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2 years ago

Consider the following information for Maynor Company, which uses a periodic inventory system:

Business

1 answer:

ohaa [14]2 years ago

8 0

Answer:

Instructions are below.

Explanation:

Giving the following information:

January 1 Beginning Inventory 29 $79 $2,291

March 28 Purchase 39 $85 3,315

August 22 Purchase 58 $89 5,162

October 14 Purchase 63 $95 5,985

The company sold 63 units on May 1 and 58 units on October 28.

First, we need to calculate the units in ending inventory:

Ending inventory in units= 189 - 121= 68

To calculate the ending inventory under the FIFO (first-in, first-out) method, we need to use the cost of the last units incorporated into inventory.

Ending inventory= 63*95 + 5*89= $6,430

COGS= 29*79 + 39*85 + 53*89= $10,323

To calculate the ending inventory under the LIFO (last-in, first-out) method, we need to use the cost of the first units incorporated into the inventory

Ending inventory= 29*79 + 39*85= $5,606

COGS= 63*95 + 58*89= $11,147

Finally, to calculate the ending inventory using the weighted-average, we need to calculate the weighted average price:

weighted average price= 16,753/189= $88.64

Ending inventory= 68*88.64= $6,027.52

COGS= 121*88.64= $10,725.44

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Employees who have difficulty performing efficiently on the job often have poor _____ skills, are confused about their prioritie

sergeinik [125]

Answer: The correct answer is "Organizational".

Explanation: Employees who have difficulty performing efficiently on the job often have poor organizational skills, are confused about their priorities (what is most important), and may be slow in making decisions.

Organizational skills allow us to distinguish which are our priorities, short, medium and long term objectives to be met and the steps to follow to fulfill these. Once focused on that, decision-making aimed at meeting these objectives tends to be much faster, which as a result demonstrates more efficient work.

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2 years ago

A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured

Lemur [1.5K]

Answer:

It is more profitable to continue processing.

Explanation:

Giving the following information:

A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured further at an additional cost of $80,000.

Sell for scrap= 65,000 - 50,000= 15,000

Continue processing= 150,000 - 80,000 - 50,000= 20,000

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2 years ago

Python Company sells merchandise on account for $5000 to Monte Company with credit terms of 2/10, n/30. Monte Company returns $1

Lisa [10]

Answer:

amount of the check = $3430

Explanation:

given data

sells merchandise account = $5000

credit terms of 2/10, n/30

Company returns = $1500

to find out

amount of the check

solution

we will find here amount of the check that is express here as

amount of the check = (sells merchandise account - Company returns) × (100 - n ) .......................1

put here value in equation 1 we get

amount of the check = (5000 - 1500 ) × (100% - 2%)

amount of the check = (3500 ) × (98%)

amount of the check = $3430

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2 years ago

An insurance company divides its customers into 2 groups. Twenty percent of customers are in the high-risk group, and eighty per

tatuchka [14]

Answer:

0.0923 or 9.23%

Explanation:

We have to use the Poisson distribution:

P(x) = (0.2 x e⁻¹) / [(0.2 x e⁻¹)+ (0.8 x e⁻⁰°¹)]

e = 2.71828 (given)
lambda = λ = 0.1

0.073578 / (0.073578 + 0.72387) = 0.073578 / 0.79744 = 0.092267 or 9.23%

The Poisson distribution is used to calculate the probability of occurrence of independent and random variables.

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2 years ago

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorizat

Westkost [7]

Answer:

The Journal entries are detailed in the explanation

Feb 5: Debit Cash a/c and credit common stock with $5,600,000

Debit Legal fees and credit common stock with $9,600

April 9: Debit Land 120,000, building 280,000 and equipment 80,000 and credit common stock $320,000 and excess capital $160,000

June 14: Debit cash $2,050,000 credit Pref stock with $1,500,000 and excess capital with $550,000

Explanation:

The question is to journalize the transactions of Professional Products inc as follows

Date Particulars/Description Debit Credit

5th Feb Cash A/c 5,600,000

Common Stock 5,600,000

Being the issue of 700,000 shares of common stock at par for cash

5th Feb Legal Fees A/c 9,600

Common Stock 9,600

Being the issue of 1200 shares of common stock at par for legal fees

9th April Land A/c 120,000

Building A/c 280,000

Equipment A/c 80,000

Common Stock (40,000 x 8 ) 320,000

Capital Paid in Excess of Par 160,000

Being the issue of 40,000 shares in exchange for land, building and equipment.

14th June Cash A/c 2,050,000

2% Preferred Stock ($60 x 45,000) 1,500,000

Pref. Capital Paid in Excess of Par 550,000

Being the issuance of 25,000 shares of Preferred stock at $82

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2 years ago