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skelet666 [1.2K]
3 years ago
10

The inventory costing method that reports the earliest costs in ending inventory is:_______

Business
1 answer:
nikdorinn [45]3 years ago
4 0

Answer:

a. LIFO.

Explanation:

The LIFO method refers to an inventory method that means the item which is last purchased should be sold first during the period of time. So in this inventory method the earliest cost in the closing inventory should be recorded

Therefore the given situation, the correct option is a.

And, the other options are wrong

You might be interested in
Nash's Trading Post, LLC had an increase in inventory of $88800. The cost of goods sold was $414400. There was a $22200 decrease
makkiz [27]

Answer: $525,400

Explanation:

From the question, we are informed that Nash's Trading Post, LLC had an increase in inventory of $88800, the cost of goods sold was $414400 and that there was a $22200 decrease in accounts payable from the prior period.

Using the direct method of reporting cash flows from operating activities, Nash's's cash payments to the suppliers will be:

= $88,800 + $414400 + $22200

= $525,400

4 0
3 years ago
The company uses the absorption costing approach to cost-plus pricing described in the text. The pricing calculations are based
son4ous [18]

Answer:

$81.96 per unit

Explanation:

For computing the selling price using the absorption costing approach we need to do the following calculations which are shown below:

Unit Product Cost = Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead

= $26.50 + 15.50 + 3.70 + [$156,71,400 ÷ 97,000 Units]

= $26.50 + 15.50 + $3.70 + $16.20

= $61.90

Now

Selling and administrative expenses  is

=$1,540,000 + [97,000 Units × $3.60]

= $1,540,000 + 349,200

= $1,889,200

And,

Markup on absorption cost

= [(Investment × Return on Investment) + Selling and administrative expenses] ÷ (Number of units × unit product cost)

= [($380,000 × 15%) + 1,889,200] / [97,000 × $61.90]

= $19,46,200 ÷ 60,04,300

= 0.3241 or  32.41%

So,

The selling price based on the absorption costing approach

= Unit product cost × (1 + Markup on absorption cost)

= $61.90 per unit × (1 + 0.3241)

= $81.96 per unit

5 0
3 years ago
Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
Juli2301 [7.4K]

Answer:

<h2>The journal entry is shown below:</h2>

Explanation:

The journal entry for recording the establishment of the fund is as:

On September 1

Petty cash A/c.....................Dr   $250

       Cash A/c...........................Cr   $250

Being recording the petty cash in the books

As creating the fund for the petty cash in the books, the account of petty cash is debited as there is increase in the assets which is debited. And the petty cash is created against cash. Therefore, the cash account is credited.

3 0
3 years ago
. My typing speed isn't as fast as I would like, but this position doesn't require me to use the computer. b. To tell the truth,
AlekseyPX

Answer:

b

Explanation:

7 0
2 years ago
What "extras" can you include in a nontraditional resume that would not be included in a traditional resume? Only correct answer
NISA [10]
<h2><em>What "extras" can you include in a nontraditional resume that would not be included in a traditional resume?</em></h2>

  • <em>The extra items that you can include in a web resume that would not be included in a traditional resume are graphics, buttons and pictures</em>

<em>hope </em><em>it</em><em> helps</em>

<em>#</em><em>c</em><em>a</em><em>r</em><em>r</em><em>y</em><em> </em><em>on</em><em> learning</em>

4 0
3 years ago
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