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
ExtremeBDS [4]
3 years ago
6

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases

(listed in chronological order of acquisition): 40 units at $100 70 units at $80 170 units at $60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of: Group of answer choices $400. $(400). $50. $0.
Business
2 answers:
jekas [21]3 years ago
7 0

Answer:

Comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO will result in a difference of $(400).

Explanation:

FIFO means First In, First Out.  It is one of the methods for accounting for inventory.  The FIFO method assumes that inventory bought first are the first to be sold or used in production, while those bought later remain proportionately to sales or production.  This is considered a realistic method for most companies.

On the other hand, LIFO, which means Last In, First Out, is another costing method for inventory.  This method assumes that goods bought last are the first to be sold or used in production, while those bought earlier remain proportionately to sales or production.  This method is not considered to be realistic in real life for most companies.

In calculating the cost of goods sold for the period, these two methods produce different outcomes, depending on the purchase price per unit.  Where the purchase price of inventory remain the same throughout a period, there will be no difference.

For example, if the unit price for inventory remains $40 from January 1 to December 31, then there will not a any noticeable difference between the two methods.

leva [86]3 years ago
6 0

Answer:

$707

Explanation:

Units Cost Total cost

Purchases 40 $100 $4,000

Purchases 70 $80 $5,600

Purchases 170 60 $10,200

280 $19,800

Average cost=19800/280 $70.7

Ending Inventory= 10*70.7= $707

You might be interested in
Charlton is the maker of a $200,000 promissory note payable to Development & Sales Corporation. Development & Sales indo
Slav-nsk [51]

Answer:

First Select Investors

Explanation:

With timely notice to the proper parties, Global Bank may collect payment on the note from First Select Investors.

Although Charlton is the maker of the $200,000 promissory note payable, and was directly issued to Development & Sales Corporation, the party that issued it to Global Bank is First Select Investors.

Hence, Global Bank has direct link to First Select Investors and will notify the later about payment of their account receivable.

7 0
3 years ago
Read 2 more answers
Accounting is an information and measurement system that: I.Communicates business activitiesII.Identifies business activitiesIII
andriy [413]

Answer:

I.Communicates business activities

II.Identifies business activities

III.Records business activities

IV.Helps people make better decisions

Explanation:

Accounting is an information measurement system that identifies business activities, records the business transactions as they occur, in order in which they occur, communicate the result of operations to interested parties  which helps all the stakeholders make informed decision.

The main goal of accounting information is to communicate the true and fair view position of the entity to people that may want to make informed judgment on the entity.

7 0
3 years ago
Which of the following is a disadvantage of a questionnaire?
Deffense [45]

The sentence that shows the disadvantage of a questionnaire is option D. The sample of individuals who respond may not be representative of the population.

<h3>What is a questionnaire?</h3>

A questionnaire is a set of printed or written questions with a choice of answers, devised for the purposes of a survey or statistical study.

Therefore, the correct answer is option D. The sample of individuals who respond may not be representative of the population.

learn more about questionnaire: brainly.com/question/25257437

#SPJ1

6 0
2 years ago
_____ are one of the inputs to manufacturing and service-delivery processes. a. Subassemblies b. Stock-keeping units c. Finished
Contact [7]

Answer:

a. Subassemblies

Explanation:

Subassemblies are one of the inputs to manufacturing and service-delivery processes. This is because these are small units that need to be assembled separately but then later become part of the final larger manufactured product. Therefore since they are part of the final manufactured product they are an input in the manufacturing process of that larger product needed in order for it to be finished.

3 0
3 years ago
Which demographic group has the lowest level of representation as a judge in the federal courts?
uysha [10]
<span>The most recent study was done on June 1, 2017, and all information is from that date. There are 673 US District court judgeships and four territorial ones. At the time of this study, there were 160 active circuit court judges and 19 vacant positions, while there were 570 district court judges and a whopping 103 vacant positions. There are 59 female circuit court judges, 37%. Men, therefore, are in 63% of positions. Intesretingly, this number has actually improved, with only one woman serving in 1977. Disregarding race, 75% of circuit court judges are white, 13% African American, 9% Hispanic, and only 3% Asian American. 12 courts have African American judges, nine have Hispanic, and five have Asian American. Overall, all three percentages have risen since 1977 (with some variability), but interestingly, Asian Americans have only recently begun to rise in presence., starting in about 2010. Combining gender and race, white men make up 45.6% of all circuit court judges, while Asian American women only make up 0.6%. In all races, men overpower women in numbers by a large amount. Looking at age, the average is 64.7 years old, with over 50% over 65 and only 2% under 45. The vast majority were appointed between 45 and 54, though many came slightly before or after. It is worth noting that the first openly gay circuit court judge was Todd M. Hughes, appointed by Obama in 2013. If we are considering race, Asian Americans are the lowest represented. If we are considering gender, women are less represented. Overall in race and gender, Asian American women are least represented. Looking at age, people under 40 are underrepresented. Overall, though, the least common demographic would be open members of the LGBT+ community. As you can see, this is not a straightforward question! It is a hugely interesting topic and one I plan to explore further.</span>
5 0
3 years ago
Read 2 more answers
Other questions:
  • Norgaard Corporation makes 8,000 units of part G25 each year. This part is used in one of the company's products. The company's
    12·1 answer
  • What is a major internal concern that could affect the incorporation of social media int?
    5·1 answer
  • Hockey Accessories Corporation manufactured 21 comma 600 duffle bags during March. The following fixed overhead data pertain to​
    6·1 answer
  • When external benefits are present in a market?
    6·1 answer
  • When Beta Company bought Gamma Company, Beta sold off about 30% of Gamma’s assets because they did not need them. Beta kept only
    13·1 answer
  • Which of the following is an example of a realistic job preview (RJP)? Check all that apply. a) When Mary has her first intervie
    15·1 answer
  • In one state, a lender holds a lien on real property offered as collateral for a loan. The borrower retains both legal and equit
    7·1 answer
  • The difference between job enrichment and job enlargement is thata.enriched jobs enable an employee to do a number of boring job
    10·1 answer
  • On January 2, 2015, Vaughn Corporation issued $1,650,000 of 10% bonds at 96 due December 31, 2024. Interest on the bonds is paya
    7·1 answer
  • John, who has just completed his first finance course, is unsure whether he should take a course in business analysis and valuat
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!