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patriot [66]
3 years ago
10

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases

(listed in chronological order of acquisition): 53 units at $139 per unit 135 units at $142 per unit 183 units at $122 per unit Sales for the year totaled 335 units, leaving 36 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of:
Business
1 answer:
Murljashka [212]3 years ago
3 0

Answer:

The difference is $612

Explanation:

By using the Periodic inventory system Fulbright Corp. calculates its Cost of Sales and Inventory at the end of a certain period. In this case at year end.

FIFO

FIFO assumes that the units to arrive first will be sold first. Meaning inventory will be valued using recent prices.

FIFO inventory = 36 units x $122 = $4,392

LIFO

LIFO assumes that the units to arrive last will be sold first. Meaning that the inventory will be valued using earliest (old) prices.

LIFO inventory = 36 units x $139 = $5,004

Conclusion

Difference = LIFO inventory - FIFO inventory

                  = $5,004 - $4,392

                  = $612

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garri49 [273]

Answer:

see below

Explanation:

Revenue is the money a business receives by engaging in its normal trading activities. It is the money paid to the business for selling goods or services to clients.  For a business to be profitable, its revenues must exceed expenses.

If the business owner has revenue of $2000 and is finding it difficult to stay in business, it means the expenses are almost or more than $2000. Revenue, as stated, is generated from sales. Expenses refer to the costs incurred in generating revenue. They include the cost of materials, rent, wages, and all other business-related expenses.

When the expenses are more than revenue, the business suffers losses. This business owner is probably incurring losses; that's why they have a challenge in staying open.

7 0
3 years ago
In the following situation, imagine you are a waiter at a restaurant. See if you can put this list of tasks in
MArishka [77]

Answer:

1. Answer a customer's question

2.Take someone's order

3.Bring out an order of food

4 Cleae a table

5.Fold napkins

5 0
2 years ago
Carla Vista Company has the following information available for September 2020.
dmitriy555 [2]

Answer:

Carla Vista Company has the following information available for September 2020.

Unit selling price of video game consoles $410

Unit variable costs $328

Total fixed costs $36,900

Units sold 600

Compute the unit contribution margin.

Unit contribution margin enter the unit contribution margin

Prepare a CVP income statement that shows both total and per unit amounts.

Compute Carla Vista’ break-even point in units.

Break-even point in units enter Break-even point in units units

Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.

7 0
3 years ago
"A customer has purchased 1,000 shares of ABC stock at $44 per share, paying a commission of $1.00 per share for the transaction
ikadub [295]

Answer:

1,200 shares held at a cost basis of $37.50

Explanation:

Since there are 1,000 shares are purchased

and the stock dividend is 20%

So the number of shares after the dividend is  

= 1,000 × (1 + dividend percentage)

= 1,000 × (1 + 0.20)

= 1,000 × 1.20

= 1.200

And, the price per share is

= $44 + $1

= $45

So, the cost basis would be

= $45 ÷ 1.20

= $37.50

hence, the tax status of the investment is 1,200 shares held for cost at $37.50 basis

5 0
3 years ago
Minor company installs a machine in its factory at the beginning of the year at a cost of $135,000. the machine's useful life is
sveticcg [70]

To determine what the depreciation of an asset using straight line method, the formula to be used is:

(Initial cost of machine – salvage value) divided by estimated useful life


So in this problem:

Initial Cost - $135000

Salvage Value – $15000

Estimated Useful Life – 5 years

Plug that in the formula


Annual depreciation = ($135000 - $15000) / 5

= $120000/ 5

= $24,000


The first year depreciation for the machine is $24000 because the company bought it in the beginning of the year. (So there is no need to divide this by 12 months)

To record this:

Depreciation Expense $24000

<span>          Accumulated Depreciation $24000</span>

3 0
3 years ago
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