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prisoha [69]
3 years ago
13

Oriole Company reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 30,150 $ 20,730 Cost of goods purchased 1

74,240 150,450 Cost of goods available for sale 204,390 171,180 Less: Ending inventory 35,230 30,150 Cost of goods sold $169,160 $141,030 Oriole Company made two errors: 1. 2021 ending inventory was overstated by $2,140. 2. 2022 ending inventory was understated by $5,430. Compute the correct cost of goods sold for each year.
Business
1 answer:
Leviafan [203]3 years ago
6 0

Answer:

                                                   2021             2022

Beginning inventory               $20,730        $28,010

Cost of goods purchased      <u>$150,450</u>       <u>$174,240 </u>

Goods Available for sale        $171,180         $202,250

Less :Ending Inventory           <u>$28,010  </u>       <u>$40,660</u>

Cost of goods sold                 <u>$143,170</u>        <u>$161,590</u>

Note: The ending inventory of 2016 will become beginning inventory of 2017.        

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The purchase of capital equipment by a company, which would likely be quite an involved process, is an example of a _____ situat
marshall27 [118]
The purchase of capital equipment by a company, which would likely be quite an involved process, is an example of a NEW BUY situation.

The use of the term "capital equipment" hints that the company is newly established and they are buying their first equipments for the company. Thus, it's a new buy situation.
3 0
3 years ago
To follow is information about the units produced and total manufacturing costs for Pine Enterprises for the past six months. Mo
sweet [91]

Answer:

The monthly fixed manufacturing cost is $7500.

Explanation:

Variable cost per unit = change in total cost / change in no of units

                                    = 6900-5000/8000-4200  

                                    = 0.5 per unit

Fixed cost = Total manfacturing cost - variable cost at a 4200 level

                 = 5000 - (4200*0.5)

                 = 5000 - 2100

                 = $2900

If company produces 9200 units:  

Total manfacturing costs = fixed costs + 9200*variable cost per unit

                                          = 2900 + (9200*0.5)  

                                          = $7500

Therefore, The monthly fixed manufacturing cost is $7500.

4 0
3 years ago
c. Describe the role a sales person would play in selling this type of product. How much help would customers be likely to need
arlik [135]

Answer:

They would help the product that they are selling sell better and would provide examples that would help the product sell better. The better the product sells the better the sales person gets paid. they would likely need not much help sense a sales person is mostly just for the company to sell their product or service well.

Explanation:

I hope this helped

4 0
2 years ago
Oldhat Financial starts its first day of operations with $11 million in capital.A total of $120 million in checkable deposits ar
Simora [160]

Answer:

a.

Assets Side

Required Reserves   $10 million        

Excess Reserves   $51 million    

Loans   $70 million

Total $131 million

Liabilities Side

Checkable Deposits   $120 million

Bank Capital   $11 million

Total $131 million  

b. Bank capitalization can be measured with bank Leverage Ratio.

= Capital/Assets

= 11/131

= 8.40%

Bank is considered well capitalized if ratio is above 5% so Oldhat Financial is well capitalized.

c. Risk Weighted Assets = $50 million

Risk weighted capital ratio = 22%

Commercial loans are 100% risk weighted = $ 30 million

Residential mortgages are 50% risk weighted  = $ 20 millions

Total = $50 million.

Risk weighted Capital Ratio = Bank capital / Total risk weighted assets

= 11/50

= 22%

7 0
3 years ago
A friend of Mr. Richards recently won a law suit for $30 million. They have the ability to either take the payments over 10 year
denis23 [38]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

A friend of Mr. Richards recently won a law suit for $30 million. They can either take the payments over 10 years or settle today for cash of $25 million. Mr. Richard is optimistic that he can earn a 6% return on the money and that they should settle for $25 million today and he will invest it for them.

First, we need to find the present value of the 30 million.

To do that we need to calculate the final value.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {3,000,000*[(1.06^10)-1]}/0.06= 39,542,385

PV= FV/(1+i)^n= 39,542,385/1.06^10= 22,080,261

B) Now we know that the present value of option B is higher. One dollar today is better than one dollar tomorrow. It is better to receive the money now to invest it.

5 0
3 years ago
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