1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nezavi [6.7K]
2 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]2 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

You might be interested in
Amy's school records describe her as a monochromat. what can we assume about amy's perceptual abilities
nirvana33 [79]
Estoy bien y tu ????

8 0
3 years ago
The main provision of the Occupational Safety and Health Act states that each employer should furnish each employee a place of e
dangina [55]

Answer:

The correct answer is letter "C": general duty clause.

Explanation:

The general duty clause is a statement imposed by the Occupational Safety and Health Act (OSHA) of 1970 by which employers commit to independently identify hazardous conditions at work to find ways to avoid them so employees' safety can be ensured. The OSHA provides a variety of informational and training material focused on health risks and safety.

8 0
3 years ago
A retail store has three departments, S, T, and U, and does general advertising that benefits all departments. Advertising expen
Andrew [12]

Answer: $22,500

Explanation:

First calculate the rate of allocation based on sales to determine how much of Department T's sales should be attributed to Advertising.

The Rate of Allocation based on Sales = Advertising Expense/Total sales

= 50,000/475,000

= 0.105263

= 10.5263%

This 10.5% can then be used to find out how much of Advertising to apportion to Department T based on department sales,

= Department sales * Allocation rate

= 213,750 * 10.5263%

= $22,500

$22,500 should be allocated to Department T.

8 0
3 years ago
During the process of operational planning, management must compare market demand with
sasho [114]
During the process of operational planning, management must compare market demand with Capacity.
Capacity refers to the company's ability to fulfill the amount of demand that exist for the products. If a company has a lot of orders without the ability to fulfill it, they will not be able to rake in the profit from the market.
8 0
3 years ago
An investor purchased 100 shares of the cdl growth and income fund 3 years ago when the pop was $12 and the nav was $11.50. all
Norma-Jean [14]

The investor will show a capital loss of $155.

We gather the following information from this question:

Pop of the fund three years ago : $12

NAV of the fund three years ago : $11.50

Current Pop : $11

Current NAV : $10.45

Number of shares : 100 shares.

We need to calculate capital loss or gain on the 100 shares in the mutual fund.

While taking the cost per unit, <u>we need to consider the public-offer-price (pop) into consideration, since an investor can only buy the shares at pop</u>.

Similarly, while selling the shares, the <u>shareholder can liquidate his position by selling back to the mutual fund at the NAV prevailing at the end of the business day</u> on which he wants to sell.

So, the formula to calculate capital gain or loss is:

Capital gain or (loss) = (NAV per unit at liquidation - POP at purchase ) * No. of shares

Capital gain or (loss) = ($10.45 - $12 ) * 100

Capital gain or (loss) = ($155)

3 0
3 years ago
Other questions:
  • On December 31, 2016, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,800. The company e
    14·1 answer
  • The el was concerned that one possible contamination was benzene. in a well constructed paragraph, explain why benzene was not p
    5·2 answers
  • Cost allocation involves: Multiple Choice
    6·1 answer
  • The largest component of GDP by far is A. net exports. B. personal consumption expenditures. C. government purchases of goods an
    7·1 answer
  • Supler Corporation produces a part used in the manufacture of one of its products. The unit product cost is $25, computed as fol
    8·1 answer
  • A phrase that refers to the trade-offs
    14·1 answer
  • What is the residual income(loss) if a company has sales of $205,000, cost of goods sold of $115,000, operating expenses of $40,
    7·1 answer
  • While writing a formula, what are some ways to insert a cell reference into the formula? Check all that apply
    12·2 answers
  • _________ _________ is often solved with the broker representing both sides designating a separate agent for both buyer and sell
    13·1 answer
  • Eileen is a risk neutral consultant, doing work for acme, inc. The company offers her a choice of two compensation plans. Under
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!