All categories

3 years ago

Assume that three identical units of merchandise were purchased during October, as follows:

Business

1 answer:

user100 [1]3 years ago

7 0

Answer:

Cost of Merchandise sold: $11

Gross Profit: $17

Ending inventory: $22

Explanation:

STATEMENT SHOWING INVENTORY RECORD UNDER WEIGHTED AVERAGE METHOD

RECIEPTS COST OF GOODS SOLD BALANCE

DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $

balance

05-Oct 1 5 5

12-Oct 1 13 13

28-Oct 1 15 15

TOTAL 3 11 33 1 11 11 2 11 22

Gross Profit:

Sales revenue 28

Less: Cost of good sold 11

Gross Profit: 17

You might be interested in

Net requirements for component J are as follows: 60 units in week 2, 40 units in week 3, and 60 units in week 5. If a fixed-peri

agasfer [191]

Answer:

e. none of the choices.

Explanation:

Based on the scenario being described within the question it can be said that none of the choices are correct because this method focuses on obtaining an order quantity by fixing the quantity for a certain period of time, and calculating the total quantity of Net Requirements within the period. Therefore since the first week and week 4 are missing then none of these are correct, and since the information is not provided by choice answer d. is wrong too.

3 0

3 years ago

Long-term assets that are useful in the operations of a business, are not held for sale, and are without physical qualities. Dur

brilliants [131]

<u>Solution and Explanation:</u>

1 Amount of depletion, impairment and amortization for the current year

A Cost of timber rights on a tract of land $3,461,120

Estimated stand of timber 5,408,000

Cost of depletion per board feet (3461120 divided by 5408000) $0.64

Current year depletion charges for 1,028,300 board feet $658,112

B Impairment loss $3,640,000

C Cost of Patent $6,108,000

Estimated economic life 10 years

Amortization period 3/4

Amortization $(6108000 / 10 \text { year } \times 3 / 4)$ $458,100

2 <u>Adjusting entries </u>

Account Titles Debit Credit

a Depletion expense $658,112

Accumulated depletion $658,112

b Loss from Impaired Goodwill $3,640,000

Goodwill $3,640,000

c Amortization expense-Patents $458,100

Patents $458,100

3 0

3 years ago

5) What are 2 types of quotas?

torisob [31]

Answer:

Two important types of quotas are absolute quotas and tariff-rate quotas.

Absolute quotas are quotas that limit the amount of a specific good that may enter a country. Tariff-rate quotas allow a quantity of a good to be imported under a lower duty rate; any amount above this is subject to a higher duty.

Explanation:

I'm taking a business class.

3 0

2 years ago

Including a 6 %6% sales tax, an inn charges $ 144.16$144.16 per night. find the inn's nightly cost before tax is added.

larisa86 [58]

To find the Inn's nightly cost before tax is added you will divide the total cost of the room $144.16 by the tax rate of 6%. When you divide the tax rate you will move the decimal over and use the number 1.06 (6%). When you divide $144.16 by 1.06 the answer is $136 per night before tax. To check your work you can multiply $136 by 1.06 giving you a total cost of $144.16 after tax.

5 0

3 years ago

Fun Stuff Manufacturing produces frisbees using a three-step sequential process that includes molding, coloring and finishing. W

VladimirAG [237]

Answer:

✓Debit to WIP Inventory-Finishing

✓credit to WIP Inventory-Coloring.

Explanation:

From the question, we are informed about Fun Stuff Manufacturing produces frisbees using a three-step sequential process that includes molding, coloring and finishing. When the frisbees and associated costs are transferred from the molding process to the coloring process, WIP Inventory-Finishing is to be debited, while WIP Inventory-Coloring is credited in the journal entry . WIP can be regarded as part of the overhead cost as well as raw materials, and labor cost at each stages during the process of production. When recording on the journal entry, journal entry can be regarded helps in recording any transaction as far as accounting system is concerned. Several recording are found in journal, and can fall in debit or credit side . At the journal entry, Debit side is at the left-hand side and credit side is at the right-hand side

4 0

3 years ago