The following information was available from the inventory records of Sunland Company for January: Units Unit Cost Total Cost Balance at January 1 9000 $9.70 $87300 Purchases: January 6 6000 10.35 62100 January 26 8300 10.73 89059 Sales January 7 (7400 ) January 31 (11300 ) Balance at January 31 4600 Assuming that Sunland does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar?

Answers

Answer 1

Answer:

Cost of Ending Inventory  $ 47,077.74

Units on Hand 31 Jan =  4,600

Weighted Average Cost= $ 10.24per unit

Explanation:

We divide the total cost with the total number of units  to get the weighted average cost per unit.

Sunland Company

                                       Units      Unit Cost       Total Cost      

Balance at January 1       9000          $9.70            $87300

Purchases: January 6      6000          10.35              62100

January 26                       8300           10.73               89059

Total Units                       23,300                               238,459

Sales January 7               (7400 )

January 31                        (11300 )

Units on Hand 31 Jan =  4,600

Weighted Average Cost= Total Cost/ Total Units = 238,459/ 23,300 =

$ 10.235≅ $ 10.24

Cost of Ending Inventory = 4,600*$ 10.24= $ 47,077.74


Related Questions

Goal setting is most effective when: 1 point A. goals are measured in quantitative, qualitative, and cost terms. B. the goals do not stretch the employee's abilities and motivation. C. the goal statements are general rather than specific. D. the intensity of employee effort is minimal. E. it does not compel people to increase the persistence of their work effort.

Answers

Answer:

A. goals are measured in quantitative, qualitative, and cost terms.

Explanation:

Goal setting is the most important part of any organization as it needs to meet the target timely. It is also the part of motivating the employees so that they accomplish the company target. Goals setting can also be measured quantitative, qualitative, and cost terms as an organization want to compete with other brands.

Therefore as per the above description,  the correct answer is a

Liam is willing to buy the last ticket to the avant premier of Star Wars for $15, while Alexander is willing to pay $20. Liam is first in line and buys a ticket for $15. Liam could sell his ticket to Alexander for $18, but he can't because of government regulation preventing the reselling of tickets. The regulation, then, is causing:

Answers

Answer:

Potential total surplus to increase.

Explanation:

As we know that:

Producer Surplus = Market value - Minimum price to sell

This means that for Liam:

Market value at which he can sell the ticket was $18 and the minimum price was $15

By putting values, we have:

Liam's surplus = $18 - $15 = $3

Now

Consumer Surplus = Consumer willing to Pay - Consumer Paid

For Alexander, the amount he was willing to pay was $20 and what he actually paid was $18 if the regulation hasn't intervened.

Alexander's surplus = $20 - $18 = $2

This means that the regulation prevents the increase in the potential total surplus and this has increased the dead weight loss of $5.

In February, a homeowner contracted with a general contractor to have a basement storage space converted to a sauna, but never paid for the work. The homeowner stopped making mortgage payments in June. The owner is two years delinquent in property taxes to the county. The state gives mechanics' liens priority. If all of these creditors obtain judgments against the owner in November, what will be the priority of their liens (first to last)

Answers

Answer:

Generally real estate liens are prioritized following a temporal order, from first to last. This applies to all liens except taxes. Taxes are always first and they are collected before any other lien in the event of a foreclosure.

In this case, the following priority would go to the mechanic's lien from the the general contractor (as a result from court order), then the mortgage, and finally the other creditors.

The process by which management plans, evaluates, and controls long-term investment decisions involving fixed assets is called __________ analysis.

Answers

Answer:

capital investment analysis

Explanation:

This process being described is known as capital investment analysis. Like mentioned in the question this term refers to a budgeting procedure that is used in order to ultimately assess the potential profitability of a specific long-term investment. This form of analysis is usually used by large corporations/organizations that have a long-term investment which contain fixed assets such as equipment, machinery, or real estate.

Sam entered into a contract to sell his home to Gina. After the inspection, Gina insisted that Sam replace the damaged roof. Sam refused, and the parties agreed to cancel the deal. This is an example of ______.

Answers

Answer:

Mutually rescinding the contract.

Explanation:

In this scenario, Sam entered into a contract to sell his home to Gina. After the inspection, Gina insisted that Sam replace the damaged roof. However, Sam refused, and the parties agreed to cancel the deal. This is an example of Mutually rescinding the contract.

Mutually rescinding a contract refers to the act of annulment of a contract, by discharging or relieving both parties in the contract of their obligation by reaching an agreement after the execution of an original contract agreement.

Simply stated, it avails two parties in a contract, the opportunity and privilege to cancel or annul the contract by relieving them of their contractual obligations.

The yield to maturity on a company’s debt is 6.2% per year and the company’s cost of equity financing is 10.9% per year. The book value of the debt is $30.0 million and the book value of the equity is $15.0 million. The company’s tax rate is 32%. The market value of the debt is $36.9 million and the market value of the equity is $27.1 million. What is the company’s annual weighted average cost of capital?

Answers

Answer:

7.05%

Explanation:

In marketing channels for business products, an intermediary that performs a variety of marketing channel functions including selling, stocking, delivering a full product assortment, and financing is referred to as

Answers

Answer: Industrial distributors

Explanation: Industrial distributors could be described as independent businesses or setups who acts as intermediary between businesses. Generally, industrial distributors deals with bulk supply and stocking of products which are usually used by production firms rather than that which is sold to the end users or consumers. Industrial distributors usually ease the woes of most businesses who are into production of goods and services, the industrial distributors supplies these businesses with the required materials needed for their production. Industrial distributors also make shipping of these goods in bulk from some manufacturers before selling to other business outlet who require the materials for production.

A manger is described by subordinates as someone who inspires hard work by treating people kindly and giving employees individual attention and praise. What type of power is being used by the manager? Coercive Expert Referent Legitimate

Answers

Answer:

Referent

Explanation:

The referent power refers to the power in which the employees capacity, capability, skills and knowledge, hard work being liked by the other employees. Ths could be gained from the leadership skills and personality

So according to the given question since the manager described by subordinates through inspiring hard work by giving them attention and praise

This represents the referent power

When Brandon decided he needed a new car, he immediately called his old college roommate, who owns a BMW dealership, to ask questions about options and financing. Brandon was searching for information from Group of answer choices

Answers

Answer:

external source

Explanation:

In this specific scenario, Brandon was searching for information from an external source. In this case, Brandon's friend is the external source of information, because he is someone from the outside that is capable of providing Brandon with the information that he needs and why Brandon reached out for that information. Internal Information would be information that comes from Brandon's own memories.

A company is considering replacing an old machine, which has a market value of $75,000 and a tax basis of $50,000. The new machine would cost $145,000 and would require an additional $12,000 in working capital for spare parts. If the company’s tax rate is 34%, what would be the initial cash outlay for this replacement project?

Answers

Answer:

$90,500

Explanation:

The computation of initial cash outlay is shown below:-

initial cash outlay = New machine cost + Increase in working capital - After tax salvage value

= $145,000 + $12,000 - (($75,000 - ($75,000 - $50,000) × 0.34

= $145,000 + $12,000 - $66,500

= $90,500

Therefore for computing the initial cash outlay we simply applied the above formula.

Karen Smith bought Coca-Cola stock for $475 on March 31, 20X1. On November 15, 20X1, Karen received a non-taxable distribution of $155 on the 50 shares of stock she owned. She sold the stock for $300 on December 22, 20X1. What is her gain or loss on the sale

Answers

Answer:

$20 loss

Explanation:

Karen Smith bought a coca-cola stock for $475 in March 31, 20X1

She received a non taxable distribution of $155 on November 15, 20X1

The first step is to calculate the adjusted basis

= $475-$155

= $320

Karen sold the stock for $300 on December 22, 20X1

Therefore, her gain or loss on the sale can be calculated as follows

= $300-$320

= $20 loss

Hence Karen has a loss of $20 on the sale

An auditor's report includes the following statement: "The financial statements referred to above do not present fairly the financial position, results of operations, or cash flows in conformity with U.S. generally accepted accounting principles." This auditor's report was most likely issued in connection with financial statements that are

Answers

Answer:

The answer is misleading or not free from material misstatement

Explanation:

When a financial statement is misleading or not free from material misstatement, an auditor issued a qualified report. This qualified report tells the users of the financial statement that something is wrong.

Material misstatement refers to an error in the financial statement that if omitted, it will affect the decision of the users.

If a financial statement is free from error or material misstatement, an auditor will issue unqualified report.

Small business investment companies (SBICs) a. are licensed and regulated by the Federal Trade Commission. b. may lend funds or supply equity funds. c. obtain part of their capital from local governments at attractive interest rates. d. provide only short-term financing.

Answers

Answer:

b. may lend funds or supply equity funds.

Explanation:

A small business investment companies (SBIC) is a firm that invests in small businesses. Investments are generally carried out through equity financing or private loans. They are regulated and must be licensed by the Small Business Administration (SBA). The SBA lends money to SBICs so that they can invest in specific industries or specific business sectors.

Managers should be more concerned that data is stored in a structured data warehouse or a Hadoop cluster, and less about the actually the insights that can be derived from the data. True False

Answers

Answer:

False

Explanation:

Data can be defined as the facts and figures that are collected for the purpose of extracting information towards getting an insight.

Data warehousing is the system of collecting and analyzing of data collected from different sources to provide an insight towards business management using collection of computers called Hadoop cluster,

We need to know that the core purpose of data collection is to provide information and insights for management use ,therefore the insight that can be derived is of paramount importance to the managers than data warehouse or a Hadoop cluster.

ABC Furniture Company wishes to raise capital by issuing some securities in its home state. The CEO of the company feels that registration with the Administrator is unnecessary because the issue is exempt. Should ABC be ordered to appear at a hearing, the burden of proving its issue is exempt is on

Answers

Answer: The company

Explanation: The burden of proving the exemption issued by the CEO of ABC furniture should ABC be issued to appear at an hearing in other to defend its stance on the exemption issued will be on the company. Even though the the exemption was made by the Chief Executive Officer of the company. The burden of proof lies on the shoulder of the corporation which requests for the exemption and not the individual who make the exemption request on behalf of the corporation which is the corporation's CEO and not the Administrator on which exemption was made. Thus proving the legality of an exemption always rests on the shoulder of the requesting corporation.

In what country do the three largest shareholders control, on average, about 60 percent of the shares of a public company?
a. Great Britain
b. Italy
c. United States
d. Canada

Answers

Answer:

b. Italy

Explanation:

Even though this % doesn't apply to all corporations, it is still a very small number of shareholders that control corporations (and their board) on average. We can compare this situation to the American normality, where any shareholder that owns 5% or more of a large corporation is considered a major shareholder and must report himself/herself to the SEC as such.

In the US, many of the corporations would be considered closed corporations. The smaller the number of shareholders with large decision power, the less small shareholders can do.

Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for oranges (calculated using the initial value formula, also known as the simple elasticity formula) is:_______A 0.6. B. 0.75. C. 025. D. 20.

Answers

Answer:

Option A is correct

Price elasticity of demand =0.6

Explanation:

Price elasticity of demand (PED) is the degree of responsiveness of demand to a change in price.  

Where a percentage change in price produces a more than a proportional change in quantity, we say the product is price elastic. On the other hand, where a change in price produces a less than a proportional change in quantity demand, then demand is price inelastic  

PED is computed as follows:  

PED = % change in quantity /% change in Price

% change in demand = (100-80)/100 × 100 = 20%  

% change in price =(0.75-1)/0.75 × 100 = 33.33%

PED = 20%/33.33% = 0.600

Price elasticity of demand =0.6

Rhea's company sets specific goals for product features and reliability, offers incentives for achieving goals, and regularly solicits employee feedback on the causes of customer issues. These activities are part of a _______ system.

Answers

Answer:

Total quality management.

Explanation:

Since Rhea's company sets specific goals for product features and reliability, offers incentives for achieving goals, and regularly solicits employee feedback on the causes of customer issues. These activities are part of a total quality management system.

A total quality management (TQM) can be defined as a management tool used to attain customer's satisfaction and improved productivity leading to long-term success in the business. The starting point or first step of the total quality management (TQM) is customer focus.

Hence, in order to achieve a long-term success in customer satisfaction, organizations should use the total quality management approach by involving all of its employees with high standards and work ethics.

On January 1, 2017, Ann Price loaned $157773 to Joe Kiger. A zero-interest-bearing note (face amount, $210000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2019. The prevailing rate of interest for a loan of this type is 10%. The present value of $210000 at 10% for three years is $157773. What amount of interest income should Ms. Price recognize in 2017

Answers

Answer:

15,777

Explanation:

Given the following :

Amount loaned = $157,7723

Prevailing Interest rate on such loan = 10%

Recognizable interest:

Amount loaned * Interest rate

$157,773 * 10%

157,773 * 10

15,777.3

= 15,777( to the nearest thousand)

Therefore, the amount of income Ms. Price will recognize in 2017 is $15,777.

"A customer's short margin account shows the following balances: Credit Balance: $120,000 SMV: $60,000 SMA: $30,000 What would the adjusted SMA balance be in the account after a short cover of 100 shares of MMM stock at $100 in the account?"

Answers

Answer:

$35,000

Explanation:

Calculation for adjusted SMA balance .

First step

Short cover =100 Shares × MMM stock $100

=$10,000

Second step is to find the 50% of the amount of $10,000

50%×$10,000

=$5,000

Third step is to calculate for adjusted SMA balance

Adjusted SMA balance=$SMA $30,000 +$5,000

Adjusted SMA balance=$35,000

Therefore the Adjusted SMA balance will be $35,000

Which of the following would be an example of direct finance? Group of answer choices A saver deposits money into a credit union. A saver buys a bond a corporation has just issued so it can purchase capital. None of the above is correct. A saver buys shares in a mutual fund.

Answers

Answer:

A saver buys a bond a corporation has just issued so it can purchase capital.

Explanation:

Direct finance is the process of financing in which the borrower borrows thd fund directly from the financial institution without involving the third party i.e intermediate, broker, etc

In the question, the option b is correct as it derives that a saver could purchase a bond since the corporation issued it so the capital could be purchased

hence, the second option is correct

Answer:

A saver buys a bond a corporation has just issued so it can purchase capital.

Explanation:

Exercise 8-16 Disposal of assets LO P2 Diaz Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the milling machine on January 3 in each of the following independent situations. The machine needed extensive repairs, and it was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $35,000 cash. Diaz sold the machine for $68,000 cash. Diaz sold the machine for $80,000 cash.

Answers

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $0

  Accumulated Depreciation-Machinery Dr, $182,000

   Loss on Disposal of Machinery Dr, $68,000

               To Machinery $250,000

(Being Equipment disposed is recorded)

2. Cash Dr, $35,000

  Accumulated Depreciation Dr, $182,000

  Loss on sale of Machinery Dr, $33,000

                   To Equipment $250,000

(Being Equipment sold is recorded)

3. Cash Dr, $68,000

    Accumulated Depreciation Dr, $182,000

              To Equipment $250,000

(Being Equipment sold is recorded)

4. Cash Dr, $80,000

   Accumulated Depreciation Dr, $182,000

               To Gain on sale of equipment $12,000

               To Equipment $250,000

(Being Equipment sold is recorded)

Becker Industries is considering an all equity capital structure against one with both debt and equity. The all equity capital structure would consist of 30,000 shares of stock. The debt and equity option would consist of 15,000 shares of stock plus $255,000 of debt with an interest rate of 8 percent. What is the break-even level of earnings before interest and taxes between these two options

Answers

Answer:

The break-even level of earnings before interest and taxes is $47,200

Explanation:

EBIT = Earnings before interest and taxes

EPS = Earnings per share

I = interest

n = number of equity shares

n1, n2 = number of equity shares outstanding after adopting financing plans 1 and 2

n1=30,000

n2= 15,000

Break-even EBIT level   is the indifferent point where EPS under alternative financing plan is the same.

Mathematically, the break-even EBIT level is:   EBIT/ n1 = (EBIT - I ) / n2

EBIT/30,000 =(EBIT -295,000 x 8%/ 15,000)  

EBIT/2 = EBIT - 23,600

2*EBIT - 23,600 x 2 = EBIT

2EBIT - EBIT= 47,200

EBIT= $47,200

There is a different​ short-run Phillips curve for every level of the​ ___________ inflation rate. The inflation rate at which the​ short-run Phillips curve intersects the​ long-run Phillips curve equals the​ ___________ inflation rate.\

Answers

Answer: expected; expected

Explanation:

The Phillips curve is an economic concept whereby it is stated that there is a stable and inverse relationship between inflation and the unemployment in an economy.

According to this theory, inflation is as a result of economic growth and this will lead to reduction in unemployment.

There is a different​ short-run Phillips curve for every level of the​ expected inflation rate. The inflation rate at which the​ short-run Phillips curve intersects the​ long-run Phillips curve equals the​ expected inflation rate.

All of the following are reasons that the statement of cash flows is useful to the analyst except: A. The statement of cash flows shows how cash is generated during an accounting period and how it has been used. B. A positive net income figure on the income statement is ultimately insignificant unless a company can translate its earnings into cash, and the only source in financial statements for learning about cash generation is the statement of cash flows. C. The statement of cash flows shows the adjustments made to net income in order to calculate cash flow from operations; those should be examined to determine why cash flow from operations is negative or positive. D. The statement of cash flows is the only financial statement that cannot be manipulated.

Answers

Answer: The statement of cash flows is the only financial statement that cannot be manipulated

Explanation:

The cash flow statement is used to know how much cash is coming into and going out of a business.

The statement of cash flows shows the adjustments that can be made to the net income to calculate cash flow from operations.

The assumption that the statement of cash flows is the only financial statement that cannot be manipulated is wrong.

The statement of cash flows is the only financial statement that cannot be manipulated is not reason that the statement of cash flows is useful to the analyst.

Cash flow statements are important for all investors, which makes financial analysts increase the inflow of cash flow so that it looks good for investors and becomes confident in the business.  

Therefore, cash flow is essential in providing cash availability its inflow and outflow to accountants as well as analysts that is further used for developing income statements.

Learn more about cash flow statements here:

https://brainly.com/question/14467817

For​ February, the cost components of a picture frame include $0.45 for the​ glass, $0.68 for the wooden​ frame, and $0.95 for assembly. The assembly desk and tools cost $500. Two hundred fifty frames are expected to be produced in the coming year. What cost function best represents these​ costs?

Answers

Answer: C(x) = 2.08 + 500x

Explanation:

Given the following :

Cost component of picture frame :

Glass = $0.45

Wooden frame = $0.68

Assembly = $0.95

Assembly desk and tools = $500

Using the linear cost function :

C(x) = mx + b

C(x) = total cost

b = fixed cost

mx = variable cost

b = cost of glass + wooden frame + assembly

b = $(0.45 + 0.68 + 0.95) =$2.08

mx = (cost of assembly desk and tools * number produced) = 500x

C(x) = 2.08 + 500x

You are attending a lecture by a banker and you expect her to advocate bank savings accounts. However, she advocates stock investments instead. Since her message goes against her own self-interest, you perceive her as _______ and the message as _______.

Answers

Answer: sincere; persuasive

Explanation:

Since her message of the banker goes against her own self-interest, you perceive her sincere and the message as persuasive.

Being sincere simply means that the banker is giving the lecture genuinely and what she is saying is free from being deceitful. Also, hee message is being regarded as persuasive.

All the following statements concerning the interest settlement option in life insurance are correct EXCEPT: Group of answer choices the beneficiary may be allowed to withdraw part or all of the proceeds. the beneficiary may be allowed to change to another settlement option. the minimum guaranteed interest rate usually is equal to the prime rate. the interest can be paid monthly, quarterly, semiannually, or annually.

Answers

Answer:

the minimum guaranteed interest rate usually is equal to the prime rate.

Explanation:

Interest settlement in a life insurance policy involves the insurance company maintaining proceeds from the policy and investing it.

The policy holder is promised a minimum interest rate.

However there is no guarantee that the minimum interest rate will be equal to prime interest rate. Prime interest rate is the official lending rate that is given by banks.

The payment of interest can be monthly, quarterly, semiannually, or annually.

Beneficiary can withdraw all or part of the proceeds, and he has the option of switching to another settlement method.

Wealth generating activities always:

a. produce positive externalities to society
b. produce gains for one party
c. increase wealth for everyone
d. Increase total surplus

Answers

Answer:

d. increase total surplus

Explanation:

Wealth generating activities always increase total surplus.

Surplus occurs when the available resources, goods, assets, etc., exceeds what is currently used. In other words, it simply means when supply exceeds demand.

Wealth creating activities makes wealth almost in every hand, thereby an increase in total surplus occurs. If wealth creating activities occur in manufacturing, it leads more companies to produce more, thereby total surplus in production occurs.

The HR department at Trevor Communications oversees the recruitment and training of employees at the firm.As the firm grows and recruits more employees,overseeing individual training programs has been come too much for HR staff to handle.Which of the following applications should the HR department use to help with employee training?A) A customer relationship management systemB) A management information systemC) A learning management systemD) A decision support systemE) An executive decision-making system

Answers

Answer:

C) A learning management system

Explanation:

Analyzing the above scenario, it is clear that the learning management system would be very useful to the HR department at Trevor Communications.

This system can be defined as a learning process that takes place in a virtual way, in an environment where each individual can access learning content in an interactive and dynamic way, by accessing a tool that contains the content and information necessary for specific learning.

This system confers several advantages to the organization, such as the elimination of personnel costs, greater ease of monitoring and follow-up, greater availability, ease of implementation and evaluation.

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