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The Company uses a periodic inventory system. For specific identification, ending inventory consists of 215 units, where 190 are

Charra [1.4K]

Answer:

Ending inventory:

(a) specific identification = $2,720
(b) weighted average = $2,810.05
(c) FIFO = $2,687.50
(d) LIFO = $3,010

Cost of goods sold:

(a) specific identification = $6,495
(b) weighted average = $6,404.95
(c) FIFO = $6,527.50
(d) LIFO = $6,205

Explanation:

Date Activity Units Cost Total

Jan. 1 Beg. inventory 215 $14 $3,010

Jan. 10 Sales 165

Jan. 20 Purchase 160 $13 $2,080

Jan. 25 Sales 190

<u>Jan. 30 Purchase 330 $12.50 $4,125</u>

total Purchases 705 $13.07 $9,215

Ending inventory:

(a) specific identification = (190 x $12.50) + (5 x $13) + (20 x $14) = $2,720

(b) weighted average = 215 x $13.07 = $2,810.05

(c) FIFO = 215 x $12.50 = $2,687.50

(d) LIFO = 215 x $14 = $3,010

Cost of goods sold:

(a) specific identification = $9,215 - $2,720 = $6,495

(b) weighted average = $9,215 - $2,810.05 = $6,404.95

(c) FIFO = $9,215 - $2,687.50 = $6,527.50

(d) LIFO = $9,215 - $3,010 = $6,205

7 0

3 years ago

A recent study in your reading suggested that ______ spend 13% more than an average customer and refer business equal to 45% of

Sholpan [36]

Answer:

A consumer advocate

Explanation:

A consumer advocate can be your brand’s best friend. They spend 13% more than the average buyer and refer business that equals 45% of the money they spend, according to Satmetrix. The rise of these brand influencers has spawned quite a bit of buzz in recent months for companies thinking this could enhance their marketing campaigns. Some have even started paying influencers for their time to boost some initial success

3 0

3 years ago

Daniela is a member of a team at a company that handles promotions for minor-league baseball clubs. Daniela’s manager has been r

Brrunno [24]

Answer:

Integrated.

Explanation:

As Daniela's team received a new strategy from the manager, we can say that Daniela is in an integrated team. These teams are responsible for aggregating the knowledge of each employee collectively, which will ensure the fulfillment of goals set by the manager and assist in positive organizational results.

5 0

3 years ago

Suppose you win $1 million in a lottery and your winnings are scheduled to be paid as follows: $400000 at the end of one year, $

masha68 [24]

Answer:

The present discounted value of the winnings is $916,531.69.

Explanation:

The present discounted values of each of the payment can be calculated using the present value formula as follows:

PV = FV / (1 + r)^n ...................... (1)

Where;

PV = Present discounted value of payment at the end of specified year(s)

FV = Future value or the scheduled amount

r = interest rate

n = year in which the payment is scheduled to be paid

Using equation (1), we have:

PV of payment at the end of one year = $400000 / (1 + 5%)^1 = $380,952.38

PV of payment at the end of two years = $400000 / (1 + 5%)^2 = $362,811.79

PV of payment at the end of three years = $200000 / (1 + 5%)^3 = $172,767.52

The present discounted value of the winnings can now be calculated as the additions of the 3 PVs above as follows:

PV of the winnings = PV of payment at the end of one year + PV of payment at the end of two years + PV of payment at the end of three years = $380,952.38 + $362,811.79 + $172,767.52 = $916,531.69

Therefore, the present discounted value of the winnings is $916,531.69.

6 0

3 years ago

Miguel Corporation, a foreign subsidiary of a U.S. parent company, has one asset (Land) and no liabilities. The functional curre

user100 [1]

Answer:

All the 4 statements are correct.

Explanation:

The International Accounting Standard on Currency changes says that the all the assets and liabilities of the subsidiary must be reported at market value of the asset both at the end of the year and at the time of sale of asset & payment of liability. So this means that the statement a and d are correct statements because the translation gain or loss is reported by using the spot rate which is the market value of the asset in the parent company's currency. Similarly, the statement b and c are correct because at the time of sale of subsidiary assets we are actually recognizing the remeasurement gain or loss by using the spot rate, which is the market value of the asset in the parent company's currency.

5 0

3 years ago