Answer:
D. TLS hopes to build sustained relationships with customers, selling the same person academic tutoring standardized test preparation, and admissions consulting. E. Communication between different marketing departments in different regions has been substandard.
Explanation:
Hardy Company manufactures a single product by a continuous process involving two production departments. The records indicate that $140,000 of direct materials were issued to and $200,000 of direct labor was incurred by Department 1 in the manufacture of the product. The factory overhead rate is $25 per machine hour; machine hours were 5,000 in Department 1. Work in process inventory in the department at the beginning of the period totaled $35,000; and work in process inventory at the end of the period was $25,000.
The transfer of production costs to Department 2.
Instructions:
Prepare entries to record (a) The flow of costs into Department 1 for (1) direct materials (2) direct labor (3) overhead (b) The transfer of production costs to Department 2.
Answer:
Hardy Company
Journal Entries:
Department 1:
1. Debit Work in Process $140,000
Raw materials $140,000
To record the issuance of direct materials to Department 1.
2. Debit Work in Process $200,000
Credit Payroll $200,000
To record the direct labor cost incurred by Department 1.
3. Debit Work in Process $125,000
Credit Factory overhead $125,000
To record the overhead applied in Department 1 ($25 * 5,000).
4. Debit Work in Process (Department 2) $475,000
Credit Work in Process (Department 1) $475,000
To record the transfer of production costs to Department 2.
Explanation:
a) Data and Analysis:
1. Work in Process $140,000 Raw materials $140,000
2. Work in Process $200,000 Payroll $200,000
3. Work in Process $125,000 Factory overhead $125,000 ($25 * 5,000)
4. Work in Process (Department 2) $475,000 Work in Process (Department 1) $475,000
Since nominal wages were constant as the price level changed, you explain that a decrease in the price level leads to an __________, which leads to firms ________
Answer:
increase in real wages, hiring less workers
Explanation:
In the case when the nominal wages are remain same but at the same time the level of the price should changed so if there is an decrease in the level of the price so that means there is an increased in the real wages as it is an inverse relationship between the real wages and the price level due to this the firm could hired less workers as the wages are increased
A costing system that uses actual costs for direct materials and labor and predetermined overhead rates to apply overhead is called a(n)
Answer: normal costing system
Explanation:
A costing system which uses the actual costs for direct materials and the labor and predetermined overhead rates to apply overhead is referred to as the normal costing system.
Normal costing system is the cost allocation method whereby cost is assigned to products which are based on the labor, materials, and the overhead which are used in their production.
Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gross tax liability
Answer:Jamie's gross tax liability is $19,572.50
Explanation:
Since Jamie is single with taxable income of $108,000 which includes $5,800 long term capital gain.
Therefore $102,200 (108,000 -5,800) will be taxed under normal tax rates and $5,800 would be under long term capital gain tax rate.
With regards the 2020 tax schedule, Since her ordinary income is $102,200, Jamie falls under 24% rate tax bracket under filing for single status.
qd
Tax liability on ordinary income =$14,382.50 plus 24% of any income you made above $84,200
14,382.50 + 0.24 (102,200 - 84,200)
14,382.50 + 0.24 x 18000
= 14,382.50 + 4,320
= $18,702.50
Also, according to her income, longterm capital gain tax applicable in 2020 is 15%
Tax on long term capital gain = 5,800 × 0.15
= $870
Jamie's gross tax liability is $18,702.50 + 870 = $19,572.50
Mr. J's Bagels invested in a new oven for $14,000. The oven reduced the amount of time for baking which increased production and sales for five years by the following amounts of cash inflows:
Year 1: $8,000
Year 2: $6,000
Year 3: $5,000
Year 4: $6,000
Year 5: $5,000
The payback period for the investment in the oven would be:
a: 5 years
b: 2.3 years
c: 2.0 years
d: 0.5 years
Answer:
c: 2.0 years
Explanation:
The computation of the payback period is shown below:
Since initial investment is $14,000
And, if we add the first two cash inflows i.e.
= $8,000 + $6,000
= $14,000
So, it is equivalent to the initial investment made
So, this means the investment amount payback in 2 years
Therefore the option c is correct
Explain how each of these terms is reflected in some way during the period of the American Revolution.
Answer:
The American Revolution was a revolution in the second half of the 18th century, during which the 13 original colonies that today form an area along the American east coast seceded from Britain and established the United States of America as a federal republic.
The American Revolution brought about a number of major intellectual and social changes in young American society, particularly the interest in a Republican government. The American patriots were strongly influenced by the ideas of the Enlightenment; they were against autocracy and did not see the French form of government as a viable solution. In some colonies there were heated debates over the role of democracy in the organization of the state. The change of public opinion towards a republican government and a gradually expanding democracy brought about great changes in the structure of society and laid the foundation for the central ideas by which the United States is still governed.
Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,200 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 7,500 65% Conversion costs $ 8,600 45% A total of 10,100 units were started and 7,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 127,300 Conversion costs $ 208,800 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department
Answer:
$23.35
Explanation:
Units completed and transferred out = 7,700
WIP, Ending = 2,200 + 10,100 - 7,700 = 4,600. Conversion = 4,600*35% = 1,610
Equivalent unit of production = Units completed and transferred out + Conversion
Equivalent unit of production = 7,700 + 1,610
Equivalent unit of production = 9,310
Cost per equivalent unit = $8,600 + $208,800 / 9,310 units
Cost per equivalent unit = $217,400 / 9,310 units
Cost per equivalent unit = $23.351235231
Cost per equivalent unit = $23.35
An analysis of the income statement revealed that interest expense was $100000. Waterway Company's times interest earned was
Answer: 8.3
Explanation:
The times interest earned is used to estimate the ability of a company to pay its debt payments using income from operations.
It is calculated by the formula:
= Earnings before interest and tax / Interest expense
Earnings before interest and tax:
= Earnings before tax + Interest expense
= 730,000 + 100,000
= $830,000
Times interest earned:
= 830,000 / 100,000
= 8.3
Often, an organization makes a portion of its ________ accessible to external parties as its extranet.a. blog.b. inner firewall.c. internet.d. intranet.
Answer:
d. intranet.
Explanation:
A local area network (LAN) refers to a group of personal computers (PCs) or terminals that are located within the same general area and connected by a common network cable (communication circuit), so that they can exchange information from one node of the network to another. A local area network (LAN) is typically used in small or limited areas such as a set of rooms, a single building, school, hospital, or a set of well-connected buildings.
Generally, some of the network devices or equipments used in a local area network (LAN) are an access point, personal computers, a switch, a router, printer, etc.
An intranet can be defined as a private computer network established within an organization and is typically used for securely sharing organizational informations, computing resources, operational system, and collaboration tools between employees through an internet protocol (IP). Thus, it's mainly a private network that is only accessible to authorized users or employees within an organization.
However, an organization often makes a portion of its intranet accessible to external parties such as vendors, authorized customers, partners, etc., as its extranet in order to have access to business information.
9. Suppose Betty saves $200 each month in her 401(k) account. How much less will her monthly take-home pay be than if she saved nothing? (Assume a combined 20% state and federal income tax rate.)
Answer:
$160
Explanation:
The way 401(k) savings work is that employees can save from their earnings before tax is deducted, which means that on the $200 saved no tax is deducted, hence, the take of the employee reduces by $200
When there are savings, a tax of 20% would have been deducted from the $200, as a result, the employee would be left with $160($200-($200*20%)), which means that take-home would reduce by $40, the amount tax deducted.
The reduction in take-home=$200-$40
The reduction in take-home=$160
Eric receives a portion of his income from his holdings of interest-bearing U.S. government bonds. The bonds offer a real interest rate of 4.5% per year. The nominal interest rate on the bonds adjusts automatically to account for the inflation rate. The government taxes nominal interest income at a rate of 10%. The following table shows two scenarios: A low-inflation scenario and a high- inflation scenario. Given the real interest rate of 4.5% per year, find the nominal interest rate on Eric's bonds, the after-tax nominal interest rate, and the after-tax real interest rate under each inflation scenario. Inflation Rate Real Interest Nominal Interest After-Tax After-Tax (Percent) Rate Rate Nominal Interest Rate Real Interest (Percent) (Percent) (Percent) (Percent)2.0 4.5 7.0 4.5Compared with higher inflation rates, a lower inflation rate will_________ nominal interest income. This tends to_________ the after-tax real interest rate when the government taxes saving, thereby________ the quantity of investment in the economy and________ the economy's long-run growth rate.
Solution :
Given :
The bonds offer a [tex]\text{real interest rate}[/tex] of 4.5% per year
Tax rate = 10% = 0.10
Inflation rate = 2
[tex]\text{Nominal interest rate}[/tex] = [tex]\text{real interest rate}[/tex] + [tex]\text{inflation rate}[/tex]
[tex]\text{Nominal interest rate}[/tex] = 2 + 4.5
= 6.5
[tex]\text{After tax nominal rate}[/tex] = [tex]\text{Nominal interest rate}[/tex] [tex]$\times (1-\text{tax rate})$[/tex]
[tex]\text{After tax nominal interest rate}[/tex] = [tex]$6.5 \times (1-0.10)$[/tex]
[tex]$=6.5 \times 0.90$[/tex]
= 5.85
After tax real interest rate = [tex]\text{after tax nominal rate}[/tex] - [tex]\text{inflation rate}[/tex]
= 5.85 - 2.0
= 3.85
[tex]\text{Inflation rate}[/tex] = 7.0
[tex]\text{Real interest rate = 4.5}[/tex]
[tex]\text{Nominal interest rate}[/tex] = [tex]\text{real interest rate}[/tex] + [tex]\text{inflation rate}[/tex]
= 7 + 4.5
= 11.5
[tex]\text{After tax nominal interest rate}[/tex] = [tex]\text{Nominal interest rate}[/tex] [tex]$\times (1-\text{tax rate })$[/tex]
[tex]$=11.5 \times (1 - 0.10)$[/tex]
[tex]$=11.5 \times 0.90$[/tex]
= 10.35
[tex]\text{After tax nominal interest rate}[/tex] = 11.5 x (1 - 0.10)
= 11.5 x 0.90
= 10.35
[tex]\text{After tax nominal interest rate}[/tex] = [tex]\text{after tax nominal rate}[/tex] - [tex]\text{inflation rate}[/tex]
= 10.35 - 7.0
= 3.35
Putting all the value in table :
[tex]\text{Inflation rate}[/tex] Real interest Nominal interest After tax nominal After tax
rate rate interest rate interest rate
2.0 4.5 6.5 5.85 3.85
7.0 4.5 11.5 10.35 3.35
Comparing with the [tex]\text{higher inflation rate}[/tex], a [tex]\text{lower inflation rate}[/tex] will increase the after after tax real interest rate when the government taxes nominal interest income. This tends to encourage saving, thereby increase the quantity of investment in the economy and the increase the economy's long-run growth rate.
You purchased two WXO 30 call option contracts at a quoted price of $.35. What is your net gain or loss on this investment if the price of WXO is $33.70 on the option expiration date
Answer: $670
Explanation:
Since the quoted price of $.35, the cost to purchase two WXO 30 call option will be: = $0.35 × 2 = $0.70
Then, the price of RADM 30 call option contract will be calculated as;
= $33.7 - $30
= $3.70
The net gain on one RADM 30 call option will then be:
= $3.70 - $0.35
= $3.35.
Therefore, the net gain on 2 RADM30 call options will be:
= $3.35 × 2
= $6.70
Since there are 100 shares in a option contract, the gain will be:
= $6.70 × 100
= $670
Jack and Jill both love hot coffee. Jack likes to keep his coffee hot during the day while Jill doesn't mind drinking room temperature coffee. Jack is willing to spend more money on a thermos than Jill is willing to spend. This example illustrates the following major limitation of employing the Economic Value Creation framework because:________
a. accounting data focus mainly on tangible assets, which are no longer the most important.
b. accounting data are historical and thus backward-looking.
c. determining the value of a good service through the perspective of a consumers is not a simple task because consumers have different spending habits
d. overall macroeconomic factors such as the unemployment rate, and interest and exchange rates all have a direct bearing on stock prices
Answer:
C
Explanation:
A sole proprietorship is: Select one: A. the easiest type of business to set up B. the least profitable type of business to set up C. the most expensive type of business to set up D. the most difficult type of business to set up.
Answer:
it is an easiest type of business to set up because it requires small capital to start but has many disadvantages such as bearing all the risks alone.etc
The concept of market efficiency underpins almost all financial theory and decision models. When financial markets are efficient, the price of a security—such as a share of a particular corporation’s common stock—should be____the present value estimate of the firm’s expected cash flows discounted by its appropriate rate of return (also called the intrinsic value of the stock).
Almost all financial theory and decision models assume that the financial markets are efficient. The informational efficiency of financial markets determines the ability of investors to "beat" the market and earn excess (or abnormal) becomes available. Financial theorists have identified three levels of informational efficiency that reflect what information is incorporated in stock prices.
Consider the following statement, and identify the form of capital market efficiency under the efficient market hypothesis based on this statement.
Current market prices reflect all relevant publicly available information.
This statement is consistent with:_____.
A. Strong-form efficiency.
B. Weak-form efficiency.
C. Semistrong form efficiency.
Consider that there is a semistrong-form of efficiency in the markets.
A pharmaceutical company announces that it has received Federal Drug Administration approval for a new allergy drug that completely prevents hay fever The consensus analyst forecast for the company's earnings per share (EPS) is $4.50, but insiders know that, with this new drug, earnings will increase and drive the EPS to $5.00. What will happen when the company releases its next earnings report?
A. There will be some volatility in the stock price when the earnings report is released: it is difficult to determine the impact on the stock price.
B. The stock price will not change, because the market already incorporated that information in the stock price when the announcement was made.
C. The stock price will increase and settle at a new equilibrium level.
Answer:
sry I don't know the answer
sry
Cor-Eng Partnership was formed on January 2, 20X1. Under the partnership agreement, each partner has a 50/50 capital balance with a true up a payment required to equal the initial capital accounts. Partnership net income or loss is allocated 50/50. To form the partnership, Cor originally contributed assets costing $30,000 with a fair value of $80,000 on January 2, 20X1, while Eng contributed $20,000 in cash. Drawings by the partners during 20X1 totaled $3,000 by Cor and $9,000 by Eng. Cor-Eng's 20X1 net income was $25,000. Eng's initial capital balance (after the true up payment) in Cor-Eng is:______.
a. $25,000
b. $20,000
c. $50,000
d. $40,000
Answer:
Cash (Dr.) $20,000
Other Assets (Dr.) $80,000
Goodwill (Dr.) $60,000
Cor capital (Cr.) $80,000
Eng Capital (Cr.) $80,000
Explanation:
Goodwill is a firms excess asset value than its original cost. It is an intangible asset of a company. Eng and Cor both invested equal amount of value in the business. The fair value of assets is 80,000 which is 60,000 in excess of its cost.
Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $57,000, and the sales mix is 70% bats and 30% gloves. The unit selling price and the unit variable cost for each product are as follows:
Products Unit Selling Price Unit Variable Cost
Bats $50 $50
Gloves 100 80
a. Compute the break-even sales (units) for both products combined.
b. How many units of each product, baseball bats and baseball gloves, would be sold at break even point?
Answer and Explanation:
The computation is shown below:
Contribution Margin for Bat
= $50 - $50
= $0
Contribution Margin for Gloves = $100 - $80
= $20
Now
Overall Contribution Margin = (0 ×70%) + ($20 × 30%)
= $0 + $6
= $6
Now
A. Break even sales = Fixed cost ÷ contribution margin
= $57,000 ÷ $6
= 9,500
B.Baseball bats = 9,500 × 70% =6,650
Baseball Gloves = 9,500 × 30% = 2,850
When Get the Glare Out needed some information about the potential market for its product, the marketing team looked to the Internet to find industry trends and at the market for eyewear products, which uses the same technology that is used in its self-darkening windshield. The type of information the marketing team was using is referred to as Multiple Choice surveys. focus groups. primary data. secondary data.
Answer:
secondary data.
Explanation:
Market research can be defined as a strategic technique which typically involves the process of identifying, acquiring and analyzing informations about a business. It involves the use of product test, surveys, questionnaire, focus groups, interviews, etc.
Secondary market research can be defined as a method designed to determine the demographics of a particular target market.
A secondary data can be defined as any form of data that has been obtained or collected earlier by someone else through primary sources for their own purpose and made readily available for other researchers to use. Thus, a secondary data is a type of data that has been previously obtained or collected.
In this scenario, the type of information the marketing team was using is referred to as secondary data because it looked to the Internet to find industry trends and at the market for eyewear products, which uses the same technology that is used in manufacturing its self-darkening windshield.
In conclusion, a secondary data is typically reliant or based on the primary source of information and as such it isn't a first hand experience.
Assuming the required-reserve ratio is 20%, after a $5 billion purchase of securities (government bonds) from the non-bank public by the Fed, if all banks make loans until excess reserves equal zero and there are no cash leakages, checkable deposits can expand as a result of new lending by a maximum of _____.
Answer: $25 billion
Explanation:
The increase in cash as a result of a deposit into the banking system, no cash leakages and a required-reserve ratio is:
= Deposit into banking system * Money multiplier
Money multiplier = 1 / Required reserve ratio
= 1 / 20%
= 5
Checkable deposit increase:
= 5 billion * 5
= $25 billion
Falcon Co. produces a single product. Its normal selling price is $30 per unit. The variable costs are $16 per unit. Fixed costs are $22,700 for a normal production run of 5,000 units per month. Falcon received a request for a special order that would not interfere with normal sales. The order was for 1,440 units with a special price of $19 per unit. Falcon has the capacity to handle the special order, and for this order, a variable selling cost of $2 per unit would be eliminated. If the order is accepted, what would be the impact on net income?
a. increase of $5,360.
b. decrease of $3,216.
c. increase of $4,288.
d. increase of $6,968.
Answer:
See below
Explanation:
Since we were given that the variable costs are $16 and for special order, $2 per unit will be eliminated.
Revised variable cost = $16 - $2 = $14 per unit
Normal selling price = $30 per unit
We can then calculate the profit per unit by considering the special price per unit and revised variable cost per unit
Profit per unit = Special price per unit - revised variable cost per unit
= $19 - $14
= $5 per unit
Also for 1,440 units, the special order is placed, hence would increase the net income by:
= Special order units × Profits
= 1,440 × $5
= $7,200
If the order is accepted, the net income is increased by $7,200
the common sources of secondary data in tourism research are
Explanation:
Secondary data sources, such as industry statistics, surveys/censuses, and big data indicators, cover a wide array of topics that can be leveraged in tourism research..
pls Mark brainliest if it was helpfull
The common stock of Alpha Manufacturers has a beta of 1.14 and an actual expected return of 15.26 percent. The risk-free rate of return is 4.3 percent and the market rate of return is 12.01 percent. Which one of the following statements is true given this information? To be correctly priced according to CAPM, the stock should have an expected return of 21.95 percent.
a. The actual expected return will graph below the Security Market Line.
b. The stock has less systematic risk than the overall market.
c. The stock is overpriced.
d. The actual expected stock return indicates the stock is currently underpriced.
Answer: d. The actual expected stock return indicates the stock is currently underpriced.
Explanation:
According to CAPM, the expected return is:
= Risk free rate + beta * (market return - risk free rate)
= 4.3% + 1.14 * (12.01% - 4.3%)
= 13.09%
The actual expected return is greater than the CAPM expected return.
This stock is underpriced because it is bringing in a higher return than CAPM predicted based on the market.
The market rate of return is 11 percent and the risk-free rate of return is 3 percent. Lexant stock has 3 percent less systematic risk than the market and has an actual return of 12 percent. This stock:
Answer:
over-priced
Explanation:
According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)
Systemic risk are risk that are inherent in the economy. They cannot be diversified away. They are also known as market risk. examples of this risk include recession, inflation, and high interest rates. Investors should seek compensation for systemic risk. Systemic risk is measured by beta. The higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors
The market has a beta of one. If a portfolio has the same level of systematic risk that is the same as that of the market, its beta would be equal to 1.
If the portfolio is less risky than the market, its beta would be less than one
If the portfolio is more risky than the market, its beta would be greater than one
Lexant stock beta = (100 - 3) x 1
0.97 x 1 = 0.97
3 + 0.97(11 -3)
3 + 8.25
10.76
Highest and best use would best be defined as:
Answer:
The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.
Explanation:
R(0,t) is the Spot Zero-Coupon (or Discount) Rate. It is the annualized rate on a pure Unit Discount bond B(0,t) - the bond that pays 1 dollar at time t. Assume that R(0,13) = 8.00 per cent. What is the price of B(0,13)? Answer with three decimal digits accuracy. Example: 0.728
Answer:
0.368
Explanation:
Price of B(0,13) = 1 / (1 + interest rate)^years
Price of B(0,13) = 1 / (1 + 8%)^13
Price of B(0,13) = 1 / (1+0.08)^13
Price of B(0,13) = 1 / (1.08)^13
Price of B(0,13) = 1 / 2.7196237
Price of B(0,13) = 0.3676979247
Price of B(0,13) = 0.368
Based on this model, households earn income when firms __________ purchase goods and services ___________in markets for factors of production. Suppose Caroline earns $625 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Antonio $275 per week to wash cars. Antonio uses $150 to purchase a necklace from Classy's Jewelry Store.
Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services.
Event Market for Factors of Production Market for Goods and Services
Caroline spends $10 to get her car washed.
Antonio spends $150 to purchase a necklace from Classy's Jewelry Store.
Antonio earns $275 per week working for Spotless Car Wash.
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs.
i. The car wash Caroline receives
ii. The $275 per week
iii. Antonio earns working for Spotless Car wash
The $150 Antonio spends to purchase a necklace from Classy's Jewelry Store
The actual economy is more complicated than the one illustrated in the previous circular-flow diagram of a simple economy
True / False
Answer and Explanation:
Market for Factors of Production:
Antonio earns $275 per week working for Spotless Car Wash.
Market for Goods and Services:
Caroline spends $10 to get her car washed.
Antonio spends $150 to purchase a necklace from Classy's Jewelry Store.
Which of the elements of this scenario represent a flow from a household to a firm?
The $150 Antonio spends to purchase a necklace from Classy's Jewelry Store
The actual economy is more complicated than the one illustrated in the previous circular-flow diagram of a simple economy - false
The circular flow of income represents the flow of economic exchanges between economic agents in the economy. If a household provides the labor factor of production, it is paid and uses the same money to purchase from the same firms that produce goods and services. This is a cycle and actually doesn't get more complex than this in real life, only involves alot more firms or economic agents.
If ABC’s sales are $1,000,000, while accounts receivable is $100,000, inventory is $45,000, and fixed assets are $132,000, what is ABC’s fixed asset turnover?
Answer:
Fixed asset turnover= 7.58
Explanation:
Giving the following information:
Sales revenue= $1,000,000
Fixed assets= $132,000
To calculate the fixed asset turnover, we need to use the following formula:
Fixed asset turnover= sales revenue / fixed assests
Fixed asset turnover= 1,000,000 / 132,000
Fixed asset turnover= 7.58
The cost components of a heater include $38 for the compressor, $14 for the sheet molded compound frame, and $70 per unit for assembly. The factory machines and tools cost is $53,000. The company expects to produce 1,400 heaters in the coming year. What cost function best represents these costs
Answer: y = 122x + 53,000
Explanation:
The cost function takes the form, y = mx + c
Y = total cost
m would be the variable cost because it is the increase in x
x = total number of units to be produced
c = fixed cost because this is the y intercept and represents an amount that will not change regardless of the change in x
Variable cost = compressor + compound frame + assembly
= 38 + 14 + 70
= $122
Fixed cost = $53,000
Cost function is:
y = 122x + 53,000
A company just starting business made the following four inventory purchases in June:
June 1 150 units $ 390
June 10 200 units 585
June 15 200 units 630
June 28 150 units 510 $
2,115
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is:________
a. $683.
b. $825.
c. $1,290.
d. $1,432.
Answer:
c. $1,290
Explanation:
FIFO assumes that the units to arrive first are the first to be sold. This means that the cost of sales is based earlier prices.
Step 1 : Units Sold
Units Sold =Units available for sale - Units in Inventory
= 700 - 250
= 450
Step 2 : Cost of Sales
Cost of Sales = $390 + $585 + 100/200 x $630
= $390 + $585 + $315
= $1,290
Using the FIFO inventory method, the amount allocated to cost of goods sold for June is $1,290
Evaluating your data involves examining it in terms of reliability, relevance, expertise, adaptability, and biases.
a. True
b. False
Answer:
a. True
Explanation:
In the case when the data is evaluated so it consist of detail examination with respect how much data is reliable that means how the data gives the actual results, how much it is relevant to the current decision, the data needs expertise in order to make some decisions, the data needs adaptability as per the changes done and the biases also
Therefore the given statement is true
