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Delicious77 [7]
3 years ago
9

The following units of an inventory item were available for sale during the year. Beginning inventory 10 units at $55 First purc

hase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is
Business
1 answer:
Sphinxa [80]3 years ago
5 0

Answer:

$1,375

Explanation:

Given the information above, the Ending inventory = Units available - Units sold

Units available = 10 + 25 + 30 + 70 = 80

Units sold = 60

Ending inventory = 80 - 60

Ending inventory = 20

Cost of ending inventory under FIFO

= (15 × $70) + (20 - 15) × $65

= $1,050 + $325

= $1,375

Therefore, the ending inventory cost using FIFO is $1,375

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Clarence lives in Maine, which has a sales tax of 5%. He just bought a digital camera whose full price was $725, but after sendi
Doss [256]

Answer:

=$600

Explanation:

Full price refers to the highest amount payable, or the total amount to be paid. Clarence must have paid the full paid which was $725.

A rebate is promotions discount given by the manufacturer. It is enjoyed by way of claiming after purchase.  By filling the rebate forms , Clarence was claiming the discount entitled to her. She got a check of $125.

Her final expenditure on the camera  was $725- $125= $600

=$600

4 0
3 years ago
The Nixon Corporation’s common stock has a beta of 1.3. If the risk-free rate is 4.4 percent and the expected return on the mark
Xelga [282]

Answer:

11.68%

Explanation:

In this question, we apply the Capital Asset Pricing Model (CAPM) formula which is shown below

Expected rate of return = Risk-free rate of return + Beta × (Market rate of return - Risk-free rate of return)

= 4.4% + 1.3 × (10% - 4.4%)

= 4.4% + 1.3 × 5.6%

= 4.4% + 7.28%

= 11.68%

The (Market rate of return - Risk-free rate of return)  is also called market risk premium

8 0
2 years ago
Elway Company purchases land for $85,000 cash. Elway assumes $2,500 in property taxes due on the land. The title and attorney fe
defon

Answer:

c. $90,700

Explanation:

The computation of the cost of the land is shown below:

= Purchase cost of land + property taxes + attorney fees + land graded cost

= $85,000 + $2,500 + $1,000 + $2,200

= $90,700

We added the property taxes, attorney fees, and the land graded cost to the purchase cost of the land. We do not include the parking lot expenses

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3 years ago
Are yall doing anything for summer vacation?
musickatia [10]

Answer: Nah just hanging out at home

Doing literally nothing.....sigh.......bored

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Identify the possessive pronoun in the following sentence: "I love my new computer!"
Vanyuwa [196]

Answer:

A

Explanation:

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2 years ago
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