Piper Pipes has the following inventory data: July 1 Beginning inventory 20 units at $120 5 Purchases 120 units at $112 14 Sale 80 units 21 Purchases 60 units at $115 30 Sale 56 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis?
a. $15,392.
b. $15,412.
c. $7,328.
d. $7,348.

Answers

Answer 1

Answer:

COGS= $15,412

Explanation:

Giving the following information:

July 1 Beginning inventory 20 units at $120

July 5 Purchases 120 units at $112

July 14 Sale 80 units

July 21 Purchases 60 units at $115

July 30 Sale 56 units

First, we need to calculate the number of units sold:

Units sold= 136

To calculate the cost of goods sold using LIFO (last-in, first-out), we need to use the cost of the last units incorporated into inventory:

COGS= 60*115 + 76*112

COGS= $15,412


Related Questions

Which activity does the IRS allow nonprofit organizations to engage in?

advertising tax deductions for donations
compensating business owners based on profits
selling pharmaceuticals if it is a healthcare organization
increasing the value of shareholder’s investments

Will give brainliest to correct answer!

Answers

Answer: advertising tax deductions for donations

Explanation:

The activity does the IRS allow nonprofit organizations to engage in is

advertising tax deductions for donations.

What is IRS?

It stands for Internal revenue service that administered the federal tax laws. In this, it contains the processing of tax return, tax payer service, and the enforcement.

So based on this, we can say that The activity does the IRS allow nonprofit organizations to engage in is advertising tax deductions for donations.

learn more about revenue here: https://brainly.com/question/24506060

Suppose the spot rate of the pound today is $1.70and the three-month forward rate is $1.75. How can a U.S. importer who has to pay 20,000pounds in three months hedge the foreignexchange risk?

Answers

Answer: £35000

Explanation:

From the question, we are informed that the spot rate of the pound today is $1.70 and the three-month forward rate is $1.75.

Based on the above information, if

The importer buys £20,000 at $1.75/£ and therefore pays the amount in 90 days as:

£20,000 x $1.75/£

= £35,000

When a single broker represents both parties in a real estate transaction, a _______ agency may exist.

Answers

Answer:

Dual

Explanation:

real estate transaction,which is used to convey ownership of a particular property to the buyer whereby there is a mutual agreement on some terms. The contract may be long it in shirt time.the end process is usually reffered to as “closing,” and this is a term that explains that both parties need to fulfill all terms and conditions that is associated with the exchange.

It should be noted that When a single broker represents both parties in a real estate transaction, a dual agency may exist.

Company Earnings per Share Market Value per Share
Hilton $ 12.00 $ 176.40
SPG 10.00 96.00
Hyatt 7.50 93.75
Accor 50.00 250.00
Compute the price-earnings ratio for each of these four separate companies.
Price-Earnings Ratio
Company Choose Numerator: Divided by Choose Denominator: Price-Earnings Ratio Price-earnings ratio
Hilton
SPG
Hyatt
Accor

Answers

Answer:

Price-Earnings Ratio = Market Value Per Share / EPS

Hilton  Price-Earnings Ratio = 176.40 / 12

Hilton  Price-Earnings Ratio = $14.7

SPG  Price-Earnings Ratio = 96.00 / 10.00

SPG  Price-Earnings Ratio =  $9.6

Hyatt  Price-Earnings Ratio = 83.75 / 7.50

Hyatt  Price-Earnings Ratio = $12.5

Accor Price-Earnings Ratio = 250.00 / 50.00

Accor Price-Earnings Ratio = $5.0

The Belwood Bread Company uses an average of 4,000 kilos of flour daily, with a standard deviation of 500 kilos per day. The average lead time to get a shipment of flour is 9 days with a standard deviation of 2 days. The owner of the bakery wants to maintain a service level of 95%.

z-value Probability
1.63 .9485
1.64 .9500
1.65 .9505
1.66 .9515
1.67 .9615
Which one of the following is true about the reorder point for flour?

Answers

Answer:

The Belwood Bread Company uses an average of 4,000 kilos of flour daily, with a standard deviation of 500 kilos per day is explained below in detail.

Explanation:

In my practice, it doesn't save capital, but it's still deserving it because it's wholesome and better than reserve purchased at the same amount.

For me, 1kg of all-purpose powder yields 1.6kg of bread (as two cubes). Each 13x4x4" (Pullman) loaf measures about 800 grams after freezing and yields between 22-30 slices related to its width. The value per loaf is under $1.00 and incorporates all components, charge, and electricity for mixing, baking, slicing.

I've created a few hundred loaves based on modifications of this formula:

                     %  grams   cost  calories sodium protein fat sugar

all-purpose powder    100  500   0.417  1833   0      50    17      0

   instant yeast    0.8    4   0.067    16   0       0     0      3

 non-fat dry milk      4   20   0.203    70   0       7    10    109

sugar      4   20   0.019    75   0       0    20      0

      canola oil     10   50   0.072   429  50       0     0

            salt      2   10   0.006     0   0       0     0   3933

           water     56  280   0.000     0   0       0     0      0

     dough total  176.8  884  $0.783  2422  50      57    47   4045

In what ways are retail banks, credit unions, and online banks different?

Answers

Answer:

The bottom line is that banks are for-profit institutions, while credit unions are non-profit. Credit unions typically brag better customer service and lower fees, but have higher interest rates. On the contrary, banks generally have lower interest rates and higher fees

The credit unions have lower fees and better interests in the saving accounts. Credit unions are a type of institution controlled by members and operated on a nonprofit basis.

Online banks are those that have internet-based services such as e-loans, and all electronic transactions.  It also includes net banking and does it yourself system. Retail banking is a provision of services by the banks to the general public.  They are often called as whole ale banking. While a bank can have diverse offering a credit union is limited. Banks provide a higher fee for interest and loans, while credit union is lower fees and interest rates.

Learn more about the ways are retail banks, credit unions, and online banks different.

brainly.com/question/12980617.

Which method of project selection gives consideration to the time value of money in a capital budgeting decision?
A. Payback method.
B. Average rate of return.
C. Accounting rate of return.
D. Discounted cash flows method.

Answers

Answer:

D. Discounted cash flows method.

Explanation:

The discounted cash flow method is the method in which it discounted all the cash flows to their their present value

Also it provides the consideration with respect to the times value of money while taking decision related to capital budgeting

hence, the correct option is D

And all the other options are incorrect

A capital budgeting decision is a financial commitment and an investment, As by asking a project the business is taking commitments.  

TMV in capital budgeting is a decision through the discounting cash flow. The DFC is a method of valuing the social projects of the company along with the assets. They are estimated and discounted using the cost of capital.

Hence the option D is correct.

Learn more about the project selection gives consideration to the time value.

brainly.com/question/20347481.

Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 2017: Amortization of bond discount $ 1,000 Dividends declared 22,500 Dividends paid 19,000 Gain on sale of equipment 3,000 Proceeds from the sale of equipment 5,000 Proceeds from the sale of treasury stock (carrying amount $32,500) 37,500 Purchase of BAS Inc. bonds (par value $100,000) 90,000 Required: Determine the following amounts that should be reported in Superfine’s 2017 statement of cash flows. What amount should Superfine report as net cash used in investing activities? What amount should Superfine report as net cash provided by financing activities?

Answers

Answer: a. ($85,000) ; b. $18500

Explanation:

a. What amount should Superfine report as net cash used in investing activities?

Sale of equipment = $5,000

Less: Purchase of bond = ($90,000)

Net cash used in investing activities = ($85,000)

b. What amount should Superfine report as net cash provided by financing activities?

Proceeds from treasury sold = $37500

Less: Dividend paid = ($19,000)

Net cash provided by financing activities will be: = $18500

Retained earnings can be decreased by all of the following except for Group of answer choices stock splits. some disposals of treasury stock. stock dividends. cash dividends.

Answers

Answer:

stock splits.

Explanation:

Retained earnings also known as accumulated earnings, can be defined as the total amount of net income held by a corporation for its future use after paying out dividends to its shareholders.

The retained earnings statement refers to a financial statement that enumerate changes in retained earnings for an organization over a specific period of time. The retained earnings statement is the statement of owner's equity that outlines details of changes in the amount of retained earnings (profits) over a specified period in an organization.

The main purpose of preparing a retained earnings statement is to boost investor's confidence and improve market value.

Retained earnings can be decreased by the following; some disposals of treasury stock, stock dividends, cash dividends except for stock splits.

The average number of times each dollar in the money supply is used to purchase goods and services is called:______.
a. the fractional reserve system.
b. the velocity of money.
c. the discount rate.
d. the quantity theory of money.

Answers

Answer:

o think the answer is the discount rate

The average number of times each dollar in the money supply is used to purchase goods and services is called the velocity of money.

What are the goods?

The term Goods are products and resources that satisfy people's needs and wants. A good can be a natural science object, a provided service, or some accumulation of the two. Just about anything is good if it supplies some kind of benefit to consumers.

The velocity of money refers to The frequency with which an average dollar is spent on goods and services in a certain period of time is known as the velocity of money.

As a result, When the money supply and its velocity as a product grow more quickly than real GDP, prices rise.

Therefore, The right option (B) is correct.

Learn more about goods here:

https://brainly.com/question/12802278

#SPJ6

Most state and local income taxes are either

Answers

Answer:

tax collected on the purchase price of goods or services

Explanation:

tax collected on the purchase price of goods or services

Most state and local income taxes are either tax collected on sales.

What is Tax?

Tax are levy or due paid by an individual, organization or firm. It is paid to the government purse and the money is used by the government for their spending.

The payment is compulsory and the amount to aly is determined by the government.

Therefore, most state and local income taxes are either tax collected on sales.

Learn more on tax here, https://brainly.com/question/26316390

#SPJ2

what is Animosity ?????????

Answers

Answer:

extreme hostility

Explanation:

im not ... not smart.

now come in the dining room so i can smack you rq.

:)

Other Questions
HELP!!! BRAINLIEST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! What do you think Greene meant when hesaid the success of the day seemed to be doubtful for along time? What is the purpose of the short story, Valediction, by Sherman Alexie? Select all the measurements that are equivalent to 2.4 meters.0.0024 km0.024 mm0.24 cm240 cm2,400 mm Since bikes are not allowed on the boardwalk, I secured my bike to a tree. My bike was a rental from the hotel.using appositive phases There are 32 females cast in the school play. The ratio of male roles is 3:8. How many males are cast in the school play Tomas el Hermano de mi padre es mi ____ What is the value of the expression when a = 5, b = 4 , and c = 6?4a/2bc25910 A pitcher throws a ball toward a player holding a softball bat. The bat applies a 10-Newton force to the ball. Which statement correctly describes the reaction force between the bat and the ball? List three things a visitorto Mercury would need to bring. When reading informational texts you should you do what first? Read the excerpt from Martin Luther King Jr.'s "I Have a Dream" speech.Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamation. This momentous decree came as a great beacon light of hope to millions of Negro slaves who had been seared in the flames of withering injustice. It came as a joyous daybreak to end the long night of their captivity.But one hundred years later, the Negro still is not free.Why does Dr. King's allude to the Emancipation Proclamation in his speech?A. The allusion reflects Dr. King's importance since it refers to another important figure in American history: President Lincoln.B. The allusion demonstrates Dr. King's belief that equality was achieved with the Emancipation Proclamation.C. The allusion reminds the audience that 100 years have passed since the Emancipation Proclamation, yet inequality still exists.D. The allusion indicates to the audience that enslaving people was always illegal in the United States. How is energy cycled through a cell? Help please thank you An astronaut rides in a circular training accelerator at 16 m/s. If the radius of the accelerator is 8.0 meters, what is his centripetal acceleration? m/s2 Enter the answer Submit Answer I don't know this mprove this question Which of the following statements reflects the main message of Lincoln's address?All African Americans were entitled to the same rights as white Americans.The Civil War was unnecessary and ridiculous and the fighting needed to stop immediately.Slaves should be freed and should receive the rights to vote and to own property.None of the choices are correct. What is the answer? 2c-5 C=4 URGENTYou are an art director working for a feature film studio. Create a set for an interior scene of your choosing. Write a description of your scene to give to the principal production team. Include details that an art director would focus time and energy on. Include other production team members with whom you would collaborate. Your description should be at least 150 words. What are ionic compounds Please help pass my final :(