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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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Which of the following could be a synonym for the world 'externality'?
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3 years ago
arren has a loan with an effective interest rate of 5 percent per annum. He makes payments at the end of each year for 10 years.
Bond [772]

Answer:

interest portion of fifth payment = $66.89 ≈ $67

Explanation:

effective interest rate = 5% yearly

first payment = $200

second payment = $210

third payment = $220

fourth payment = $230

fifth payment = $240

sixth payment = $250

seventh payment = $260

eighth payment = $270

ninth payment = $280

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using a financial calculator, I determined the present value (principal) of the loan = $1,860.87

then I prepared an amortization schedule:

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Download pdf
6 0
3 years ago
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