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
Stells [14]
3 years ago
10

May 1, 2021, Bibby Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purch

ased inventory as follows: 800 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. Bibby uses the average cost method. The average cost per unit for May is
Business
1 answer:
Umnica [9.8K]3 years ago
4 0

Answer:

$7.38

Explanation:

The average cost method recalculates a new cost per unit with each and every purchase made. This new costs would then be used to calculate the costs of goods sold and inventory value.

Average cost per unit = Total Costs ÷ Units available for sale

                                    = (200 x  $7 + 800 x $7 + 600  x $8) ÷ 1,600

                                    = $7.375 or $7.38

The average cost per unit for May is $7.38

You might be interested in
Why do employers prefer employees with good work ethics? A. because an employee with good work ethics will always be a team play
ivann1987 [24]

D. because an employee with good work ethics can prove to be an efficient resource overall ( because its common sense)

5 0
3 years ago
The entry to record a purchase of $5,000 on account, terms of 2/10, n/30, would include a
Nezavi [6.7K]

Calculate, from the following information accumulated by Bob​ Verna, the adjusted cash balance at the end of July.

Bank statement ending cash balance​ $6,000

General ledger cash balance ending​ 8,500

Bank monthly service charge 90

Deposits in transit​ 5,000

Outstanding cheques​ 3,000

NSF cheque returned with bank statement 410


4 0
3 years ago
Read 2 more answers
Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $5,300. On September 9, the custom
Andreyy89

Answer:

The cash collection on September 9 is records by the entry:

Debit Cash $5,300

Credit Accounts Receivable $5,300

Explanation:

Barnes Books allows for possible bad debts. On May 7, the company writes off a customer account. The journal entry:

Debit Allowance for Doubtful Accounts $5,300

Credit Accounts Receivable $5,300

On September 9, the customer unexpectedly pays the $5,300 balance. The journal entries:

1. Debit Accounts Receivable $5,300

Credit Allowance for Doubtful Accounts $5,300

2. Debit Cash $5,300

Credit Accounts Receivable $5,300

3 0
3 years ago
1. Clean Machines Company (Clean) makes washing machines. Over the phone, Clean offers to sell Dealers Appliance Outlet (Dealers
photoshop1234 [79]

Answer:

Explanation:

In my opinion, I would like to say that Clean Machines Company is correct. If you look at it this way, you'd see that there actually isn't any contract between Clean Machines Company and Dealer. When it came to about offers, the person offering is able to revoke an offer before the offer is even accepted. And he won't be held responsible unless of course, the offer is irrevocable. Then, to make the offer to be irrevocable, the Dealer then would have needed to prove that an option was present, or prove that the offer is was not able to be revoked due to UCC provision.

6 0
2 years ago
Please give the answer to question one
Nataliya [291]

Answer:

A

Explanation:

A is the answer to the question

7 0
2 years ago
Other questions:
  • atch China's GDP Growth Rate to the year. This data is easily found by creating a raw data longitudinal or advanced bar chart an
    8·1 answer
  • Using a minus (-) sign before a keyword search indicates that A. you're adding a "+" and then a "-"to refine the search. B. it's
    12·1 answer
  • Van pays the following medical expenses this year:
    13·1 answer
  • Segments of business's macroenvironment include all of the following except a. the economic environment. b. the social environme
    5·1 answer
  • What is the present value of $5,000 due in ten years assuming money grows according to compound interest and the annual effectiv
    12·1 answer
  • The Marketing Control Statement is a valuable statement for marketers because it only utilizes costs that the marketer can contr
    11·1 answer
  • Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the fo
    7·1 answer
  • The Weimer Corporation wants to accumulate a sum of money to repay certain debts due on December 31, 2030. Weimer will make annu
    11·1 answer
  • The market price of a security is $26. Its expected rate of return is 13%. The risk-free rate is 5%, and the market risk premium
    11·1 answer
  • ven for straightforward scope guidance, such as the inventory standard not being applicable to not-for-profit entities or regula
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!