago
Concerning the classification of customers in the business market, General Motors is a(n) _________ when purchasing a mainframe
zimovet [89]

Answer:

a. <u>user</u>; <u>original equipment manufacturer(OEM)</u>

Explanation:

Business markets refer to purchase and sale of products by businesses with one another. For example, output for one business might be used as an input for another.

A business would be termed as a user when it purchases goods from another business, wherein such goods are not directly used in the manufacturing or creation of it's products.

Original Equipment manufacturer refers to a business which buys certain products and subsequently incorporates them in an altogether newer product  within it's brand name.

6 0
3 years ago
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