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2 years ago

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis

Business

1 answer:

Pani-rosa [81]2 years ago

5 0

The amount allocated to ending inventory is $3664.

LIFO is an inventory method that means last in, first out. It means that it is assumed that the latest inventory that is sold, is the first to be sold. Ending inventory is made up of inventory that is purchased eelier.

Total inventory sold = 40 + 26 = 68 units
Sum of total inventory bought and beginning inventory = 10 + 60 + 30 = 100
Ending inventory = 100 - 68 = 32
Value of ending inventory = (22 x $112) + (10 x $120)

$2464 + $1200 = $3664

Please find attached the image used in answering this question. A similar question was answered here: ttps://brainly.com/question/13763849

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Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% f

Natasha2012 [34]

Answer:

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

Explanation:

Step 1 of 2

Calculate the amount of factoring fee.

Factoring fee = 5% ×Account Receivable

=5%×$75,000

=$3,750

Step 2 of 2. Journey record. Image attached.

Debit cash by $71,250, factoring expense by $3,750 and credit account receivable by $75,000.

4 0

3 years ago

Weaver Company's predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $15.00 per hour.

Misha Larkins [42]

Answer:

1. $590

2. $9.83

Explanation:

Total Number of Direct Labor Hours:

= Total Labor Cost ÷ Labor Rate Per Hour

= 150 ÷ 15

= 10 Hours

Total Overheads:

= Total Number of Direct Labor Hours*Predetermined Overhead Rate

= 10 × 21

= 210

Total Manufacturing Cost = 230 + 150 + 210

= $590

Average Cost:

= Total Manufacturing Cost ÷ Number of Units

= 590 ÷ 60

= $9.83

3 0

3 years ago

The activity that uses the greatest share of u.s. household water is

alexdok [17]

Flushing the toilet in your home increases and produces the greatest share of used water in U.S. households. Since flushing your toilet is a natural, necessary use of water people often forget how much water is actually being used. Each time you flush the toilet and everyone in your home does, you are literally flushing water away.

6 0

3 years ago

Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and dire

Anvisha [2.4K]

Answer:

Results are below.

Explanation:

Giving the following information:

Total manufacturing costs, $8,450,000

Manufacturing overhead allocated, $3,750,000 (allocated at a rate of 250% of direct manufacturing labor costs)

Work-in-process inventory on January 1, 2017, $390,000

Cost of finished goods manufactured, $8,020,000

First, we need to calculate the direct material and direct labor:

Direct labor= Manufacturing overhead allocated/2.5

Direct labor= 3,375,000 / 2.5

Direct labor= $1,350,000

Total manufacturing costs= Direct material + direct labor + allocated overhead

8,450,000= Direct material + 1,350,000 + 3,375,000

Direct material= $3,725,000

Finally, the ending work-in-process:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

8,020,000= 390,000 + 8,450,000 - Ending WIP

Ending WIP= $820,000

3 0

2 years ago

Taylor Company had a salaries payable balance of $18,000 on December 31, 2014. During 2015, it paid $50,000 in cash as salaries,

Flura [38]

Answer:

$18,000

Explanation:

Given data for Taylor Company;

Salaries payable at the beginning of 2015 (end of 2014) = $18,000

Salary expense during the year (2015) = $50,000

Salaries paid during the year = $50,000

Salary payable at end of year (2015) = ?

Let the salary payable at end of year= S

Using the formula

Salaries payable at the beginning of the year + Salary expense during the year - Salaries paid = Salary payable at end of year

$18,000 + $50,000 - $50,000 =S

S = $18,000

Salaries payable as at December 31, 2015 is $18,000.

8 0

3 years ago