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STatiana [176]
4 years ago
6

Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $6

5 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. Chess Top also sold 1,200 units during the month. Using the average cost method, what is the amount of ending inventory?
Business
1 answer:
Whitepunk [10]4 years ago
5 0

Answer:

The cost of ending inventory is $24314.

Explanation:

Under the average cost method, the inventory is valued at the average cost of all the inventory that is available from the start of the month and the purchases made.

The average cost of inventory can be calculated by summing up the total cost of beginning inventory and purchases and dividing it by the total number of units available for sale.

Average cost per unit = [ 480*65 + 720*68 + 360*70 ] / [480 + 720 + 360]

Average cost per unit = 67.538 rounded off to $67.54 per unit

The total inventory available for sale = 480+720+360 = 1560 units

The ending inventory in units = 1560 - 1200 = 360 units

The cost of ending inventory = 360 * 67.54 = $24314.4 rounded off to $24314

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Zander is beginning to take college courses to prepare for a career in computer science, which is the study of using logic to cr
slega [8]

Zander learned about the requirements of employment skills and his existing living situation, which was the next step in raising his living standards. as a result of option B

<h3>What exactly is a career program?</h3>

A collection of specified abilities leading to vocations designated by a Classification of Instructional Programs number is referred to as a career program.

Students in career programs develop skills that enable them to compete successfully in the job market and contribute significantly to business and industry.

As a result, as stated in the preceding statement, Zander has made efforts to enhance his skills in order to meet the demands of his profession and his current living situation. Option B takes care of this.

Learn more about career programs:

brainly.com/question/6535546

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4 0
2 years ago
Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100
olasank [31]

Answer:

Ramon’s basis in the stock he receives in his corporation is $84,000

Explanation:

The computation of Ramon’s basis in the stock received in his corporation would be $84,000 as this amount reflect the adjusted basis of the assets transferred to the corporation.  

These assets include inventory, building, and land. So, the total amount of the total assets would be received i.e based on an adjusted basis, not the fair market value  

6 0
3 years ago
Which analogy best represents the relationship between jobs and careers?
anyanavicka [17]

Answer:

"A career is like a speedboat or a power boat, and a job is like a sailboat"

Explanation:

Careers are long term, jobs are not.

Speedboats go faster and farther than a sailboat would in a race.

That's just the connection I made, hope it helps. ^_^

3 0
3 years ago
The digby company has just purchased $40,900,000 of plant and equipment that has an estimated useful life of 15 years. the expec
MatroZZZ [7]
Using line depreciation method,
Depreciable cost = Cost - Salvage value = $40,900,000- $4,090,000 = $36,810,000

Depreciation per year = Depreciable cost/life = 36,810,000/15 = $2,454,000

After third year of use,

Depreciation expenses = $,2,454,000*3 = $7,362,000

Book value = cost - depreciation expenses = 40,900,000 - 7,363,000 = $33,538,000
7 0
3 years ago
Robert is a single taxpayer who has AGI of $145,000 in 2019; his taxable income is $122,000. What is his federal tax liability f
PolarNik [594]

Answer:

His tax liability for 2019 (due April 2020) is $23,359.50

Explanation:

Since Robert s a single filer, he falls under the fourth tax bracket: income between $84,201 to $160,725. His marginal tax rate is 24%, and his total taxes due are as following:

<u>tax rate</u>         <u>earnings</u>                          <u>taxes due</u>

10%            $0 – $9,875                        $987,50

12%         $9,875 – $40,125                  $3,630

22%        $40,126 – $85,525                $9,988

24%        $85,526 – $122,000              $8,754

                    total                              $23,359.50      

*Option C is the closest one, but it used the 2018 tax brackets, not the 2019.

7 0
4 years ago
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