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alekssr [168]
2 years ago
7

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17

Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO?
Business
1 answer:
kolezko [41]2 years ago
8 0

Answer:

=  $490

Explanation:

<em>Under the </em><em>First-in-First-Out  </em>( FIFO ) <em>method of inventory valuation,  inventories are valued using the price of the earliest batch in stock until the batch is exhausted when the price of the next oldest batch is used and so on.</em>

Date     sale units       Workings                         Value

              10                    10 × $19                              190

               20        (10 × $19)+( 10 × $20)                  390

The cost o he merchandise = $190 + $390

                                             =  $490

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According to the Fisher effect, if the "real" rate of interest in a country is 3 percent and the expected annual inflation is 8
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Answer:

11.24%

Explanation:

Fisher equation:

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1 + nominal interest rate = 1.03 x 1.08

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2 years ago
The Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly.
Bond [772]

Answer:

$60 per unit

Explanation:

Total overheads:

= Overheads of fabrication department + Overheads of assembly department

= $90,500 + $109,700

= $200,200

Total labor hours:

= Blinks + Dinks

= (1,013 × 4) +  (1,859 × 5)

= 4,052 + 9,295

= 13,347

Overhead rate per hour = Total overheads ÷ Total labor hours

                                        = $200,200 ÷ 13,347

                                        = $15 per hour

Total overhead cost for blinks:

= Total hours for blinks × rate per hour

= 4,052 × $15 per hour

= $60,780

Overhead cost per unit for Blinks:

= Total overhead cost for blinks ÷ Total units

= $60,780 ÷ 1,013

= $60 per unit

5 0
3 years ago
Wattan Company reports beginning inventory of 11 units at $65 each. Every week for four weeks it purchases an additional 11 unit
larisa86 [58]

Solution:

Activity Units Units cost Cost of Goods Available

Beginning Inventory                11     $65.00      $715

1st week purchase                   11      $66.00     $726

2nd week purchase                 11      $67.00     $737

3rd week purchase                  11      $70.00     $770

4th week purchase                  11      $75.00     $825

Units available for sale            55

Cost of goods available for sale                       $3,773

5 0
3 years ago
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