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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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The American Federation of Labor (AFL) had 1.6 million members by 1904. The AFL represented mainly skilled, white, native-born w
lesya692 [45]

Answer:

Explanation:

As the complete question is not given thus the complete question is found online and is attached herewith.

As per the complete question, the goals of the two foundations are required which are as follows:

American Federation of Labor:

American Federation of Labor made efforts for

  • <em>Cooperation among corporate and political leaders to achieve goals of the working community</em>
  • <em>Settlement of hundreds of industrial disputes </em>
  • <em>Encouraged improvements in safety environment at the factory </em>
  • <em> Establishment of pensions for long-term workers</em>

Industrial Workers of the World

Industrial Workers of the World advocated and worked for:

  • The one big union
  • The rejection of capitalism
  • The inclusion of unskilled and foreign born workers.
6 0
4 years ago
The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $3,200 Fee
koban [17]

Answer:

$12,100

Explanation:

Data provided;

Accumulated Depreciation = $3,200

Fees Earned = $17,400

Depreciation expense = $1,300

Insurance Expense = $200

Prepaid Insurance = $4,800

Supplies = $900

Supplies Expense = $3,800

Now,

The Net income

= Fees Earned - Depreciation Expense - Insurance Expense - Supplies Expense

= $17,400 - $1,300 - $200 - $3,800

= $12,100

5 0
4 years ago
Why is a price floor set above an equilibrium price tends to cause persistent imbalances in the market?
kotykmax [81]

Answer:

A price floor set above the equilibrium price will result in a surplus of supply.  

Explanation.

An equilibrium price refers to the price at which demand for a service or product is equivalent to the quantity of the product or service supplied in the market.

Setting a price floor above the equilibrium price essentially means that the set prices will be higher than what demand is willing to pay for the product or service. Demand will therefore purchase fewer quantity of the product offered by supply at the prevailing price than they would have at equilibrium price.

Since the price floor will raise the product price to considerably higher than the equilibrium price, supply will be willing to provide higher volumes of the product at the prevailing price than at equilibrium price.

This will lead to a mismatch in the market between supply and demand resulting into a surplus.

5 0
3 years ago
Under which condition does a country with a small GDP have a large per capita income?
Ket [755]
When it has a small population
5 0
3 years ago
Tre-Bien Bakeries generated net income of $233,412 this year. At year end, the company had accounts receivables of $47,199, inve
Aleonysh [2.5K]

Answer:

Option B- $63510 is the correct option.

Explanation:

Remember that:

Net Working Capital = Current Assets - Current Liabilities

Current assets includes receivables, cash and inventory, and current liabilities include accounts payable, short term notes payable and accrued taxes.

Putting value of current assets and current liabilities, we have:

Net Working Capital = ($47,199+$63,781+$21,461) - ($51,369+$11,417+$6145)

Net Working Capital = $132,441 - $68931 = $63,510

So the option B is the correct option.

7 0
4 years ago
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