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
klasskru [66]
2 years ago
13

A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6

units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the Periodic LIFO inventory valuation method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
Business
1 answer:
Lorico [155]2 years ago
3 0

Answer:

Ending Inventory under LIFO $3,270

Explanation:

\left[\begin{array}{cccc}Month&Purchase&Sales&Remaining\\January&10&-6&4\\February&20&-5&15\\May&15&-9&6\\September&12&-8&1\\November&10&-13&0\\Total&67&-41&26\\\end{array}\right]

First: in LIFO you always start from the bottom line

subtracting the sales figure for each period.

Notice in nomvember the sales are greater than the amount purchased, so we decrease the september units by the diference

\left[\begin{array}{cccc}Month&Units&Cost&Subtotal\\January&4&120&480\\February&15&125&1,875\\May&6&130&780\\September&1&135&135\\November&0&140&0\\Total&26&-&3,270\\\end{array}\right]

You might be interested in
Brenda is the CEO of a large corporation. While presenting a proposal to a commercial bank for a corporate loan, she offered the
iren [92.7K]

Answer:

C) Brenda is not guilty of bribery.

Explanation:

Bribery can be defined as offering a payment (or paying) to a government official in exchange for a favorable treatment either regarding a personal or commercial issue. In this case, Brenda offered money to a person working in a private company, so she cannot be guilty of bribery.

3 0
2 years ago
Vinnie (our friend in the video) had a lot of credit cards, and he did have fun with them! Then he nearly went broke. What was t
anyanavicka [17]

The main thing Vinnie did wrong was have multiple credit cards, and it say sin the question 'had fun with them' he probably did not monitor how much money he was spending.

8 0
2 years ago
Tyler Holdlong owns a small retail property that he inherited from his father. There are no mortgages or interest expenses conne
-Dominant- [34]

Answer:

$6450

Explanation:

Given that

Monthly gross income = 3500

Monthly operating expenses = 1100

Tax rate = 25%

Annual cost recovery expenses = 3000

Recall that, taxable income is income less expenses.

Therefore,

Annual gross income = 3500 × 12

= 42000

Annual operating expense = 1100 × 12

= 13200

Thus,

Taxable income = 42000 - 13200 - 3000

= 25800

Tax liability = tax rate × taxable income

= 0.25 × 25800

= $6450

6 0
2 years ago
Read 2 more answers
Timothy is planning the pricing strategy for his company’s products. He is directed by the management to add a premium (amount a
marissa [1.9K]

Answer:

A.sell the product at a much higher price (than the market price), and then offer a discount

4 0
2 years ago
Giving a retailer an incentive to sell your product/service is the responsibility of which of the marketing mix?
likoan [24]

It depends on the contract. But it's mostly what seller do  ...

6 0
2 years ago
Other questions:
  • From her sales income, barbara has subtracted cost of goods sold, operating expenses, interest expense, and taxes. what she has
    13·1 answer
  • You might have heard your grandmother say, "when i was your age, candy bars cost a nickel." like candy bars, the price of fast f
    8·1 answer
  • Warren Corporation is interested in a three-year, 11% annual coupon bond. A broker quotes a price of $930.35. What is the yield
    14·1 answer
  • A random sample of 100 students is taken at LearnAll University and it’s found that their average GPA is 3.1. If this informatio
    13·1 answer
  • Ms. Pike, who lives in California, traveled to Oregon to purchase gold jewelry for $16,000. California has a 7.5 percent sales a
    10·1 answer
  • A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar asset priced at $50,000 (fa
    8·1 answer
  • Because other firms are willing to pay to advertise with them, suppliers of nonrival private goods often modify their products t
    12·1 answer
  • Miko owns a lake house that she rents to vacationers. Miko gives her son Ninh a trip to Omaha on his graduation from community c
    5·1 answer
  • Leslie Bradley is an entrepreneur with a small business in Little Rock, Arkansas. Working with a local engineer/inventor, Leslie
    8·1 answer
  • Quince Holman Corporation reports: Cash provided by operating activities $250,000 Cash used by investing activities 110,000 Cash
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!