Answer:
The answer is: the amount of inventory at the end of the year was $1,583 using the average cost method.
Explanation:
The average cost method calculates the cost of inventory by dividing the total costs of goods by the total units.
- 10 units x $60 = $600
- 25 units x $65 = $1,300
- 30 units x $68 = $2,040
- 15 units x $75 = $1,125
The total cost of inventory is $5,065 ($600 + $1,300 + $2,040 + $1,125)
The total units in inventory are 80 (10 + 25 + 30 +15)
To find the average cost per unit = $5,065 / 80 units = $63.31
If 25 units were left at the end of the year, then the total cost of inventory is $63.31 x 25 = $1,582,81 or $1,583
Answer:
Explanation:
Question 27
If Wheat Company had used the FIFO inventory method, income before income taxes would have been $75,000 higher in the current year. As inventory is an asset to the company. Therefore the $75,000 in inventory would have increased the company's asset and increasing the income before taxes.
Question 28
Other things held constant, which of the following will NOT affect the current ratio, assuming an initial Not yet current ratio greater than 1.0?
C. Accounts receivable are collected in cash.
Current ratio measures a company's ability to pay short-term obligations as at when due. It indicates that a company can manage its debts and other payable when their current assets is well managed.
It is calculated as Current Asset/ Current Liability. A ratio of 1 and above is the best meaning that a company an manage its debts obligations well.
Answer:
Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.
Explanation:
He invests some money at 9%, and $1700 less than that amount at 4 %.
Let Nico invest $x at 9%.
It means he invest $( x-1700) at 4%.
The investments produced a total of $257 interest in 1 yr.
Add 68 on both sides.
Divide both sides by 0.13.
Nico invest $2500 at 9% interest rate.
Nico invest $800 at 4% interest rate.
Therefore Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.
Answer:
benefits consumers of the product.
Explanation:
Import tariffs are generally put in place to protect domestic producers from foreign producers. Tariffs benefit domestic producers but hurt consumers since they are forced to pay higher prices.
When the import tariffs are withdrawn, the domestic price of the goods should decrease, benefiting consumers.
Planning is made through a psychological process of rendered thoughts and ideas. Planning is important because for starters, it is a good way of gathering things in one’s mind and having mental organization. It is better to have things planned out than procrastinated because then, stress levels rise, efficiency is slower, and the accuracy of things that go on significantly depletes. Without planning, most of us would not survive because we would be so caught up in what is happening in the moment and how that affects us that we would not be able to process an idea or, as we’re referring to here, a plan. If you need any help, let me know and I will gladly assist you.
