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AysviL [449]
3 years ago
11

Cox Co. accounts for its inventory using the LIFO cost method. An inventory loss from a permanent market decline of $360,000 occ

urred in May. Cox appropriately recorded this loss in May after its March 31 quarterly report was issued. What amount of inventory loss should be reported in Cox’s quarterly income statement for the 3 months ended June 30?
Business
1 answer:
kirill115 [55]3 years ago
8 0

Answer:

$360,000

Explanation:

Last in first out (LIFO) is a method used in inventory where the cost of most recently purchased goods is the one to be expensed first. Also current losses are the first to be reported.

An inventory loss incurred in a quarter must not be deferred, but recorded as items within an interim must be reported in the same period they were incurred, unless it can be redeemed before the end of the fiscal year. It is not considered a temporary item.

The loss reported in May will be reported for that quarter in June.

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Answer:

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Explanation:

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3 years ago
Savanna Smiles invested $5,000 for one year in a CD that earns interest at a rate of 3.5% compounded monthly. What is the intere
Mariulka [41]
We are asked to solve for the interest during the year given that it is compounded monthly, we are given with the formula A = P(1+r)^n. The solution is shown below;
A = P (1+r)^n
A = $5,000 (1+ 3.5/12)^(12*1)
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Hope this helps!
7 0
3 years ago
Read 2 more answers
Company Dept. A Dept. B
Ronch [10]

The pre-determined overhead rate per direct labor dollar for Dept. B is 1.35.

<h3>What is manufacturing overhead?</h3>

Manufacturing overhead costs are the cost associated with running a manufacturing facility.

Examples of factory overhead include

  • indirect labor costs
  • factory rent
  • depreciation of plants and machinery
  • Sales and administrative cost

<h3>What is direct labour cost?</h3>

The direct labour cost is the cost directly involved in the production of goods and services.

<h3>What is  the pre-determined overhead rate per direct labor dollar for Dept. B?</h3>

The pre-determined overhead rate per direct labor dollar for Dept. B = Estimated manufacturing overhead / Estimated direct labor cost

= $162,000 / $120,000 = 1.35

To learn more about overhead costs, please check: brainly.com/question/8054214

7 0
2 years ago
A produce distributor uses 779 packing crates a month, which it purchases at a cost of $12 each. The manager has assigned an ann
labwork [276]

Answer:

$1,498.86

Explanation:

Given that;

Packing of crates per month(u) = 779

Annual carrying cost of 39% of the purchase price per crate

Ordering cost (S) = $27

D = 779 × 12 = $9,348 crates per year

H = 0.39P

H = 0.39 × $12

H = $4.68 crates per year

Total ordering cost = D/Q × S

= ( $9,348 / 779 ) × $27

= $324

Total Holding cost = Q / 2 × H

= ( 779 / 2 ) × $4.68

= $1,822.86

Annual savings = Total holding cost - Total ordering cost

= $1,822.86 - $324

= $1,498.86

The firm would be saving $1,498.86 annually.

5 0
3 years ago
A group of middle school students were given a short course in math. The instructor was curious if a monetary incentive (money)
kap26 [50]

Answer:

Explanation:

Based on the information provided within the question it can be said that in regards to the experiment details the variables are the following:

The Independent Variable would be the $5  in money offered to some of the students. The Dependent Variable would be the test performance  of each student. The Experimental group are the students that were offered money . The Control group are the students who were not offered money.

6 0
3 years ago
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