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dusya [7]
3 years ago
12

In 2007, Terry Inc. provided the following items in their footnotes. Their cost of goods sold was $22 billion under FIFO costing

and their inventory value under FIFO costing was $2.1 billion. Their LIFO Reserve account balance for year end 2006 had a $0.6 billion credit balance and then at year end 2007, it had a credit balance of $0.8 billion. How much would they report as LIFO cost of goods sold?
a. $1.9 billion.
b. $2.9 billion.
c. $2.3 billion.
d. $1.3 billion.
Business
1 answer:
nikdorinn [45]3 years ago
7 0

Answer:

$22.2 billion

Explanation:

Calculation to determine How much would they report as LIFO cost of goods sold

Cost of goods sold=$22 billion + ($0.8 billion ­ $0.6 billion)

Cost of goods sold=$22 billion + $0.2 billion

Cost of goods sold= $22.2 billion

Therefore How much would they report as LIFO cost of goods sold would be $22.2 billion

You might be interested in
India specializes in business process outsourcing and does this more efficiently than any other country. It buys agricultural co
uysha [10]

Answer:

Ricardo’s Theory of Comparative Advantage

Explanation:

Comparative advantage is the term used to define the ability of an individual, firm or country to produce a particular good or service at a lower opportunity cost than that if it’s competitors or trade partners. Opportunity cost is the benefit lost from the second best alternative.

When a country can produce a product more efficiently (i.e maximum output using minimum resources) than that of its trade partners, it is known as that it has absolute advantage in that product. India tends to have absolute advantage in both business processes outsourcing as well as producing agricultural commodities as it is mentioned that it can produce both of these more efficiently than the United States.

However, although it has absolute advantage in both, it is still less efficient in producing agricultural commodities when compared to business process outsourcing. In other words, if it attempts to produce agricultural commodities in-house, the benefit lost from the second best alternative: business process outsourcing is high. The opportunity cost is higher when it produces agricultural commodities than it is when it does business process outsourcing. Hence, due to the law of comparative advantage, it chooses to specialize in business process outsourcing and imports agricultural commodities.

5 0
3 years ago
Snow White Frame Company's cost formula for its supplies cost is $1,740 per month plus $8 per frame. For the month of March, the
Mademuasel [1]

Answer:

$48 U

Explanation:

Calculation to determine what The activity variance for supplies cost in March would be closest to:

First step is to calculate the Planning supply activity cost

Planning supply activity cost = (614 × $8) +$1,740

Planning supply activity cost = 4,912+$1740

Planning supply activity cost = $6652

Second step is to calculate the Actual supply activity cost

Actual supply activity cost = (620 × $8) + $1,740

Actual supply activity cost =4960+$1,740

Actual supply activity cost =$6,700

Now let calculate the Activity variance for supplies cost using this formula

Activity variance for supplies cost = Actual activity cost – Planning activity cost

Let plug in the formula

Activity variance for supplies cost= $6,700 - $6,652

Activity variance for supplies cost= $48 Unfavorable

Therefore The activity variance for supplies cost in March would be closest to:$48 U

3 0
3 years ago
The greater the magnitude of the external benefits of production, a. ​ The larger is the deadweight loss from underproduction. b
Naddika [18.5K]

Answer:

d. ​ All of the above are true

Explanation:

External costs happen if during production or consumption of a good or a service there is a negative effect on another party. The existence of this can bring about market failure. In the presence of externalities social benefit costs are a combination of private costs and also external benefits of production.

All of the options a, n and c are true so d is the answer here.

7 0
3 years ago
Joe must pay liabilities of 1,000 due one year from now and another 2,000 due three years from now. There are two available inve
kari74 [83]

Answer:

1. 2,584

Explanation:

future payments: $1,000 in 1 year and $2,000 in 3 years

the present value of alternative I (one year bond):

$1,000 / 1.06 = $943.40

the present value of alternative II (first 2 years and then 1 year):

$2,000 / 1.065 = $1,877.93 ⇒ PV at year 2

PV at year 0 = $1,877.93 / 1.07² = $1,640.26

the total present value of both options = $943.40 + $1,640.26 = $2,583.66 ≈ $2,584

4 0
3 years ago
You purchased 250 shares of common stock for $37 per share. After 30 days, the stock paid a dividend of $8 per share and you dec
Lena [83]

Answer:

2.7%

Explanation:

Given that

Number of shares purchased = 250

Purchase price = $37 per share

Dividend paid = $8 per share

Selling price = $30 per share

Return on investment = Capital return + dividend return

where,

Capital return is

= ($30 - $37) ÷ ($37)

= -0.189%

And, the dividend return is

= ($8) ÷ ($37)

= 0.216%

So, the return on this investment is

= 2.7%

3 0
3 years ago
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