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Maurinko [17]
3 years ago
7

acc 340 Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units tha

t cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using the LIFO method, what is the ending inventory
Business
1 answer:
LenaWriter [7]3 years ago
8 0

Answer:

$113,700

Explanation:

Last in first out (LIFO) is an inventory management method, in which the cost of the most recent product bought are the first to be charged to expenses.

With regards to the above question, we'll have;

Inventory sold = (12,000 × $13.5) + (900 × $13) = $173,700

Ending inventory = [7,200 × $12] + [(3,000 - 900) × $13]

Ending inventory = $86,400 + $27,300

Ending inventory = $113,700

Therefore, the ending inventory using LIFO is $113,700

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In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee
PIT_PIT [208]

Answer:

Lee Inc.

a. Amount of revenue Lee will report on the Year 1 income statement:

= $62,000

b. Amount of cash flow from revenue to report on the statement of cash flows:

= $51,000

c. The net income for the period:

= $23,000

d. The net cash flow from operating activities for the period:

= $20,000

e. The amount of net cash flow from investing activities:

= ($21,000)

f. The amount of net cash flow from financing activities:

= $40,000

f. Amounts of total assets, liabilities, and equity on the year-end balance sheet:

Total assets = $71,000

Total liabilities = $8,000

Total Equity = $63,000

Explanation:

a) Data and Calculations:

Service Revenue = $62,000

Cash collection from customers $51,000

Outstanding (Accounts Receivable) $11,000 ($62,000 - 51,000)

Operating expense on account = $39,000

Cash paid on account  31,000

Outstanding (Accounts Payable) $8,000

Common Stock $40,000

Land $21,000

b) Cash Account:

Cash collection from customers $51,000

Cash paid on account                   (31,000)

Common Stock                              40,000

Land                                              (21,000)

Cash balance                              $39,000

c) Income Statement:

Service Revenue   $62,000

Expenses                (39,000)

Net Income           $23,000

d) Assets:

Cash                         $39,000

Accounts Receivable   11,000

Land                            21,000

Total                          $71,000

e) Liabilities:

Accounts Payable      $8,000

Common Stock          40,000

Net Income                23,000

Total                          $71,000

f) Statement of Cash Flows:

Operating activities:

Cash collection from customers     $51,000

Cash paid to suppliers                      (31,000)

Net cash from operating activities $20,000

Investing activities:

Land                                                ($21,000)

Financing activities:

Common Stock                               $40,000

3 0
3 years ago
What is the customer orientation of a company, and why is it important for a
goldenfox [79]
A costumer-oriented organization places customer satisfaction at the core of each of its business decisions, it focuses on helping customers to meet their long-term needs and wants. An organization that uses this is Chron
7 0
3 years ago
Colgate-Palmolive Company has just paid an annual dividend of $ 1.50$1.50. Analysts are predicting dividends to grow by $ 0.12$0
klio [65]

Answer:

The price does the​ dividend-discount model predict Colgate stock should sell for​ today is $66.47

Explanation:

In order to calculate the price does the​ dividend-discount model predict Colgate stock should sell for​ today we would have to calculate first the Present value of dividend of next 5 years as follows:

Present value of dividend of next 5 years as follows=

Year Dividend Discount factor Present value      

a             b          c=1.085^-a             d=b*c      

1 $       1.62 0.921659 $       1.49      

2 $       1.74 0.849455 $       1.48      

3 $       1.86 0.782908 $       1.46      

4 $       1.98 0.721574  $       1.43      

5 $       2.10 0.665045 $       1.40      

Total                                   $       7.25

Then, we have to calculate the Present value of dividend after 5 years as follows:

Present value of dividend after 5 years=D5*(1+g)/(Ke-g)*DF5

Present value of dividend after 5 years=$2.10(1+6%)/(8.50%-6%)* 0.665045

Present value of dividend after 5 years=$59.22

Current value of stock=Present value of dividend of next 5 years+ Present value of dividend after 5 years    

Current value of stock= $7.25+$59.22      

Current value of stock=$66.47        

The price does the​ dividend-discount model predict Colgate stock should sell for​ today is $66.47

8 0
3 years ago
Pete's Market is a small local grocery store with only one checkout counter. Assume that shoppers arrive at the checkout lane ac
levacccp [35]

Answer:

How did Carter plan to achieve his goals regarding the hostages?

Check all of the boxes that apply.

Convince Iran that the real danger was the Soviet Union, not the United States.

Team up with Iraq to invade Iran.

Get help from other countries to express disapproval of Iran’s actions.

Send many troops in to free the hostages at any cost.

Explanation:

How did Carter plan to achieve his goals regarding the hostages?

Check all of the boxes that apply.

Convince Iran that the real danger was the Soviet Union, not the United States.

Team up with Iraq to invade Iran.

Get help from other countries to express disapproval of Iran’s actions.

Send many troops in to free the hostages at any cost.

5 0
2 years ago
Rose has a $20,000 basis in the 60% of the Parent Corporation stock that she owns. Parent Corporation owns a 70% interest in Chi
Degger [83]

Answer:

The answer is: Rose will be taxed as receiving a $15,000 dividend distribution.

Explanation:

Since Parent Corporation owns 70% of Child Corporation, for tax purposes they are considered as one single firm. Rose is the main stockholder of Parent Co. so for tax purposes she is also a stockholder in Child Co. When Child Co. gives her $15,000 in exchange for Parent Co. stock, this would be considered as a dividend distribution rather a stock sale.

7 0
3 years ago
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