ACCRUED INCOME
3. On November 15, Moringa Co. received a 90-day P 120,000, 10% note. Record the interest
due on the note at the end of December 31.
4. On June 15, Moringa Co. received a 90-day P 120,000, 10% note. Record the interest due on
the note at the end of December 31.
5. Dugas Realty sold the house and lot of Ms. Sue Gapa for P 25,000,000. According to their
agreement, Dugas Corp. is entitled to a 2% commission from Ms. Sue Gapa on the sale. As of
December 31, Dugas Corp. has not received a check for the commission from Ms. Sue Gapa.
(Record the accrual on the house and lot on the books of Dugas Realty).
Answers
Using the formula of simple interest, the accrued income are P 1512.33, P6542.47 and P500000 respectively
What are the accrued income?3. Moringa Co. received a 90-day P 120,000, 10% note on November 15. To record the interest due on the note at the end of December 31, we need to calculate the interest accrued from November 15 to December 31. The formula to calculate the interest accrued is Principal x Rate x Time. In this case, the Principal is P 120,000, the Rate is 10%, and the Time is 46 days (from November 15 to December 31). Therefore, the interest accrued is (P 120,000 x 10% x 46/365) which is P 1512.33
Similarly, in question 4, Moringa Co. received a 90-day P 120,000, 10% note on June 15. To record the interest due on the note at the end of December 31, we need to calculate the interest accrued from June 15 to December 31. The formula to calculate the interest accrued is Principal x Rate x Time. In this case, the Principal is P 120,000, the Rate is 10%, and the Time is 199 days (from June 15 to December 31). Therefore, the interest accrued is (P 120,000 x 10% x 199/365). We need to debit Accrued Interest Expense and credit Interest Revenue for the same amount of P 6542.47.
In question 5, Dugas Realty sold the house and lot of Ms. Sue Gapa for P 25,000,000, and according to their agreement, Dugas Corp. is entitled to a 2% commission from Ms. Sue Gapa on the sale. As of December 31, Dugas Corp. has not received a check for the commission from Ms. Sue Gapa. To record the accrual on the house and lot on the books of Dugas Realty, we need to debit Accounts Receivable and credit Commission Revenue for P 500,000 (P 25,000,000 x 2%). This recognizes the commission revenue earned, even though the cash payment has not yet been received.
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Related Questions
The May transactions of Whispering Winds Corp. were as follows. May 4 Paid $690 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,690. 8 Purchased supplies for $830 on account. 9 Purchased equipment for $1,620 in cash. 17 Paid employees $520 in cash. 22 Received bill for equipment repairs of $870. 29 Paid $1,230 for 12 months of insurance policy. Coverage begins June 1.
Journalize the transactions. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit Indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.)
Date Account Titles and Explanation Debit Credit
Answers
Answer and Explanation:
The journal entries are given below:
On May 4
Accounts Payable $690
To Cash $690
(Being cash paid is recorded)
On May 7
Accounts receivables $6,690
To Service revenue $6,690
(Being service revenue is recorded)
On May 8
Supplies $830
To Accounts Payable $830
(Being supplies purchased on account)
On May 9
Equipment $1,620
To Cash $1,620
(Being cash paid is recorded)
On May 17
Salaries expense $520
To Cash $520
(Being cash paid is recorded)
On May 22
Repair expense $870
To Accounts payable $870
(Being repair expense is recorded)
On May 29
Prepaid Insurance $1,230
To Cash $1,230
(being cash paid is recorded)
Which of the following are pre-award considerations that impact post-award subcontracting compliance management?
Answers
The options that are pre-award considerations that impact post-award subcontracting compliance management are:
1)Will advance notification and consent to subcontract be required?
3)Will the contract be set aside for one of the small business socioeconomic categories?
4)Will the contract include government property?
Why is subcontract management important?Subcontract management, when correctly implemented, encourages uniformity in the administration of subcontracts across functions, reduces risk to the business and contract, and can boost profitability.
The process of hiring and supervising subcontractors on behalf of a customer is known as subcontractor management. General contractors are accountable for this in construction.
Respect for the standards and guidelines established in a contract is referred to as contract compliance. This frequently entails periodic inspections of an existing contract to look for deviations and assess compliance with compliance rules and standards.
Therefore, The process of making sure people and operations at all levels of the business abide by rules, regulations, and specifications is known as compliance management. Governments, industry groups, regulatory agencies, and employee unions are just a few of the many organizations that set requirements.
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See full question below
Which the following are pre-award considerations that impact post-award subcontracting compliance management?) (Select three that apply)
1)Will advance notification and consent to subcontract be required?
2) Will the prime contractor be required to attend the post-award orientation conference?
3)Will the contract be set aside for one of the small business socioeconomic categories?
4)Will the contract include government property?
The Premise:
Organizations in today’s dynamic and competitive environment should create a productive, innovative and growing team of employees for increased productivity, efficiency and employee retention. According to the World Economic Forum Fortune companies can only survive 40 to 50 years while most of them are bought, sold, split or simply cease to exist.
Keeping this view, the company SES Associates Pvt Ltd. strives for professional development by encouraging employees to work towards their goals and remain open to new prospective, ideas and processes. They encourage their employees to learn and adopt new skills and take unconventional approaches to work in continuously changing environment. They also provide environment where employees feel comfortable, asking questions and presenting unique ideas and diverse prospective. The organization also abandoned the outdated management approaches such as top-down force; doing what’s comfortable or familiar instead of taking risks and challenging the status quo. They shifted from old approaches to emerging views of management to create an environment of continual growth, risk taking, knowledge sharing and better chance of surviving in a very competitive market.
Point of Discussion:
Being a student of management, Analyze the above scenario and identify two emerging views of management adopted by the SES Associates Pvt Ltd. for continual growth and increased productivity. Also give one logical explanation for each View.
Answers
The two emerging views of management adopted by SES Associates Pvt Ltd. for continual growth and increased productivity are Collaborative Management and Agile Management.
Let's analyze two such views adopted by SES Associates Pvt Ltd. and provide a logical explanation for each,
1. Collaborative Management: SES Associates Pvt Ltd. has adopted collaborative management as an emerging view to facilitating continual growth. This approach emphasizes teamwork, shared decision-making, and open communication across all levels of the organization. By encouraging employees to work together, share ideas, and collaborate on projects, the company harnesses the collective intelligence and diverse perspectives of its workforce. This leads to enhanced problem-solving, innovative solutions, and increased productivity.
2. Agile Management: SES Associates Pvt Ltd. embraces agile management principles to thrive in a rapidly changing business landscape. Agile management promotes flexibility, adaptability, and responsiveness to evolving market conditions. By encouraging employees to learn and adopt new skills, take calculated risks, and adapt to changing circumstances, the organization ensures that it remains competitive and resilient.
SES Associates Pvt Ltd. recognizes the importance of adopting emerging views of management to foster continual growth and increased productivity. Through collaborative management, the organization leverages the collective intelligence of its workforce, while agile management enables them to adapt and thrive in a rapidly changing environment.
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The two emerging views of management adopted by SES Associates Pvt Ltd. for continual growth and increased productivity can be seen are :
Agile Management:Open and Collaborative Culture:What is the competitive environment?Agile management allows quick adaptation to changing business environment, seizing new opportunities, and responding to market demands. Encourages innovation, empowers employees, increases productivity and growth.
SES Associates Pvt Ltd: Open and Collaborative Culture. Created a comfortable environment for employees' questions, ideas, and perspectives. Shift to more open, collaborative culture. Culture encourages knowledge sharing, learning, and constructive dialogue among employees.
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Prior period adjustments are reported in the: Multiple Choice Multiple-step income statement. Statement of cash flows. Single-step income statement. Statement of retained earnings. Balance sheet.
Answers
Answer:
Statement of retained earnings.
Explanation:
The prior period adjustment refers to the adjustment in which there is an accounting error in the previous period and i.e to be reported in past year period but now it would be corrected in the financial statement. This adjustment we called prior period adjustment
Moreover, it should be reported in the statement of retained earnings
Hence, the second last option is correct
Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. She might want to open a
a) motel.
b) bed and breakfast.
c) hotel.
d) resort.
Answers
Answer:
b) bed and breakfast.
Explanation:
A bed and breakfast is actually a type of lodging which offers overnight accommodation and breakfast for its customers. They are not usually a public establishment and do not require much rooms as they typically have about four to six rooms.
Therefore, because Cynthia is a hospitality worker that works in the lodging industry, and also likes to cater to a small group of people, she would likely open a bed and breakfast.
Answer:
bed and breakfast.
Explanation:
edge 2022
2 words that ryme on the same line is called?
Answers
Answer:A couplet usually consists of two successive lines that rhyme and have the same metre. A couplet may be formal (closed) or run-on (open). In a formal (or closed) couplet, each of the two lines is end-stopped, implying that there is a grammatical pause at the end of a line of verse.
Explanation:Hoped this helped u kind sir or ma'am and have an great day! And also may i plz have brainlist?
You short-sell 200 shares of Tuckerton Trading Co., now selling for $50 per share. What is your maximum possible loss
Answers
Answer:
Unlimited
Explanation:
GIven that:
You short-sell 200 shares of Tuckerton Trading Co
now selling for $50 per share.
If a short-sell occurs on a trade, the lower the share price, the higher the profit your are liable to achieve but if short-sell occurs and the share price is higher, then the more loss you're going to accumulate.
From the question, the lowest possible share price is zero and the highest possible share price is infinity since there is no stop loss.
∴
The maximum possible loss = 200 × 50( 1 - infinity share price)
= Unlimited loss
The debt ratio is calculated by dividing total assets by total liabilities.
True
OR
False
Answers
Answer:
False
Explanation:
It is meant to Total liabilities/Total assets
The debt ratio could not be calculated by dividing total assets by total liabilities.
The following information related to the debt ratio is
The debt ratio should be calculated by dividing the total debts from total assets.In this, the total debts should be on the numerator side and the total asset should be on the denominator side. The ratio should always be on time.Therefore we can conclude that the given statement is false.
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Delta airlines is consider purchase of two alternative planes. Plane A has an expected life of 5 years, will cost $100 million and will produce net cash flow of $30 million per year. Plane B has a life of 10 years, will cost $132 million, and will produce net cash flows of $25 million per year. Delta plans to serve the route for only 10 years. Delta's cost of capital is 12% and the inflation is expected to be zero. what is the equivalent annual annuity of plane A
Answers
Answer:
$2.26 million
Explanation:
Plane A:
Initial outlay = $100 million
Annual cash flows = $30 million
Expected life = 5 years
Cost of capital = 12%
EAW = (r x NPV) / [1 - (1 + r)⁻ⁿ]
Using a financial calculator: NPV = $8.14 million
EAW = (12% x $8.14) / [1 - (1 + 12%)⁻⁵] = $0.9768 / 0.432573 = $2.2581 ≈ $2.26 million
Why would a retailer introduce their online stores country by country?
Answers
Answer:
Introducing its online store on a country-by-country basis is a good idea from the viewpoint of market analysis.
What are two examples of Secondary or non-core activities?
Answers
Which are the four functions motor freight terminals usually serve?
Answers
Answer:
The main function of a terminal is to handle and transship freight or passengers since modes are physically separated. They have a nominal capacity which is related to the amount of land they occupy and their level of technological, labor and managerial intensity.
Explanation:
Modes are physically separated, a terminal's primary purpose is to handle and transship freight or passengers. They have a nominal capacity that depends on how much land they occupy and how intensely they employ technology, labor, and management.
What is terminals?Having facilities for handling passengers and freight at either end of a carrier line. A freight or passenger station that is strategically located or acts as a junction with other lines at any point.
Since modes are physically separated, the main purpose of a terminal is to handle and transship freight or passengers.
Thus, Modes are physically separated, a terminal's primary purpose is to handle
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Reese's Resources faces a smooth annual demand for cash of $15 million, incurs transaction costs of $125 every time they sell marketable securities, and can earn 4.5 percent on their marketable securities. What will be their optimal cash replenishment level?
Answers
The optimal cash replenishment level is $1.5 million.
Reese's Resources faces a smooth annual demand for cash of $15 million, incurs transaction costs of $125 every time they sell marketable securities, and can earn 4.5 percent on their marketable securities.
Optimal cash replenishment level:To find the optimal cash replenishment level, we can use the Miller-Orr model.
Miller-Orr model is used to determine the optimal cash balance of a company to minimize the cost associated with holding or having a shortage of cash.
It is designed to help companies determine when they should transfer cash in and out of their account to keep the account balance close to a specified target.
The Miller-Orr model considers two costs: the opportunity cost of holding cash and the transaction cost of transferring money from one account to another.
Lower limit = 3 × T × σ / 4 × C = 3 × 10 × 0.5 / 4 × 125 = $0.75 millionUpper limit = 3 × Lower Limit = 3 × 0.75 = $2.25 millionThe optimal cash balance is the average of the upper limit and the lower limit, which is ($0.75 million + $2.25 million) / 2 = $1.5 million.
The company should try to keep their cash balance around $1.5 million to minimize the cost associated with holding or having a shortage of cash.
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Which of the following statement is TRUE?
(1 Point)
Developmental programs improve conceptual skills of managers for the future job.
Training programs improve conceptual skills of nonmanagers for the future job.
Developmental programs improve technical skills of nonmanagers for the current job.
Training programs improve technical skills of mangers for the current job.
Answers
'Developmental programs improve conceptual skills of managers for the future job' is true. The right answer is a.
The goals and content of training and development are different from one another. While "development" refers to a long-term method through which managerial personnel understand conceptual and theoretical knowledge for broad reasons, "training" is a short-term process through which non-managerial personnel acquire technical knowledge and skills for a specific purpose.
Development covers the process through which managers and executives build capacity for both future managing roles as well as skills and competence for their current ones.
The correct answer is option a.
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The cost of equipment purchased by Sheridan, Inc., on June 1, 2020, is $107,100. It is estimated that the machine will have a $6,300 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 50,400, and its total production is estimated at 630,000 units. During 2020, the machine was operated 6,480 hours and produced 59,400 units. During 2021, the machine was operated 5,940 hours and produced 51,800 units.
Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to decimal places, e-g. 45,892.)
2020 2021
(a) Straight-line
(b) Units-of-output
(c) Working hours
(d) Sum-of-the-years'digits
(e) Double-declining-balance (twice the straight-line rate) $
Answers
Answer:
(a) Straight-line
depreciable value = $107,100 - $6,300 = $100,800
depreciation expense per year = $100,800 / 7 = $14,400
depreciation expense 2020 = $14,400
depreciation expense 2021 = $14,400
(b) Units-of-output
depreciable value = $107,100 - $6,300 = $100,800
depreciation expense per unit = $100,800 / 630,000 = $0.16
depreciation expense 2020 = $0.16 x 59,400 = $9,504
depreciation expense 2021 = $0.16 x 51,800 = $8,288
(c) Working hours
depreciable value = $107,100 - $6,300 = $100,800
depreciation expense per working hour = $100,800 / 50,400 = $2
depreciation expense 2020 = $2 x 6,480 = $12,960
depreciation expense 2021 = $2 x 5,940 = $11,880
(d) Sum-of-the-years' digits
depreciable value = $107,100 - $6,300 = $100,800
depreciation expense 2020 = $100,800 x 7/28 = $25,200
depreciation expense 2021 = $100,800 x 6/28 = $21,600
(e) Double-declining-balance (twice the straight-line rate)
depreciation expense 2020 = $100,800 x 2/7 = $28,800
depreciation expense 2021 = $72,000 x 2/7 = $20,571
29.
An operation was closed because of an extended electricity failure. When can it
begin service again?
Answers
It can begin service again approval is obtained from the regulatory authority.
When can service startThe duration for an organization to recommence its services after enduring a foremost electricity malfunction relies on several elements, such as the character of the operation, the magnitude of destruction caused by the power cut-off, as well as the accessibility of supplies requisite to renew operations.
For instance, if the establishment is a minor retail outlet, it can possibly resume working once the power source is restituted and various necessary safeguards have been established. Conversely, if the business is a major production concern or informatics server, it could take longer to reinstate tasks due to the meticulously intricate facilities and networks entailed.
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Discuss the principles of professionalism.
Answers
Answer:
Maintain confidentiality in professional relationships. ... Fulfill commitments in a reliable, responsive and efficient manner. Be fully accountable for actions, use of resources and financial dealings.
Which of these is not an example of good practice when differentiating phonological awareness instruction?
a.
Increasing the intensity of instruction by teaching in smaller group sizes.
b.
Expecting all children to be able to produce rhyming words at the same time of the year.
c.
Increasing the intensity of instruction by giving individual children more opportunities to respond.
d.
Supporting children's understanding of an activity by using visual supports.
Answers
The option that is not an example of good practice when differentiating phonological awareness instruction is (b) Expecting all children to be able to produce rhyming words at the same time of the year.
What is good practice?Recognizing that children learn at various speeds and have varied degrees of preparedness is a key component of good practice in differentiating phonological awareness training. It is unrealistic to anticipate that all kids will develop at the same rate.
Each child's unique requirements and talents are taken into account while differentiating instruction. Therefore, it is inconsistent with the ideas of differentiation to expect all kids to be able to come up with rhymes at the same time of the year.
Therefore the correct option is b.
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Using activity-based costing to make decisions
Dino Dog Collars uses activity-based costing. Dino's system has the following features:
Predetermined Overhead
Activity
Allocation Base
Allocation Rate
Purchasing Number of purchase orders $ 65.00 per purchase order
Assembling Number of parts
0.36 per part
Packaging Number of finished collars
0.25 per collar
Each collar has four parts, direct materials cost is $9.00 per collar, and direct labor cost
is $4.00 per collar. Suppose Animal Hut has asked for a bid on 25,000 dog collars. Dino
will issue a total of 150 purchase orders if Animal Hut accepts Dino's bid.
Requirements
1. Compute the total estimated cost Dino will incur to purchase the needed materials
and then assemble and package 25,000 dog collars. Also compute the cost per collar.
2. For bidding, Dino adds a 40% markup to total cost. What total price will the
company bid for the entire Animal Hut order?
3. Suppose that instead of an ABC system, Dino has a traditional product costing
system that allocates indirect costs at the rate of $9.60 per direct labor hour. The dog
collar order will require 12,000 direct labor hours. What total price will Dino bid using
this system's total cost?
4. Use your answers to Requirements 2 and 3 to explain how ABC can help Dino
make a better decision about the bid price it will offer Animal Hut.
Answers
Dino Dog Collars calculates the cost of producing 25,000 dog collars using activity-based costing. The total estimated cost, cost per collar, and bid price are calculated with a 40% markup.
What is the importance of ABC to management decision making?ABC is an accounting methodology that assigns indirect costs to products or services based on the activities that generate those costs. Unlike traditional costing methods, which allocate indirect costs based on a single cost driver, ABC allocates costs based on multiple cost drivers, providing a more accurate picture of a product's or service's true cost. ABC's value to management decision making stems from its ability to provide more accurate and relevant cost information. Managers can use ABC to determine which activities are causing costs, where inefficiencies exist, and how to optimise processes to reduce costs and increase profitability. ABC assists managers in making informed pricing decisions by providing a better understanding of the true cost of products and services.
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A company proposes to invest in two divisible projects which are expected to generate the following cash flows. Cash flows Year Project A Project B
1 10,000 10,000
2 60,000 30,000
Additional information
1. The cost of capital applicable to both projects is 12%
2. Project A requires sh. 20,000 and Project B 10,000 initial investment. 3. The funds available are restricted as follows;
Years Cash available
0 1,000,000
1 800,000
4. Funds not utilized one year will not be available in the subsequent years. Required;
i. Formulate a linear programming model to solve the above problem. ii. Solve the problem graphically and comment on the proportion of investing on the two projects.
Answers
The graphical solution of this linear programming problem will involve plotting the feasible region defined by the constraints and identifying the corner points of the region. The corner point that maximizes the objective function will represent the optimal investment proportions between the two projects.
To formulate a linear programming model for the investment decision between Project A and Project B, we can define the following variables:
Let x be the amount invested in Project A (in thousands of shillings).
Let y be the amount invested in Project B (in thousands of shillings).
The objective is to maximize the total cash flows generated from the investments, which can be represented as: Maximize Z = 10x + 60y + 10x + 30y
Subject to the following constraints:
The total investment should not exceed the available funds:
x + y ≤ 1,000 (in thousands of shillings)
Project A requires an initial investment of 20,000 (in thousands of shillings):
x ≥ 20
Project B requires an initial investment of 10,000 (in thousands of shillings):
y ≥ 10
The funds available in each year should be utilized:
x + y ≤ 800 (for year 1)
The graphical solution of this linear programming problem will involve plotting the feasible region defined by the constraints and identifying the corner points of the region. The corner point that maximizes the objective function will represent the optimal investment proportions between the two projects.
Based on the graphical solution, the proportion of investing in the two projects will depend on the intersection of the feasible region and the objective function. The specific proportion will vary depending on the values and slopes of the constraints and objective function.
It is important to note that the actual graphical solution and interpretation of the proportion will require the specific values and plot of the feasible region and objective function.
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A process manufacturer that uses the weighted-average method reports the following.
Beginning work in process inventory
Units completed and transferred out
Ending work in process inventory
Equivalent units of production for conversion are:
Units
33,000
103,000
38,000
Conversion
Percent Complete
90%
50%
Answers
The total similar units of production for conversion are:
\(103,000+19,000 = 122,000\)
The equivalent units of production for the units completed and transferred out are simply the number of units completed and transferred out, which is 103,000.
To calculate the equivalent units of production for the ending work in process inventory, we need to multiply the number of units in ending work in process inventory by the percentage of completion for conversion.
The number of units in ending work in process inventory is 38,000, and the percentage of completion for conversion is 50%, so the equivalent units of production for the ending work in process inventory are:
\((38,000*50)/100 = 19000\)
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What can a government do to best redistribute wealth?
A. Put tariffs and duties in place to collect revenue.
B. Offer government-owned lands for sale to the public.
C. Encourage the creation of small businesses by means of grants.
D. Adopt of a progressive tax system.
Answers
QUESTION 2 of 10: You really want to add nachos to your menu and feel that you'll sell 10 units a night at $8.95 with a food cost of $2.87
each. Your graphic designer will charge you $50 to make the change and $100 to print new menus. How long will it take you to recoup the
design and printing costs?
a) 2.5 days
b) 12 days
c) 17 days
d) 25 days
e) 30 days
Answers
Answer:
2.5 nights
Explanation:
8.95*10= 89.5-(2.87*10)= 57.20
100+50=150/57.20=~2.5
In your own life, what is important to you to “preserve, protect and/or defend”?
Answers
Answer:Um protect or to defend.
Explanation:
If a bank pays a 6% nominal rate, with monthly compounding, on deposits, what effective annual rate does the bank pay?
Answers
Answer:
So effective interest rate would be 6.17%, which means if we apply 6.17% interest rate per year, it will give us exactly the same future value as applying interest rate of 6% compounded monthly.
If you contributed the full 6% of your $50,000 salary (the amount your company will match), what would be your monthly contribution to the 401(k)? What would be your employer’s contribution?
Answers
Answer:
Monthly contribution $6,000
Employers contribution $3,000
Explanation:
The employee contributions would be 6% of $50,000
=6/100 x $50,000
=0.06 x $50,000
=$3,000
If the employer matches the employee contribution, the employer will also contribute $3,000
The total employee monthly contribution would be $3000 + $3000= $6000
Employer contribution will $3000
Bob Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $74,100 of salary, $3,450 long-term capital gain, and $2,450 interest income. Bob's expenses for the year consist of $890 in investment advice fees and $155 in tax return preparation fees. What is Bob's investment expense deduction
Answers
Answer:
$0
Explanation:
Based on the information give investment expense are NOT deductible reason been that
his income for the year was the amount of $74,100 of his salary , $3,450 of his long-term capital gain, and $2,450 of his interest income in which his expenses for the year was the amount $890 in investment advice fees and the amount of $155 in tax return preparation fees which means that his expenses amount that is been paid in order to help manage tax income just as the information given about Bob Brain will be not be deductible.
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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What does the last paragraph in a cover letter deal with?
The closing paragraph of a cover letter is where you can mention your
information and request for an interview
Answers
The closing paragraph of a cover letter typically deals with summarizing the main points of the letter and expressing your interest and enthusiasm for the position.
The closing paragraph serves as a conclusion to your letter and provides a final opportunity to make a strong impression on the employer. In this paragraph, you can briefly restate your qualifications and how they align with the requirements of the job. It's also a good place to mention any additional relevant information that you haven't already included in the body of the letter. Furthermore, you can express your gratitude for the opportunity to apply and express your interest in moving forward to the next stage of the hiring process. Finally, you can use the closing paragraph to request an interview or indicate that you are available for further discussion.
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Convert 32.7 kilograms to centigrams DUE IN 10 MIN
Question options:
3,270,000 cg
0.327 cg
0.000327 cg
3270 cg
Answers
Answer:
A IS THE ANSWER
Explanation:
TO CONVERT KG TO CG YOU MULTIPLY YOUR NUMBER BY 100000 SO 32.7 x 100000 = 3,270,000 cg