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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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Answer:

500%

Explanation:

Given that,

Income elasticity of demand = 2.5

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Therefore, percentage change in consumer income:

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=  [$200 ÷ $100] × 100

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Income elasticity of demand = (% change in Quantity demanded) ÷ (% change in income)

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Hence,

% change in Quantity demanded = 2.5 × 200%

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Role of government

The government plays some key roles which are;

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The redistribution of income is known to be the distribution carried out again or anew.

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Explanation:

Gross domestic product is the Value of all goods and service produced within the boarders of the country over a period of time. Gross domestic product is measured in monetary terms. Gross domestic product can also be calculated as a total of all expenditures on goods and services in the economy.

we will now sow how these Transactions affect the gross domestic product

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Imports have a negative impact on the Gross domestic product, Therefore the Gross domestic product will decrease by $2000

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3. Jake US Citizen pays $1500 for a laptop he orders from microell (a US company)

This transaction will increase Consumer's domestic consumption which is represent by a Variable denoted by C in the Consumption equation. When Jake pays $1500, Consumption increases by $1500 which also increases Gross domestic Product by $1500 ceteris pa

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