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Answer: $14371.6
Explanation:
Given that,
According to FIFO method,
Marvin sold = 1,900 units of inventory during the month
Cost of Beginning inventory = 990 × $7.25
= $7177.5
on Mar. 10
Cost of Purchase = 570 × $7.73
= $4,406.1
Remaining purchases = Total units sold - Beginning inventory - number of units purchase on mar 10
= 1,900 - 990 - 570
= 340 units
Cost of remaining purchases = 340 units × $8.2
= $2,788
Total cost of goods sold = Cost of Beginning inventory + Cost of Purchase + Cost of remaining purchases
= $7177.5 + $4,406.1 + $2,788
= $14371.6
Answer:
The journal entry showing the adjustment is shown as:
Dr bad debt expense $3287
Cr Allowance for uncollectible accounts $3287
Explanation:
The company estimate of uncollectible account this year is calculated by multiplying the percentage of uncollectible accounts by the balance in the accounts receivable.
Hence,estimate of uncollectible account is 9%*$27,300=$2457
The estimate of $2457 implies that the balance in the allowance for uncollectible accounts should be $2457 credit balance as at the end of the year.
In order to achieve that ,reverse the debit balance of $830 in the account by posting a credit of $830,that takes the account to nil,then post a new allowance for uncollectible accounts($2457 credit entry)
Without mincing words, the adjusting entries passed is the sum of the two credit entries of $3287
Answer: c. excess supply, and the price would tend to fall from $35 to a lower price.
Explanation:
At $35 there is excess supply because this is a price that most consumers are not willing to pay but most suppliers are willing to sell.
Supply at $35 = 600
Quantity demanded at $35 = 200
This would lead to prices falling as suppliers try to sell the excess supply. The prices would ideally keep falling till the equilibrium price is reached which is $25. At this point, the quantity demanded and supplied will be equal to each other.
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