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earnstyle [38]
3 years ago
12

At the beginning of Year 2 , Benson Company had beginning inventory of 150 units that cost $200 each. During Year 2, Benson made

two inventory purchases. Purchase 1 consisted of 500 units at a ost of $210. The second purchase consisted of 350 units that cost $220 each. Assuming Benson uses weighted average cost flow and sells 700 units of inventory during Year 2, the amount of ending inventory would be
Business
1 answer:
lawyer [7]3 years ago
7 0

Answer:

$63,600

Explanation:

Th weighted average method is one that ensures that all the various prices at which inventory is bought is considered to determining the price at which inventory is issued.

Amount of Inventory at

= (150 × 200) + (500 × 210) + (350 × 220) = $212,000

Total quantity (before sales) = 150 + 500 + 350 = 1000 units

Weight average cost per unit = $212,000/1000 = $212

The 700 units sold will be value at $212 per unit.

Hence total cost of goods sold = $212 × 700 = $148,400

Closing inventory amount = $212,000 - $148,400

= $63,600

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A large group of fans are upset about the high price of tickets to many events. As a result of their lobbying efforts, a new law
Mashcka [7]

Answer:

C. <u>shortage</u>; <u>elastic</u>; <u>the same number of</u>

Explanation:

The law of demand states an inverse relationship between quantity demanded of a good and it's price.

Price elasticity of demand refers to the degree of responsiveness of quantity demanded to a change in price. When quantity demanded changes less relatively to change in price, it is termed as inelastic demand while when the change in quantity demanded is lot more than the change in price, it is termed as elastic demand.

In the given case, after the upper limit price has been capped and fixed, this would create a rush and tickets for the sports events would be sold off since the quantity demanded would rise.

This would result into a shortage since demand shall exceed supply and since the price cannot be raised above $50.

The more elastic the demand, more shortage of tickets it would result into and the same number of people will attend the events i.e the seating capacity is not increased.

7 0
3 years ago
Read 2 more answers
Ford Motor Company's use of company resources to build its River Rouge Plant outside of Detroit so that iron ore could enter int
Alenkinab [10]

Answer:

Vertical growth

Explanation:

Vertical growth occurs when a company sets up operations and distribution channels for a new product. There is an expansion from its traditional product offering.

Vertical growth aims to increase control of distribution and suppliers and scaling of product within existing line of production.

Ford motor's initiative in setting up its River Rouge Plant outside of Detroit so that iron ore could enter into one end of the plant and a finished automobile could exit out of the other end is vertical growth.

3 0
3 years ago
Total Product Cost and Per-Unit Product Cost Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint,
umka21 [38]

Answer:

Total product cost for last week= $120,000

Unit cost per hockey=  $240

Explanation:

Total product cost is the sum of direct material cost, direct labour and  overhead

Direct material cost is the costs of all specific materials required to product a product. For example, wood, paint for making chairs.

Direct labour : the cost of the man hours used directly for the purpose of production.  wages of carpenters working on the chairs. It is arrived as <em>active hours used for production × wage rate per hour.</em>

Overhead :Sum of the indirect costs. indirect costs. These include expenditures on materials , labour and expenses incurred not specifically for a particular product. Examples are, cost of detergent for cleaning the toilets, salaries of the accountant, rent of the factory, e.t.c.

Total product cost for last week

= $32,000 + $28,0000+ $60,000= $120,000

Cost per product = Total product cost/ units produced

 Unit cost per hockey= $120,000/500= $240

5 0
3 years ago
Which of the following is known as the “supreme law of the land”
bonufazy [111]

Answer:The Supremacy Clause of the Constitution of the United States (Article VI, Clause 2), establishes that the Constitution, federal laws made pursuant to it, and treaties made under its authority, constitute the "supreme Law of the Land", and thus take priority over any conflicting state laws.

Explanation:

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3 years ago
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fetzer company declared a $0.55 per share cash dividend. the company has 480,000 shares authorized, 456,000 shares issued, and 1
Svetllana [295]

Debit Retained Earnings $250,800; credit Common Dividends Payable $250,800

<h3>What is a dividend?</h3>

A dividend is the distribution of profits to shareholders by a corporation. When a corporation makes a profit or has a surplus, it has the option of paying a portion of that profit as a dividend to its shareholders. Any money that is left over is taken out and put back into the business.

The total dividend is divided by the number of outstanding shares to determine the dividend per share.

A corporation may choose to disperse a portion of its income in one of four different ways. Your monthly brokerage statement may include information about dividends paid on CASH, STOCK, HYBRID, or PROPERTY investments.

Shares issued= 456,000

Per share cash dividend = $0.55

Dividends Payable = 456,000 x $0.55 = $250,800

Debit Retained Earnings $250,800, credit Common Dividends Payable $250,800

To know more about dividends, visit:

brainly.com/question/29510262

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