answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dusya [7]
2 years ago
12

In 2007, Terry Inc. provided the following items in their footnotes. Their cost of goods sold was $22 billion under FIFO costing

and their inventory value under FIFO costing was $2.1 billion. Their LIFO Reserve account balance for year end 2006 had a $0.6 billion credit balance and then at year end 2007, it had a credit balance of $0.8 billion. How much would they report as LIFO cost of goods sold?
a. $1.9 billion.
b. $2.9 billion.
c. $2.3 billion.
d. $1.3 billion.
Business
1 answer:
nikdorinn [45]2 years ago
7 0

Answer:

$22.2 billion

Explanation:

Calculation to determine How much would they report as LIFO cost of goods sold

Cost of goods sold=$22 billion + ($0.8 billion ­ $0.6 billion)

Cost of goods sold=$22 billion + $0.2 billion

Cost of goods sold= $22.2 billion

Therefore How much would they report as LIFO cost of goods sold would be $22.2 billion

You might be interested in
You work for an automotive parts distributor based in Ohio that is expanding operations in China. Management and operations empl
yKpoI14uk [10]

Answer:

b) Heightened global competition

Explanation:

Since in the question it is mentioned that working as a distributor of an automative part i.e. based on the Ohia diversifies its business operations in China. Also the employees and the management are working with this division and taking the classes on the chinese culture and their customs in order to feel comfortable

So this scenario represents that the global competition is on the peak

Therefore the option b is correct

3 0
2 years ago
Inspection time for a plant is 10,000 hours per year. The cost of inspection consists of salaries of four inspectors, totaling $
VLD [36.1K]

Answer:

$90,000

Explanation:

Inspection hours (h) = 10,000 hours per year

Total salaries (S) = $60,000

Cost of supplies (c) = $3 per inspection hour

Since there is no need for any inspection activity, all of the inspection costs qualify as nonvalue-added cost.

I = S+(h*c)\\I=\$60,000 +(10,000*\$3)\\I=\$90,000

The nonvalue-added cost of inspection per year is $90,000

3 0
2 years ago
Zenda is a financial advisor for an investment company and also has a private bookkeeping business. She recently read about new
Marta_Voda [28]
I don’t know if they’re answer choices with this question, but I believe if she studies 10 hours on her financial investment, and 10 hours on her private bookkeeping business. She’ll have to Atleast study 4 hours on the client record keeping requirement. (hope this helps)
7 0
2 years ago
Read 2 more answers
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued
MatroZZZ [7]

Answer:

income summary 143,100 debit

    salaries expense    143,100 credit

Explanation:

The company will do an adjusting entry to reocrd the expense for the accrued but not payed salaries of the year:

salaries expense 3,100 debit

   salaries payables 3,100 credit

Thus, the total slaries expense for the year would be:

140,000 + 3,100 = 143,100

To close we will leave the expenses balance at zero thus, we will credit this amount against an auxiliary account called income summary.

5 0
2 years ago
Stiller Corporation incurred fixed manufacturing costs of $12,000 during 2011. Other information for 2011 includes: The budgeted
DiKsa [7]

Answer:

Cost of Goods Sold will contain 9,600 of the fixed manufacturing cost

Explanation:

actual fixed cost 12,000

Under absorption cost, the produced units will take the complete manufacturing cost

total manufacturing cost / produced units

            12,000                 /    1,500 units        = 8

Then, we multiply by the amount of units sold to know how much of the manufacturing cost were recognize during the period

1,200 x 8 = 9,600

The rest, will be capitalized into inventory.

6 0
2 years ago
Other questions:
  • Peavey enterprises purchased a depreciable asset for $28,500 on april 1, year 1. the asset will be depreciated using the straigh
    8·1 answer
  • Within her company, Nadine utilizes a management style that varies according to the individual and environmental situation, with
    12·1 answer
  • Using the formula
    7·1 answer
  • Nan presents her plan for a slip-on shoe that is water repellent, inexpensive, and highly fashionable. She believes that the mar
    11·1 answer
  • LO 3.5Macom Manufacturing has total contribution margin of $61,250 and net income of $24,500 for the month of June. Marcus expec
    9·1 answer
  • Yakov, Ana, and Dina want to bake a cake. They are choosing among chocolate cake (C), vanilla cake (V), and red velvet cake (R).
    9·1 answer
  • One year ago, the Jenkins Family Fun Center deposited $4,900 into an investment account for the purpose of buying new equipment
    8·1 answer
  • A magazine ad designed for Target's new campaign shows a well-dressed shopper pushing her loaded Target cart to her Jaguar, show
    7·1 answer
  • Laramie Corporation has acquired a property that included both land and a building for $ 500 comma 000. The corporation hired an
    10·1 answer
  • An American company is in a joint venture with an overseas Middle East company. The U.S. managers are particular about time mana
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!