Answer:
D £165,000
Explanation:
The computation of gross profit for the year using the first in first out (FIFO) method of inventory valuation is shown below:-
As we know that
Gross profit = Sales - the cost of goods sold
where
Sales is
= 500 units × £550
= £275,000
And, the cost of goods sold is
= 200 units × £250 + 300 units × £200
= £50,000 + £60,000
= £110,000
We considered only 500 units as these sold units are sold
And, this is a first in first out method so we pick the first date units only
So, the gross profit is
= £275,000 - £110,000
= £165,000
Answer for the photo is on Xtiny/5G
Answer:
Following Journal Entries are recorded for Kingbird, Inc
Explanation:
<u>March 02</u>
Debit: Account Receivable = $954,000
Credit: Sale = $954,000
(Credit Sale is Recorded)
Debit: Cost of Good Sold = $590,000
Credit: Inventory = $590,000
(To Record Cost of merchandise Sold)
Answer:
The correct answer is: All of the above are considered institutional communication clients.
Explanation:
According to the Financial Industry Regulatory Authority (<em>FINRA</em>), an institutional communication refers to one that is attributed to an institutional investor such as a <em>bank, savings, and loan, an insurance company, a registered investment company or adviser, an employee benefit plan with a minimum of one hundred (100) participants, a government entity or a person with at least $50 million of assets for investment</em>.
