Question 9 of 15

Cycle Sporting Goods sells bicycles throughout the northeastern United States. The following data were taken from the most recen

koban [17]

Answer: 1250 units

Explanation:

GIVEN the following ;

JULY :

Expected sales = 1,990 units

Ending of month target inventory =400 units

AUGUST:

Expected sales = 2,140 units

Ending of month target inventory =490 units

SEPTEMBER:

Expected sales = 2,070 units

Ending of month target inventory =460 units

Ending of month target inventory in July = August beginning inventory = 400units

Expected August unit sales = 2,140 units

AUGUST ending inventory = 490 units

Expected sales = beginning inventory + purchased inventory - ending inventory

2140 = 400 + purchased inventory - 490

2140 = 890 + purchased inventory

Purchased inventory = 2140 - 890

August purchased inventory should be = 1250 units

8 0

4 years ago

For a project with one initial cash outflow followed by a series of positive cash inflows, the modified IRR (MIRR) method involv

TEA [102]

Answer:

B False

Explanation:

Modified Internal Rate of Return(MIRR) is computed using the following steps:

Compute the discounted cash flows.
Sum all discounted cash flows to generate net present value (NPV).
Compute IRR from NPV.

8 0

4 years ago

On June 3, Novak Company sold to Chester Company merchandise having a sale price of $3,100 with terms of 2/10, n/60, f.o.b. ship

zlopas [31]

Answer:

(a) Date Account Titles & Explanation Debit Credit

1. Jun-03 Accounts Receivable-Chester Company $3,100

Sales $3,100

(To record sales)

Jun-12 Cash $3,038

Sales Discounts $62

(3,100*2%)

Accounts ReceivableChester Company $3,100

(To record payment received)

2. Jun-03 Accounts Receivable-Chester Company $3,038

($3,100*0.98)

Sales $3,038

(To record sales)

Jun-12 Cash $3,038

Accounts Receivable-Chester Company $3,038

(To record payment received)

(b) Date Account Titles & Explanation Debit Credit

Jul-29 Cash $3,100

Accounts Receivable—Chester Company $3,038

Sales Discounts Forfeited $62

(To record payment received)

4 0

3 years ago

Jack purchased 100 shares of Ford stock on April 22, 2018. If he sells the stock on April 21, 2019, what is the character of the

Brums [2.3K]

Answer:

The sale in this situation is a trading.

Explanation:

The buying and selling of stocks for short periods of time is termed trading. This is usually dependent on the stock prices but also on the holding period which goes from 3days to 364days. This period starts as from 3 days because of the 3-day settlement rule which requires that the brokerage firm clears all payments within these days, either for stock bought or sold.

Any stock held beyong 364 days becomes long term gain and such sale is considered investing.

8 0

3 years ago

Destin Company uses the weighted average method in its process costing system. The first processing department, the welding depa

ICE Princess25 [194]

Answer:

the cost per equivalent unit for conversion costs for the month is $ 6.256 (round off to three decimal places)

Explanation:

The Concept of Equivalent units measures the number of units of output in terms of percentage completion of a certain input element.

In this question we are required to find the cost per equivalent unit for conversion costs.

Step 1 Find the Total conversion costs for the period.

Conversion cost in this beginning work in process inventory $19,200

Conversion costs incurred in the during the month $383,060

Total conversion costs for the period $402,260

Step 2 Find the Total Equivalent units

Hint : First find the Units Completed

Units Completed = 10000+6000-19000

= 51,000

<u> Total Equivalent units</u>

Units Completed ( 51,000 × 100 %) = 51,000

Closing Work In progress ( 19,000 × 70 %) =13,300

Total Equivalent units =64,300

Step 3 Find cost per equivalent unit for conversion costs

cost per equivalent unit = Total conversion costs / Total Equivalent units

= $402,260 / 64,300

= $ 6.256 (round off to three decimal places)

3 0

3 years ago