Inventory costing methods place primary reliance on assumptions about the flow of.

Sensible Insurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1. What amount should Sensible

salantis [7]

Answer:

Current liability for 3 months will be $4500

Explanation:

We have given that

Sensible insurance company has collected a premium of $18000

We have given time = 1 year = 12 months

So the premium collected per month [tex]=\frac{$1800}{12}=$1500[/tex

Now, the company has collected the revenue on April 1 and now it is December 31

So number of months from April to December = 9

So total premium earned in 9 months = 9× $1500 = $13500

So current liability for 3 months will be = 3×$1500 = $4500

6 0

4 years ago

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average

Flauer [41]

Answer:

Cost of Sales :

FIFO = $ 6,030

LIFO = $6,840

Weighted Average = $6,354.60

Ending Inventory :

FIFO = $4,176

LIFO = $3,150

Weighted Average = $3,636.60

Explanation:

FIFO

This method assumes that the first inventory purchased will be the first to be sold

<em>Cost of Goods Sold :</em>

90 units × $11 = $990

150 units × $15 = $2,250

30 units × $18 = $540

Total = $ 6,030

<em>Ending Inventory :</em>

232 units × $18 = $4,176

LIFO

This method assumes that the last inventory purchased, will be the last to be sold

<em>Cost of Sales :</em>

240 units × $15 = $3,600

180 units × $18 = $3,240

Total = $6,840

<em>Ending Inventory :</em>

90 units × $11 = $ 990

60 units × $15 = $ 900

70 units × $18 = $ 1,260

Total = $3,150

Weighted Average

A new average cost per unit is calculated with every purchase made.

New Average Cost = (90 units × $11 + 300 units × $15) ÷ 390 units

= $14.08

Cost of Sale , April 4 = 240 units × $14.08

= $3,379.20

New Average Cost = (150 units × $14.08 + 250 units × $18.00) ÷ 400 units

= $16.53

Cost of Sale, Aug 16 = 180 units × $16.53

= $2,975.40

Total Cost of Sales = $3,379.20 + $2,975.40

= $6,354.60

Ending Inventory = 220 units × $16.53

= $3,636.60

8 0

3 years ago

How would a business person be most likely to use a seed capital

Anarel [89]

A business person would most likely use seed capital to start a new business or use it to contribute financially to the business.

7 0

4 years ago

The occupational safety & health administration requires that organizations follow which guidelines for electrical safety?.

Katarina [22]

The safety and health guidelines at work focus on avoiding accidents in workers and performing optimal and adequate work.

<h3>What guidelines should an electrical worker follow?</h3>

The occupational health and safety guidelines depend on the activity to be carried out, since each set of guidelines is specifically designed to avoid accidents and contingencies in different contexts.

To guarantee safety in electrical procedures, companies must follow the following guidelines:

Wear insulating shoes and gloves.
Do not have metallic accessories such as chains, earrings, bracelets, among others.
Work without power supply while manipulating electrical networks.
Avoid working with electricity in wet places because liquids are good conductors of electricity.
Analyze the electrical network before starting, to identify the relevant procedures to be carried out.
Use a helmet, gloves, overalls, goggles and other personal protection elements.

Learn more about safety and health administration in: brainly.com/question/14141751

#SPJ1

3 0

2 years ago

Question 2 of 10

son4ous [18]

It should be noted that a benefit of contributing to a retirement account is A. The amount of income that's taxable is reduced.

<h3>What is the benefit of retirement account?</h3>

It should be noted that employee contribution can help in reducing taxable income.

Contributions and investment gains won't be taxed until they're distributed.

Therefore, the benefit of contributing to a retirement account is the amount of income that's taxable is reduced.

Learn more about retirement on:

brainly.com/question/25707827

6 0

3 years ago