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3 years ago

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Business

1 answer:

r-ruslan [8.4K]3 years ago

5 0

Answer:

Indeed, prior to starting my commercial activities in my business, I was advised on how large entrepreneurs carried out their activities, and on the tips that they gave regarding how to manage and organize the business.

This gave me the tools to organize my business in the most effective way, avoiding common beginner mistakes when using commercial strategies that have already been tested by successful entrepreneurs.

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Assume the perpetual inventory system is used unless stated otherwise. Accounting for inventory using the perpetual inventory sy

ira [324]

Answer:

1-3 Attached inventory record schedule based on FIFO, LIFO and WEIGHTED AVERAGE method

4. COST OF GOODS SOLD

FIFO $6,070

LIFO $6,165

WA $6,080

5. GROSS PROFIT

FIFO $5,235

LIFO $5,140

WA $5,225

6. FIFO method maximizes gross profit

Explanation:

Schedule for Inventory record is attached based on FIFO, LIFO and Weighted Average method.

FIFO - (First in, First out) this inventory method sells older inventory before the company sells the newly acquired.

LIFO - (Last in, First out) this inventory method sells the latest acquired inventory rather than the older one.

Weighted Average- This inventory method uses inventory cost by dividing total amount of inventory over total units sold.

4. COST OF GOODS SOLD

FIFO

August 3 45 x $35 = $1,575

August 21 5 x $35 = $175

80 x $54 = 4,320

TOTAL $6,070

LIFO

August 3 45 x $35 = $1,575

August 21 85 x $54 = $4,590

TOTAL $6,165

Weighted Average

August 3 45 x $35 = $1,575

August 21 85 x $53 = 4,505

TOTAL $6,080

5. Gross Profit

Total sales is $11,305 (45 x $85 = $3,825 + 85 x $88 = 7,480)

FIFO

Total sales - Cost Of Goods Sold = Gross profit

$11,305 - $6,070 = $5,235

LIFO

Total sales - Cost Of Goods Sold = Gross profit

$11,305 - $6,165 = $5,140

Weighted Average

Total sales - Cost Of Goods Sold = Gross profit

$11,305 - $6,080 = $5,225

6. FIFO maximizes gross profit profit among the 3 methods. It yields the highest profit for the month of August in the amount of $5,235

5 0

4 years ago

"A(n) ________ policy is likely to be used where a company notes the inadequacy of local managerial skills and determines a high

lisov135 [29]

Answer:

Ethnocentric

Explanation:

Ethnocentric policy is the staffing strategy used by multinational companies to assign key positions or managerial position to only home country´s nationals rather than local employee. It help in effective communication between host and home country, it allign the interest of home country with other host country, these policy help in smooth work flow and co-ordination with the headquarter. These companies does not differentiate in policy for foreign and domestic market.

5 0

3 years ago

Money, Inc., a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Both

kozerog [31]

Answer:

Both shareholder has $200,000 of dividend income resulting from the distribution.

Explanation:

Solution

Given that:

Now,

When the securities are issued, there will be a gain recognized of $200,000 to Money Inc. thus, The $200,000 = $1 million - $800,000.

The AAA will increase by $200,000.

This gain known will flow through to the two shareholders of Money Inc. as 50% is owned by both shareholders and the stock amount for each shareholder will be $200,000/2 = $100,000.

so, the basis of stock for each shareholder will increase by $100,000.

Now,

The distribution before AAA of securities the result will be = 300,000+100,000+200,000 = $600,000.

Then,

A $1 million distribution will be acted on first as coming first from AAA to the extent of $600,000.the amount balanced will be $1 million - $600,000 = $400,000. This will be serve as coming from AEP.

so,

The AAA is = 600,000 – 600,000 = 0.

The basis for each shareholder before distribution will be = 400,000+100,000+50,000 = 550,000.

The portion of non taxable of the above distribution = 300,000 from AAA.

Hence,the basis = 550,000 – 300,000 =250,000

Therefore, each shareholder has $200,000 of dividend income resulting from the distribution.

4 0

4 years ago

The journal entry to record the purchase of materials on account in process cost accounting is a(n): Multiple choice question. i

Lilit [14]

The journal entry to record the purchase of materials on account in process cost accounting is an Increase in assets and an increase in liabilities. Option A. This is further explained below.

<h3>What is a journal entry?</h3>

Generally, In process cost accounting, a rise in assets and an increase in liabilities are recorded in the journal entry for the purchase of materials on account.

In conclusion, A journal entry is a kind of entry that is used in the accounting records of a company to record a transaction that occurred inside the company.