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marusya05 [52]
3 years ago
7

In its first month of operations, Cheyenne Corp. made three purchases of merchandise in the following sequence: (1) 185 units at

$5, (2) 570 units at $6, and (3) 130 units at $7.Assuming there are 260 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Cheyenne uses a periodic inventory system.
Business
1 answer:
Dimas [21]3 years ago
7 0

Answer:

a.  $1,375

b. $1,240

Explanation:

FIFO method

FIFO assumes that the inventory to arrive first will be sold first. Inventory values depend on  earlier purchases

Inventory =  185 x $5 + 75 x $6

                = $1,375

LIFO method

LIFO assumes that the inventory to arrive last will be sold first. Inventory values depend on recent purchases

Inventory =  130 x $7 + 55 x $6

                = $1,240

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alina1380 [7]

Answer:

options (b),(c) and (e).

Explanation:

Okay let us take the options one after the other;

(a). People in Oregon send money to help cyclone victims in Bangladesh: this is WRONG because the question asked us to identify an INCOME-BASED payment and it is not.

(b). A resident of Maryland buys a car produced by Toyota in Japan: this is CORRECT. The person making the payment is a US resident making payment to a Japanese firm.

(c). Apple corporation pays a stock dividend to a resident of India: This is also CORRECT because Apple is a US based company making payment to Indian(a foreigner).

(d). A foreign exchange student from Paris comma France comma sends wine and cheese to her host family in Columbus comma Ohio : this WRONG because the student is also a foreigner.

(e). Orange Telecom comma a French company comma pays a stock dividend to a resident of Kansas City: this is CORRECT. Orange Telecom is a France company paying income to a foreigner (a U.S resident).

4 0
3 years ago
Which of the following is the least reliable resource for fraud statistics? a. Fraud perpetrators. b. FBI agencies. c. Health ag
Stells [14]

Answer:

The correct answer is A) Fraud perpetrators.

Explanation:

Being fraud a crime it is normal to think of certain attributes that make us determine some characteristics of criminals; Preconceived are: poor education, bad manners, and bad by nature. Scholars of criminal behavior have determined certain personality characteristics of the fraud perpetrator that are far from the stereotypes cited.

3 0
3 years ago
A cement manufacturer has supplied the following data:
Vesnalui [34]

Answer:

d. $2.10 per unit

Explanation:

Calculation for What is the company's unit contribution margin

First step is to calculate the Variable cost using this formula

Variable cost = Variable Manufacturing Expenses + Variable Selling & Administrative Expenses

Let plug in the formula

Variable cost = $297,000 + $165,000

Variable cost = $462,000

Second step is to calculate Total Contributiom Margin using this formula

Total Contributiom Margin=Sales – Variable Cost

Let plug in the formula

Total Contributiom Margin= $924,000 - $462,000

Total Contributiom Margin= $462,000

Now let calculate Unit Contribution Margin using this formula

Unit Contribution Margin= Total Contribution Margin/Total number produced and sold cement

Let plug in the formula

Unit Contribution Margin = $462,000 / 220,000 Unit Contribution Margin= $2.10 per unit

Therefore the Unit Contribution Margin will be $2.10 per unit

8 0
2 years ago
Monumental, Inc. contracts with Champion Builders to erect a three-story office building on a parcel of land it has purchased. B
Elza [17]

Answer:

A) True

Explanation:

Monumental can discharge the contract by frustration. In order for a contract to be discharged by frustration, four conditions have to occur:

  1. An unforeseeable event must occur: In this case the zoning changes were unforeseeable.
  2. No party is at fault: the zoning board made the changes to the zoning of the land.
  3. Performance is impossible: there is no reason why an office building should be built in a residential only area.
  4. The result is radically different than expected: neither Monumental or Champion Builders expected a zoning change to occur.
7 0
3 years ago
Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventor
Y_Kistochka [10]

Answer:

d. $141,000

Explanation:

As the following information is given

Purchase of raw material = $165,000

Beginning Raw material balance = $22,000

Completed direct material = $141,000

Completed indirect material = $13,000

Since the work in progress includes only direct material i.e $141,000 as indirect material is allocated to the overhead account. Therefore, only $141,000 of raw material is transferred to work in process account

So other information which is mentioned is ignored

3 0
3 years ago
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