Answer:
Shellhammer Company
Ending inventory = $712
Cost of goods sold = $2,492
Explanation:
a) Data and Calculations:
Date Item Units Unit Cost Total Cost
September 1 Inventory 100 $3.34 $334.00
September 8 Purchases 450 3.50 1,575.00
September 18 Purchases 350 3.70 1,295.00
September 30 Total 900 $3,204.00
Ending inventory 200
Cost of goods sold 700
Weighted Average cost = Total cost of goods available for sale/Total units available for sale
= $3,204/900 = $3.56
Value of Ending Inventory = $3.56 * 200 = $712
Value of Cost of goods sold = $3.56 * 700 = $2,492
b) The weighted average inventory costing, under the period inventory system, used by Shellhammer is an assumption that the costs attributable to ending inventory and cost of goods sold are determined from the average cost per unit and that these the average cost is ascertained at the end of the period. Therefore, the cost of beginning inventory and purchases are accumulated and divided by the units of goods available for sale.
Answer: The authorization of funds for the museum is an example of an earmark.
Explanation:
Earmarking is the act of setting aside particular fund for a specific purpose.
In the United States, earmarks are directive from the Congress that funds should be allocated and spent on certain projects.
For example, one can say the prime minister has earmarked three billion dollars for the construction of new hospitals. The expenditure on the funding of the public art museum is an earmark.
Answer:
The correct answers are letters "B" and "C": Given the expected growth of the health care industry, will we need more salespeople with health care backgrounds? Can we get better results if we use a payroll company than by having an in-house payroll department?
Explanation:
Human Resources (HR) planning involves the plans firms have to forecast labor hand shortages or surpluses. The planning involves studies of the overall market to find out if there are events that might affect the operations of the businesses and opportunities that could require higher production levels, thus, more workers.
HR planning also looks at the internal factors of the company that influence the number of employees available to change like retirements. In such a scenario, examples of questions made during HR planning are:
- <em>Given the expected growth of the health care industry, will we need more salespeople with health care backgrounds? </em>
- <em>Can we get better results if we use a payroll company than by having an in-house payroll department?</em>
