Answer:
1 $12.80
2 $16.10
3 $13.00
4 $9.20
5 $15.90
Explanation:
The unit value of inventory is to be valued the lower of cost price and net realizable value.
Cost is the original purchase price while the net realizable value is the estimated selling price less of costs to complete and costs to sell as computed in the attached file.
The correct alternative is letter C. Inflation control. This is the first strategy to control the currency in the economy, being one of the main objectives of monetary policy in a country.
<h3 /><h3>What is monetary policy?</h3>
It is the set of governmental strategies and actions to interfere in the investment market and in the consumption power of citizens, through the control of the basic interest rate of the economy, which is an instrument capable of influencing the value of a currency and the prices of goods. consumption, thus generating a control over inflation in search of economic balance in a country.
Therefore, controlling inflation is a short-term measure that generates a series of impacts on an economy, such as fiscal and monetary contraction measures, such as increasing taxes and reducing public spending.
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As the price of ice cream increases, so the demand by consumers may decrease, decreasing the quantity of ice cream cones demanded (provided that all consumers eat ice cream with a cone!)
Answer:
$254,100
Explanation:
The computation of the cost of direct materials used in production is shown below:
= Direct materials purchased + Beginning raw materials inventory - Ending raw materials inventory - Indirect materials requisitioned and used
= $254,000 + $12,000 - $7,900 - $4,000
= $254,100
Hence, all the other information is not considered. Therefore, ignored it
Answer:
Sheffield Company
Inventory Turnover Ratio = Cost of goods sold/Average Inventory
= $1,145,400/$138,000
= 8.3 times
Explanation:
a) Data and Calculations:
Beginning inventory = $145,000
Ending inventory = $131,000
Average inventory = (Beginning inventory + Ending inventory)/2
= ($145,000 + 131,000)/2
= $138,000
Sales revenue = $1,972,800
Cost of goods sold = $1,145,400
Net income = $248,400
b) The inventory turnover ratio for Sheffield Company is an efficiency ratio that shows how inventory is managed and the number of times Sheffield sells or consumes the inventory during an accounting period. This is why Sheffield Company takes the average of the inventories in order to smoothen seasonal fluctuations in the inventory level during the year. When this ratio divides the number of days in the accounting period, Sheffield will get the days it takes for inventory to be purchased or produced, and then sold or consumed.