Answer: 20
Explanation:
We make a divide $60/3= 20 therefore Anna got 20 oranges!
Answer: $45,000
Explanation:
Last In First Out (LIFO) is an inventory valuation and management method that works by selling the most recent inventory to come into the business as opposed to the earlier ones.
In the above, the most recent Inventory to come in is the 5,000 units bought at $10 each.
The 4,500 units sold will therefore come from there.
Cost of Goods Sold = Units Sold * Purchase Price
= 4,500 * $10
= $45,000
Answer:
he best course of action for Acme to take would be to produce the 1,000,000 products as the accountants have stated
Explanation:
Based on the information provided, the best course of action for Acme to take would be to produce the 1,000,000 products as the accountants have stated. From solely taking into account the fixed costs of producing the products, if the company were to produce the desired amount and sell them they would recover a total of 8,000,000 from the costs that they have incurred in Research & Development. This is not taking into account the variable costs that may be incurred, still, they recover much of what they have already spent.
Answer:
a. Office Supplies Expense a/c Dr. $750
Explanation:
We are provided that office supplies are recorded as an expense, in that case entry will be:
Office Supplies Expense A/c Dr.
To Cash A/c
After this, there is a valuation of closing balance of supplies in hand.
As per books = $4,000
As per inventory of supplies in hand = $4,750
The difference = $4,750 - $4,000 = $750
This will be recorded in Office supplies expense as in this account only the supplies are recorded.
Therefore correct option is
a. Office Supplies Expense a/c Dr. $750
