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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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Cathrine Corporation acquired a machine for $26,000, and has recorded depreciation for 3 yearsusing the straight-line method ove
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Answer:

$2,000

Explanation:

Net book value at the end of the 3rd year=26,000-((26,000-2,000/6)*3)

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Since the useful life of machine is now revised from the 6 years to 10 years, therefore the total remaining useful life of machine is now 7 years instead of 3 years and accordingly the depreciation from year 4 to year 10 shall be calculated as follows:

Depreciation per year from year 4 to year 10=*14,000-0)/7=$2,000

           

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natali 33 [55]

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Answer:

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An effective budget should be able to forecast and track revenues and expenses, which are received and incurred in pursuit of business goals and projections.  An effective budget ensures that those who implement the projections contained in the budget remain motivated.  The idea of adjusting previous expenses with inflation is not an effective budgeting strategy.

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