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babunello [35]
2 years ago
15

Samuelson and Messenger (SAM) began 2021 with 210 units of its one product. These units were purchased near the end of 2020 for

$20 each. During the month of January, 105 units were purchased on January 8 for $23 each and another 210 units were purchased on January 19 for $25 each. Sales of 140 units and 110 units were made on January 10 and January 25, respectively. There were 275 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost.
Business
1 answer:
ivann1987 [24]2 years ago
3 0

Answer:

<u>FIFO</u>

Ending inventory: = 6745

Cost of goods sold: = 5120

<u>AVERAGE</u>

Ending inventory: 6215

Cost of goods sold: = 5650

Explanation:

The FIFO (First input, first output) method allows you to make an inventory valuation, taking into account that the first items that enter the stock are the first ones that come out.

In the method of valuation of weighted average cost inventory, a weighted average is used to determine the cost of goods sold and the value of the inventory.  To do this, the cost of the goods available for sale is divided by the number of units available for sale.

<em>(See the attached form to see the calculations)</em>

Download docx
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An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote e
GenaCL600 [577]

Answer:

Explanation:

1. True

Separation of record keeping for assets from custody over assets in custody over assets reduces theft and fraud . except in a case of collusion.

Fraud and theft of assets can be easily perpetrated and covered up when an individual combines the role.

2. False

Internal control focuses more on the internal operation of an organization rather than the external. Even though it can still be of impact in checking the excesses of external parties like the government agencies , but that is not its primary objective

3.True

Internal control's main objectives can be best accomplished when there is an operational system with managerial policies that protect waste , fraud and theft , being the major factors targeted to control

4.False

Separating the responsibility for a transaction between two or more individuals or departments is a major way of preventing creation of fictitious invoices and payment as it could have easily be detected if different individuals are involved in approval and payment of invoices.

7 0
3 years ago
The major use of the matrix as a tool in international location strategy is to?
mestny [16]

The major use of the matrix as a tool in international location strategy is to indicate the relative placement of countries in terms of attributes.

A crucial component of a company's success is being in the ideal location. Location frequently affects a company's bottom line and overall profitability. A location strategy is a plan for finding the best site for a business by determining the needs and goals of the organisation and looking for locations with amenities that meet these needs and goals. This typically means that the company will work to maximise opportunities while lowering costs and risks.

A matrix structure combines two or more distinct organisational structure types. It is a way to build up the company's structure so that reporting linkages are established as a grid or matrix rather than in the conventional hierarchy.

Learn more about location strategy here

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7 0
1 year ago
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,
tatiyna

Answer:

there will be 187, 500, 000 firms in the industry.

Explanation:

just multiply 2.50 with 75, 000,000 and get the answer.

6 0
3 years ago
Read 2 more answers
Suppose you deposit​ $2000 in currency into your checking account at a branch of Bank of​ America, which we will assume has no r
Finger [1]

Answer: Please see answer in the explanation column

Explanation:  A T- account resembles a tshape that shows a representation for financial records using  double-entry bookkeeping, when it involves  different accounts like asserts and liabilities, debits to liabilities decrease the account while credits increase the account. The contrary is true for assets

first T-account

.a) <u>Assets              |         Liabilities</u>

Reserve: +$2000        Deposit: +$2000

b)

<u>Assets                |        Liabilities</u>

Reserve $400        Deposit=+$2000

Loans: .+$1600         

Where required reserve ratio is 20% ie 0.02 x 2000= $400

The bank will keep $400 as reserve and can only loan out $1600

Deposited in another bank as

<u>Assets                |        Liabilities</u>

Reserve $1600        Deposit=$1600

4 0
3 years ago
Pools purchased $ 60 comma 000 of 14​% DMH bonds on January​ 1, 2018​, at a price of 159.5 when the market rate of interest was
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Answer:

Initial purchase of the bonds on 1st January 2016

Assuming that $60,000 bonds includes 600 bonds with face value of $100 each

Now, Lamar insurance purchased these bonds at a discount price of $159.5 each bond.

So, the total amount invested by Lamar insurance = 600 bonds * $159.5 = $95,700

Therefore journal entry for recording purchase of bonds on 1st January 2016 will be,

Investments in bonds A/c Debit $95,700

To, Bank/Cash A/c credit $95,700

Note: The bonds have been issues at a discount and it seems to be reasonable owing to the fact that the market interest rate is 6% , whereas the bonds have a interest rate of 14%.

Interest entry on the first interest payment date of 1st July 2016

Interest amount to be received on 1st July 2016 = ($60,000 *14%)*6/12 = $4.200

Since interest is paid semi annually, therefore we have taken interest for 6 months.

Journal entry will be:

Bank A/c Debit $4,200

To, Interest on bonds A/c Credit $4,200

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