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Phoenix [80]
3 years ago
8

An analyst gathered the following information about a company for a fiscal year: QuarterPurchases in UnitsCost per UnitPurchases

in DollarsUnit Sales Per Quarter Q1100$12.00$1,200200 Q2200$14.00$2,800200 Q3300$16.00$4,800300 Q4400$18.00$7,200300 FY total1,000 $16,0001000 Beginning Inventory200$10.00$2,000 Ending Inventory under LIFO perpetual is closest to:
Business
1 answer:
s2008m [1.1K]3 years ago
8 0

Answer:

Ending Inventory under LIFO perpetual is closest to:

$2,800.

Explanation:

a) Data and Calculations:

Quarter    Purchases    Cost per Unit    Purchases in   Sales Per Quarter

                  in Units                                  Dollars Unit

Beginning    200                $10.00            $2,000

Q1                 100                $12.00             $1,200                  200

Q2               200                $14.00             $2,800                 200

Q3               300                $16.00             $4,800                 300

Q4              400                 $18.00             $7,200                 300

FY total    1,200                                       $16,000                1000

LIFO Ending Inventory:

Beginning    100                $10.00            $1,000

Q4                100                $18.00            $1,800

Total            200                                      $2,800

b) LIFO (Last-in, First-out) is based on the assumption that inventory items sold are from the latest units in store and not from the earlier units.  This means that items bought last are sold first.  Therefore, to determine the value of ending inventory,

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Susan can pick 4 pounds of coffee in an hour or gather 2 pounds of nuts. tom can pick 2 pounds of coffee in an hour or gather 4
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Opportunity cost of producing coffee for Susan = 2/4 = 0.5

Opportunity cost of producing coffee for Tom = 4/2 = 2

Opportunity cost of coffee is low for Susan, so she has a comparative advantage in it.

So, Susan produces 6*4 = 24 pounds of coffee, total revenue from sale of coffee is $24*2 = $48

Opportunity cost of producing Nuts for Susan = 4/2 = 2

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So, Tom produces 6*4 = 24 pounds of nuts, total revenue from sale of nuts is $24*2 = $48

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Which of the following are true about cost allocation? A. Cost allocation is a form of transfer pricing for indirect costs B. Co
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