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Alja [10]
3 years ago
9

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur

chased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full.
Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
Business
1 answer:
Tems11 [23]3 years ago
7 0

Answer:

$3,918

Explanation:

Calculation the cost of inventory as of June 30

Purchases [$4,100+1000] $5100

(Less): Returns ($1100)

(Less): Discount [4100 x 2%] ($82)

Cost of inventory $3,918

Therefore the cost of inventory as of June 30 will be $3,918

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Blasto, Inc., operates several mines. At one, a typical batch of ore run through the plant yields three products: lead, copper,
natali 33 [55]

Answer:

for lead = $ 43,000

for copper = $ 107500

for manganese = $ 63855

Explanation:

Given:

joint cost of processing the raw ore = $ 215,000 per batch

For lead,

Selling cost = $ 62,000

Processing cost = $ 23,000

thus,

the net realizable value = $ 62,000 - $ 23,000 = $ 39,000

also,

For copper,

Selling cost = $ 113,000

Processing cost = $ 15,500

thus,

the net realizable value = $ 113,000 - $ 15,500 = $ 97,500

also,

For manganese,

Selling cost = $ 71,000

Processing cost = $ 12,500

thus,

the net realizable value = $ 71,000 - $ 12,500 = $ 58,500

Now,

the total net realizable value = $ 39,000 + $ 97,500 + $ 58,500

= $ 195,000

therefore,

the allocation weight = ( Net realizable value for the product ) / ( total net realizable value )

thus,

For lead, = $ 39,000 / $ 195,000 = 0.2

For copper = $ 97500 / $ 195,000 = 0.5

For manganese = $ 58000 / $ 195,000 = 0.297

hence, the cost allocation for the respective products will be calculated as

= the allocation weight × joint costs of processing

thus, for lead = 0.2 × $215,000 = $ 43,000

for copper = 0.5 × $215,000 = $ 107500

for manganese = 0.297 × $215,000 = $ 63855

8 0
3 years ago
Suppose the market price is $5. The buyer who buys the first unit of output has a willingness-to-buy equal to $10; the buyer who
snow_lady [41]

Answer:

Total consumer surplus is $12

Explanation:

Consumer surplus refers to the benefit derived by the consumer from the amount he is willing to pay as against market price. For example, Glee is willing to pay $10 for a product. The market price of the product is $5. His consumer surplus will be $5 (benefit).

Here, market price is $5.

Buyer is willing to spend $10 for first unit. Consumer surplus is $5 (10 - 5)

Buyer is willing to spend $9 for second unit. Consumer surplus is $4 (9 - 5)

Buyer is willing to spend $8 for third unit. Consumer surplus is $3 (8 - 5)

Total consumer surplus is $12 (5 + 4 + 3)

7 0
3 years ago
Which are the four longest standing departments in the federal bureaucracy?
kherson [118]
The four are: cabinet departments
Independent executives agencies
independent regulatory agencies
government corporations.
there is a 5th one, presidental commissions
4 0
3 years ago
In one of the training sessions in your company, you notice several members are not from the United States. These members are al
Alja [10]

Answer:

Go-round

Explanation:

It is not uncommon that some people can be reticent and not contributing to discussion during a session. This does not mean that such people do not have anything to contribute but may just be shy .

One technique to encourage these members to express their opinion is by employing the go - round discussion method. This can give them the courage to voice their opinion when it is their turn to speak

5 0
3 years ago
Allocation of Package Purchase Price Tamarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price
Novay_Z [31]

Answer:

The total purchase price of the plant allocated to the land, building, and machinery is $140,840, $509,707 and $355,453 respectively

Explanation:

The computation is shown below:

For land

= Total purchase price × appraisal value of land ÷ total appraisal value

= $1,006,000 × $126,000 ÷ $900,000

= $140,840

For building

= Total purchase price × appraisal value of building ÷ total appraisal value

= $1,006,000 × $456,000 ÷ $900,000

= $509,707

For machinery

= Total purchase price × appraisal value of land ÷ total appraisal value

= $1,006,000 × $318,000 ÷ $900,000

= $355,453

where, the total purchase price is

= $1,000,000 + $6,000

= $1,006,000

3 0
3 years ago
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