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Shalnov [3]
2 years ago
6

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Deter

mine the cost assigned to ending inventory using LIFO.
Business
1 answer:
Digiron [165]2 years ago
7 0

Date Activities Units Acquired at Cost Units Sold at Retail

May 1 Beginning Inventory 150 units at $10.00  

5 Purchase 220 units at $12.00  

10 Sales  140 units at $20.00

15 Purchase 100 units at $13.00  

24 Sales  90 units at $21.0

Answer:

Value of closing inventory =$1290

Explanation:

<em>Under the LIFO inventory system units of inventory are priced using the price of the most recent batch purchased and this continues in turn.</em>

The value of closing inventory = Total cost of inventory available for sales - cost of goods sold

<em>The cost of inventory sold would be determined as follows:</em>

140 units  :140 × $12=1,680

90 units : 90× $13 = 1,170

Total cost of goods = 1,680 + 1,170  = 2,850

<em>Total cost of inventory available for sales would be equal to :</em>

(150  × $10.00) +  (220  ×$12.00) = 4,140

The value of closing inventory = Total cost of inventory available for sales - cost of goods sold

4,140  - 2,850 = $1290

Value of closing inventory =$1290

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Rudolf, a Polish manager in a company based in China, is admired by his colleagues for the way he interacts with people, his con
zimovet [89]

Answer: Respect

Explanation:

Respect is something that human beings are taught from birth. It is an attitude and way of being that someone has where they show appreciation for others. A person who has respect treats everyone equally, does not seek humiliation but good treatment.

Respect leads to good integration, where regardless of the differences that a person may have, they can live harmoniously since there is a good deal above all else. Respect allows people to live quietly, where good treatment is one of its main characteristics.

In Rudolf's case, he is a person who maintains respect. He is someone who respects the culture of others and treats everyone equally. He does not seek conflict but a healthy environment where everyone can work harmoniously and this type of behavior lead others to have a good concept and admiration for it.

3 0
2 years ago
Information regarding Maxwell’s direct labor cost for the month of January follows: Direct labor hourly rate paid $ 29.20 Total
Umnica [9.8K]

Answer:

  1. <u>std rate  $30.64</u>
  2. <u>efficiency variance  $6,128.00</u>

Explanation:

We will work the rate variance to obtain the standard rate:

(standard\:rate-actual\:rate) \times actual \: hours DL \: rate \: variance

actual rate  $29.20

actual hours 11,700

difference  $1.44

rate variance  $16,800.00

(standard\:rate-29.2) \times 11,700 = 16,700

(standard\:rate= 16,700 \div 11,700 +29.2

<u>std rate  $30.64</u>

<u></u>

<u>Now we can solve for the labor efficiency variance:</u>

(standard\:hours-actual\:hours) \times standard \: rate = DL \: efficiency \: variance

std  hours 11700

actual hours 11500

std rate  $30.64

difference 200

<u>efficiency variance  $6,128.00</u>

The diference is positive, sothe variance is favorable.

4 0
2 years ago
Using the following information, what is the amount of gross profit?​
SIZIF [17.4K]

Answer:

Gross profit= $54,700

Explanation:

Giving the following information:

Purchases $37,000

Merchandise inventory, September 1 6,100

Merchandise inventory, September 30 6,800

Sales 91,000

<u>First, we need to calculate the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 6,100 + 37,000 - 6,800

COGS= $36,300

<u>Now, the gross profit:</u>

Gross profit= sales - COGS

Gross profit= 91,000 - 36,300

Gross profit= $54,700

3 0
3 years ago
A company has two divisions and evaluates management using return on investment. Division 1 currently makes a part that it sells
Anton [14]

Answer:

c. Division 1 should continue to do business with Division 2 because Division 1's variable cost per part is only $18.

Explanation:

Since the variable cost per part is only $18 and Division 1  sells to Division 2 at $25, it is in the company's overall interest that business should continue between the two divisions.

The cost of getting the part from outside is $26.  This will incur more cost to the company and create excess capacity for Division 1.

Fixed costs are not relevant in making a decision of this nature.  The costs would be incurred irrespective of the decision made.  They are therefore irrelevant.  The relevant cost is the variable cost of $18 per unit.  It should be the focus of the decision, including the possibility of excess capacity for Division 1.

7 0
3 years ago
Loyal Pet Company expects to sell 7 comma 000 beefy dog treats in January and 5 comma 000 in February for $ 2.00 each. What will
marin [14]

Answer:

<u>January:</u>

Sales revenue= $14,000

<u>February:</u>

Sales revenue= $10,000

Explanation:

Giving the following information:

Sales:

January= 7,000 units

February= 5,000 units

Selling price= $2

The sales revenue reflected in the sales budget is the result of multiplying the number of units sold with the selling price.

January:

Sales revenue= 7,000*2= $14,000

February:

Sales revenue= 5,000*2= $10,000

3 0
3 years ago
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