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Nezavi [6.7K]
3 years ago
14

Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 $450 7 Purchases 90 units at $23 207

0 22 Purchases 10 units at $20 200 $2720 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Business
1 answer:
serg [7]3 years ago
4 0

Answer:

COGS= $2,060

Explanation:

Giving the following information:

July 1: Beginning Inventory 30 units at $15 $450

July 7: Purchases 90 units at $23 2070

July 22: Purchases 10 units at $20 200

Ending inventory in units0 30 units

<u>First, we need to calculate the number of units sold:</u>

Units sold= total units - ending inventory in units

Units sold= 130 - 30

Units sold= 100

<u>Now, to calculate the cost of goods sold under the FIFO (first-in, first-out), we need to use the cost of the firsts units incorporated into inventory:</u>

COGS= 30*15 + 70*23

COGS= $2,060

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The insurance policy, together with the policy application and any added riders form what is known as
jeka57 [31]

Answer:

certificate of coverage

Explanation:

All of this forms what is known as a certificate of coverage. These are all the forms detailing all of the benefits you and your dependents have under the insurance plan that you are currently enrolled in. This also clearly details all of the services and benefits that are not included in the insurance policy and are described as exclusions to the policy. This is not to be confused with a certificate of Creditable Coverage (COCC) which is only a document that proves that your insurance has ended.

6 0
3 years ago
Merriweather Post Pavillion received a $820 check from a customer for the balance of accounts due. The transaction was erroneous
Andru [333]

Answer:

C) debit Cash $540 and Service Revenue, $280, credit Accounts Receivable, $820

Explanation:

The correct journal entry should have been:

Dr Cash 820

    Cr Accounts receivable 820

But since the transaction was erroneously recorded as:

Dr Cash 280

    Cr Sales revenue 280

an adjusting entry is necessary for the difference:

Dr Cash 540

Dr Sales revenue 280

    Cr Accounts receivable 820

This way cash account will have increased by $280 + $540 = $820, sales revenue will remain unchanged $280 - $280 = $0, and accounts receivable will decrease by $820.

7 0
3 years ago
Late in the​ semester, a friend tells​ you, ​"I was going to drop my psychology course so I could concentrate on my other​ cours
NISA [10]

Answer:

Your friend is not reasoning correctly

Explanation:

I'd say, since he admit to putting so much time and effort into psychology, there's simply no need to drop the course. So therefore, your friend is incorrectly reasoning.  

6 0
3 years ago
What is a success for a coffe shop
Snowcat [4.5K]
Good coffee and a friendly environment. Having a run down shop for your coffee shops not very welcoming nor kid and adult friendly. <span />
4 0
3 years ago
Read 2 more answers
Mary wants to help pay for beth's education(her granddaughter). she has decided to pay for  half of the tuition costs, which are
STALIN [3.7K]

First, you have to calculate the amount of tuition when the student reaches age 18. Do this by multiplying $11,000 by 1.07 each year from age 12 until it reaches age 18. Thus, 7 times.

At age 18: 16,508

At age 19: 17,664

At age 20: 18,900

At age 21: 20,223


Then, we use this formula:

A = F { i/{[(1+i)^n] - 1}}

where A is the monthly deposit each year, F is the half amount of the tuition each year illustrated in the first part of this solution, n is the number of years lapsed.

At age 18:

A = (16508/2) { 0.04/{[(1+0.04)^6] - 1}} = $1,244.389 deposit for the 1st year

Ate age 19

A = (17664/2) { 0.04/{[(1+0.04)^7] = $1,118 deposit for the 2nd year

At age 20:

A = (18900/2) { 0.04/{[(1+0.04)^8] = $1,025 deposit for the 3rd year

At age 21:

A = (18900/2) { 0.04/{[(1+0.04)^8] = $955 deposit for the 4th year

3 0
3 years ago
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