the megamart company began 2024 with inventory of 21,000 units at a cost of $8 per unit. during 2024, 61,000 units were purchased for $9.95 each. sales for the year totaled 70,500 units leaving 11,500 units on hand at the end of 2024. megamart uses a periodic inventory system and the lifo inventory cost method.
Answers
A periodic LIFO inventory system first calculates the cost of terminating inventory at the end of a period, and then uses that total to calculate the cost of goods sold. Similar to perpetual LIFO, perpetual LIFO reclassifies the most recent cost to the cost of goods sold, but it does so every time a sale occurs.
One approach for figuring out cost of goods sold is LIFO. It presumes that the most recent stock purchase will be liquidated first. Due to the inflation effect, a corporation using the LIFO approach obtains a higher cost of goods sold figure.
In the example given, the firm's initial stock consists of 21,000 units, which were bought at a $8 per unit price. Additional units were bought throughout the year, but this time they cost $9.95 each. Given that there were 70,500 units sold, Since the business uses the LIFO approach, the most recent stock acquisition must be deleted first. So,
61,000 X 9.95 = $606,950.
However, the business sold 70,500 units. It indicates that 61,000 of the most recent purchases were sold, leaving just (70,500 - 61,000) items from the initial supply.
9,500 X 8 = $76,000.
Our total CGS now stands at $682,950 (606,950 + 76,000).
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Related Questions
Jamie is researching places to live after graduating college he asked you I keep coming across as phrase cost-of-living I’ve never heard of it before do you know what it means which of the following definitions would you choose to explain to Jamie about cost-of-living means
Answers
Answer:
The cost of living refers to the prices of goods and services needed to sustain an average level standard of living in an area
Explanation:
The cost of living refers to the cost of keeping up with a given standard of living. It is the amount Jamie would need to keep up with basic expenses such as food, housing, clothing and medical care. Cost of living compares the expense between living in two different areas. Jamie's cost of living is tied to his wages and it can be measured using what is called purchasing power parity.
true or false: all nfps are accountable to the state government that grants them their legal existence; the federal government, which grants them tax-exempt status; their own governing board; individual donors and grantors; consumers of their services; and the public at large.
Answers
All NFPs are accountable to the state government that grants them their legal existence; the federal government, which grants them tax-exempt status; their own governing board; individual donors and grantors; consumers of their services; and the public at large. This statement is FALSE.
The number of workers in the United States, excluding farm workers and those in a few other employment classifications, is measured by nonfarm payrolls (NFPs). The federal Bureau of Labor Statistics (BLS), which conducts payroll surveys of private and public organizations across the United States, measures this. The NFP data is typically made public by the Bureau of Labor Statistics on the first Friday of every month at 8:30 AM ET. We advise employing a pull-back strategy as opposed to a breakout approach because of the volatility nature of the NFP release. Traders should wait for the currency pair to retrace before entering a trade when using a pullback strategy.
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Suppose that the economy is in a long-run equilibrium at a price level of 100 and full-employment real gdp of $500 billion. a recession occurs resulting from a $100 billion decrease in aggregate demand. in order to restore the economy to full employment given a mpc of 0.80, government purchases would need to:
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Assume that an economy is in long-term equilibrium with a price level of 100 and a real GDP of $520 billion at full employment. A $120 billion decline in aggregate demand triggers a recession. Given an MPC of 0.75, taxes would need to be reduced by $40 billion in order to bring the economy back to full employment.
When the economy is in long-term balance, what happens?Real GDP is at its potential level, the natural rate of unemployment (about 6%) is equal to the actual rate, and the actual price level is equal to the projected price level if an economy is said to be in long-run equilibrium.
The intersection of the AD curve, SAS curve, and Long-Run Aggregate Supply (LAS) curve demonstrates the long-term equilibrium. Since LAS reflects prospective output, a movement in the AD curve will solely affect the price level, either increasing or lowering depending on the direction it moves. Real GDP is at its potential output, the actual unemployment rate is equal to the natural rate of unemployment (about 6%), and the actual price level is equal to the projected price level if an economy is said to be in long-run equilibrium.
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the chart/graph which would best summarize the relative frequency distribution of a firm's total expenditures made by each department would be: group of answer choices a frequency polygon.'
Answers
A histogram would be the chart/graph that best summarizes the relative frequency distribution of a firm's total expenditures made by each department.
A histogram is a graphical depiction of a frequency distribution in which data is represented by bars and divided into intervals or bins. The number of observations that fall within a given interval is represented by each bar, and the height of the bar relates to the frequency or relative frequency of the observations.
The histogram would depict the distribution of expenditures across departments in the instance of a firm's total expenditures made by each department, with the x-axis representing the different departments and the y-axis showing the frequency or relative frequency of total expenditures.
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5. A number with the addition of itself becomes 38. What
is the number?
Answers
Answer:
19+19=38
...........................
Eliza Conner owns a small clothing boutique. Eliza uses her personal checking account for both business and personal needs. How would you convince Eliza that she should open a separate
bank account for her business?
Answers
Answer:
1. It will cause them confusion throughout the tax calculating process.
2. Using a single account will make it difficult to keep payroll records.
3. Keep track of your personal expenses and earnings.
Explanation:
1. It is preferable to establish a separate account to separate the firm's actual income and expenses.
2. Payroll expenses are indistinguishable from personal expenses.
3. This allows you to cross-check bank and hand-made documents for income and expenses. Because cash transactions may not be recorded in the bank account, the entrepreneur should preserve receipts in order to compute revenue and expenses, which may result in erroneous financial statements.
true or false... the part of fungus that produces is the fruiting body?
Answers
Answer:
false
Explanation:
I think it is false
HELP PLEASE:)
to get the most accurate savings figures, which item should you vary when you are comparing 2 loans from separate banks?
A. the APR should be different
B. the number of years it takes to pay it off
C. fixed and variable rates
D. nothing should be varied
Answers
I Think its answer C: Fixed and Variable rates
Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. Which of the following is not included as one of Porter's three generic strategies? Muluple Choice Broad differentiotion Focused strategy Broad cont leadership Suppler cost differentiotion
Answers
Answer: The answer is Supplier cost differentiation.
Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. What are Porter's three generic strategies: Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. Here are the three generic strategies: Broad Cost Leadership Broad Differentiation Focused Strategy. Let's have a brief overview of these three strategies:
Broad Cost Leadership: Broad Cost Leadership Strategy is where the company has the ability to create economies of scale and increase production. It helps a company to sell its products at low prices and is beneficial for large companies. The cost of production is kept low, while the quality of the product is kept at an average level.Broad Differentiation: Broad Differentiation Strategy involves creating a unique product that differs from those of competitors. This strategy enables a business to set higher prices, leading to higher profit margins. The company may advertise its products as unique, exclusive, or high quality.Focused Strategy: A Focused Strategy is where a company aims to serve a specific market segment or niche. In this strategy, the company doesn't necessarily create a unique product. Still, it focuses on a specific group of customers with a unique set of needs and preferences. Focusing on one area enables the company to specialize in that area and eventually gain a competitive advantage in that market. Supplier cost differentiation is not included as one of Porter's three generic strategies.Learn more about Porter's generic strategies : https://brainly.in/question/13924586
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The best place to start when forming agile teams is by building foundational trust and a safe work environment to ensure that all team members have an equal voice and can be heard and considered.
Answers
Yes, building foundational trust and creating a safe work environment is indeed a crucial starting point when forming agile teams. Agile teams rely on collaboration, communication, and shared decision-making to effectively deliver value. By establishing trust, team members feel comfortable expressing their ideas, opinions, and concerns, leading to better collaboration and engagement.
A safe work environment fosters psychological safety, where team members feel respected, valued, and free to take risks without fear of negative consequences. This encourages open dialogue, constructive feedback, and learning from mistakes, which are essential aspects of agile practices.
To create trust and a safe work environment, team leaders and members can focus on fostering a culture of respect, active listening, inclusivity, and empathy. Encouraging open communication, creating opportunities for collaboration, setting clear expectations, and providing support are also important. By prioritizing trust and psychological safety, agile teams can thrive, adapt to change, and deliver high-quality results.
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Which of the following would NOT be considered a hazardous
work for a minor?
O Truck driving
O Excavating
O Life guarding
Handling explosives
Answers
Answer:
I would have to choose Life guarding.
________ is the amount an employee earns before payroll withholding is performed.
A. Net pay
B. Gross pay
C. Taxable interest
D. An estate
Please select the best answer from the choices provided
Answers
Answer:
I think the answer is net pay
Edith is the owner and manager of a small coffee shop that employs three workers who use the shop’s one coffee machine to make and serve coffee to paying customers. business has begun to pick up; lines are getting longer every day in her shop. on a busy morning, she sees her baristas scrambling to take orders, get cups, fill coffee from the coffee machine, add cream and sugar, and serve customers in a timely manner. she figures if she hires three more baristas she’ll be able to sell twice as much coffee.A.Do you think she's likely to be right? Why or why not? a)Yes, more workers will increase the supply and make more coffee available for sale. b)No, the current workers just need better training to work more efficiently. c)No, more workers will just create more chaos behind the counter as the additional workers still have to wait to fill from the coffee machine. d)Yes, hiring more workers will mean more customers can be served.
Answers
Diminishing marginal productivity is the idea that using increasing amount of some inputs (variable inputs) for the duration of the production period whilst protecting different inputs consistent (fixed inputs) will finally lead to decreasing productivity.
What is an instance diminishing marginal product?Diminishing marginal productivity can additionally involve a advantage threshold being exceeded. For example, reflect onconsideration on a farmer using fertilizer as an input in the procedure for growing corn. Each unit of added fertilizer will solely amplify manufacturing return marginally up to a threshold.
When the marginal product of labor curve falls, the company experiences diminishing marginal returns, that is, the marginal product of an extra employee falls short of the marginal product of the preceding worker. This is when the whole product grows at a diminishing rate.
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https://brainly.com/question/13767400#SPJ4What is the answer?? No links
Answers
Answer:
c
Explanation:
get big brain kid not good kid get better bro
Which is the best measurement to use to determine who might have the absolute advantage?
high opportunity cost
low opportunity cost
low efficiency
high efficiency
Answers
Answer:
low opportunity cost
Explanation:
Opportunity cost is described as a process in which an individual sacrifices something when they tend to choose one thing or option over another option or thing.
Low opportunity cost: The term "low opportunity cost" is determined as the possibility of an individual's chosen investment returns to be lower than the forgone investment's returns.
Answer:
High Efficiency
Explanation:
Edge 2021
a table in unnormalized form has either repeating groups composite data cells
Answers
A table in unnormalized form contains repeating groups or composite data cells, which violate the principles of normalization and can lead to data redundancy and integrity issues. Composite data cells refer to cells that combine multiple data elements.
When a table is in unnormalized form, it means that it hasn't undergone the process of normalization, which is a technique used to organize and structure data in a database. Repeating groups refer to situations where a set of related attributes is repeated within a single row, causing data redundancy and making it difficult to manage and update the data consistently. Composite data cells occur when a single data cell contains multiple values, violating the principle of atomicity, where each attribute should have a single value. Having repeating groups and composite data cells in a table can lead to various problems, such as data inconsistency, inefficient storage, and difficulties in querying and manipulating the data.
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Methods of evaluating the
performance and productivity of an
individual or group in relation to
predetermined criteria and
measurable goals are
measurable goals
Answers
Answer:
True
Explanation:
Methods of evaluating the performance and productivity of an individual or group in relation to predetermined criteria and measurable goals are performance assessments.
Why is the housing market not a perfectly competitive market
Answers
Answer:
houses are essential. a need doesn't fall in perfect competition conditions.
FIRST ANSWER WILL BE NAMED BRAINLIEST
Which action would effectively and appropriately address a budget deficit?
A. reduce income
B. reduce expenses
C. apply for bankruptcy
D. apply for new credit
Answers
Answer:
It is letter B
Explanation:
Reducing expenses would effectively and appropriately address a budget deficit. Thus option B is correct.
What is the budget?A budget is a financial plan that projects future earnings and costs. A budget, put simply, forecasts future finances in addition to anticipated revenues and expenditures. Calculating the company's earnings and costs for a set period of time is the procedure for creating a budget.
Increasing tax rates while decreasing government expenditures are the two apparent ways to minimize a budget deficit. the reduction of government spending and/or the raising of taxes, which results in either a rise in the primary surplus or a decrease in the budget deficit. greater taxes and less funding by the government. If public spending is lower than tax receipts, a budget surplus results.
Therefore, option B is the correct option.
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ivan's, incorporated, paid $488 in dividends and $589 in interest this past year. common stock increased by $199 and retained earnings decreased by $125. what is the net income for the year?
Answers
Ivan's incorporation, paid $488 in dividends and $589 in interest this past year. the common stock increased by $199 and retained earnings decreased by $125. The net income for the year is $1,003.
Net income is a company's total earnings or profit after subtracting all expenses and taxes. It is calculated by subtracting total expenses, including cost of goods sold, operating expenses, interest, and taxes from total revenue. Net income is often used as a key performance indicator to evaluate a company's financial health and profitability. It is also used to determine a company's taxable income and is an important figure for investors and financial analysts.
To calculate the net income for the year, we can use the following formula:
Net income = Dividends + Interest - Change in common stock - Change in retained earnings
Plugging in the values given in the problem, we get:
Net income = $488 + $589 - $199 - (-$125)
Net income = $488 + $589 - $199 + $125
Net income = $1,003
Therefore, the net income for the year is $1,003.
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Hearing is optimally restored by cochlear implants in which type of hearing loss?
Answers
Hearing is optimally restored by cochlear implants sensorineural Hearing loss. These structures may get damaged as a result of exposure to loud noises, disease (meningitis), taking ototoxic drugs, heredity, or ageing.
Treatments for sensorineural hearing loss, which is irreversible, include cochlear implants and hearing aids. Damage to inner ear tissues or the auditory nerve results in sensorineural hearing loss (SNHL). More than 90% of adult hearing loss is brought on by it. Loud noise exposure, genetics, or the normal ageing process are common causes of SNHL. Due to their exposure to guns, artillery, and jet engines, many veterans have sensorineural hearing loss.
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When purchasing a $260,000 house, a borrower is comparing two loan alternatives. The first loan is a 90% loan at 8.5% for 25 years. The second loan is an 85% loan for 7.75% over 15 years. Both have monthly payments and the property is expected to be held over the life of the loan. What is the incremental cost of borrowing the extra money? Use IRR method to find incremental cost of borrowing the extra money in percentage
Answers
When purchasing a $260,000 house, a borrower is comparing two loan alternatives. The first loan is a 90% loan at 8.5% for 25 years. The second loan is an 85% loan for 7.75% over 15 years. Both have monthly payments and the property is expected to be held over the life of the loan.
We are supposed to calculate the incremental cost of borrowing the extra money using the IRR method in percentage.So, let us first calculate the monthly payment of the first loan.Using the formula for calculating the monthly payment, we have:\[PMT = PV \times \frac{r(1 + r)^n}{(1 + r)^n - 1}\]Where,\[PV = \$ 260,\!000 \times 0.9 = \$ 234,\!000\]r = 8.5%/12 = 0.70833% (monthly rate)n = 25 x 12 = 300 (total number of payments)Substituting these values, we get:\[PMT = 234,\!000 \times \frac{0.0070833(1 + 0.0070833)^{300}}{(1 + 0.0070833)^{300} - 1}\]\[PMT = \$1,\!874.55\]Therefore, the monthly payment for the first loan is $1,874.55Now, let us calculate the monthly payment of the second loan.Using the formula for calculating the monthly payment, we have:\[PMT = PV \times \frac{r(1 + r)^n}{(1 + r)^n - 1}\]Where,\[PV = \$ 260,\!000 \times 0.85 = \$ 221,\!000\]r = 7.75%/12 = 0.64583% (monthly rate)n = 15 x 12 = 180 (total number of payments)Substituting these values, we get:\[PMT = 221,\!000 \times \frac{0.0064583(1 + 0.0064583)^{180}}{(1 + 0.0064583)^{180} - 1}\]\[PMT = \$ 2,\!062.05\]Therefore, the monthly payment for the second loan is $2,062.05The incremental cost of borrowing the extra money is the additional interest expense that would be incurred by choosing the second loan option rather than the first loan option. It is calculated as follows:Firstly, we need to calculate the total interest payments for both loans.We know that in Loan 1, PV = $234,000 and r = 8.5%/12 = 0.70833%.Using a financial calculator or Microsoft Excel, we get that the total interest paid over the life of the loan is $357,599.17.Next, for Loan 2, PV = $221,000 and r = 7.75%/12 = 0.64583%.Using a financial calculator or Microsoft Excel, we get that the total interest paid over the life of the loan is $168,169.36.Now, the incremental cost of borrowing the extra money is calculated as follows:Incremental cost of borrowing extra money = Total interest paid on Loan 2 - Total interest paid on Loan 1 = $168,169.36 - $357,599.17 = -189429.81We get the negative incremental cost of borrowing extra money, which is illogical.Therefore, this is the answer when purchasing a $260,000 house, a borrower is comparing two loan alternatives. The first loan is a 90% loan at 8.5% for 25 years. The second loan is an 85% loan for 7.75% over 15 years. Both have monthly payments and the property is expected to be held over the life of the loan. The incremental cost of borrowing the extra money cannot be calculated because the total interest paid on Loan 2 is less than the total interest paid on Loan 1.
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Politics is sort of like a game. And the best gamer is great at manipulating the rules.
Answers
Politics is about making agreements between people so that they can live together in groups such as tribes, cities, or countries. In large groups, such as countries, some people may spend a lot of their time making such agreements.
Suppose that Dent Carr’s long-run total cost of repairing s cars per week is c(s) = 3s2 + 75. If the price he receives for repairing a car is $36, then in the long run, how many cars will he fix per week if he maximize profits?
a. 0
b. 12
c. 9
d. 6
e. 18
Answers
To maximize profits, Dent Carr should produce at the level of output where marginal cost (MC) equals marginal revenue (MR), which is the price he receives for repairing a car. In this case, MC is the derivative of the total cost function: MC = 6s. Since the price is $36, MR is also $36. Therefore, we can set up the equation:
MC = MR
6s = 36
s = 6
So Dent Carr should fix 6 cars per week to maximize profits. The answer is (d) 6.
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T/F gdp it is likely that the final estimate will be higher than 2ecause there are omissions in the initial numbers
Answers
True. It is likely that the final estimate of GDP will be higher than the initial estimate because there may be omissions or errors in the initial numbers that are corrected in subsequent estimates.
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When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitors' products, a(n)
Answers
Answer:
na buang ka ayaw ko ug pangutana
A manager uses the following equation to predict monthly receipts: Yt = 40,000 + 150t. What is the forecast for July if t = 0 in April of this year?
Answers
Yt = 40,000 + 150t
Y3 = 40,000 + 150(3)
Y3 = 40,000 + 450
Y3 = 40,450
Therefore, the forecast for July is $40,450.
Record the issue of 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $27,000. the stock has a $3 per share stated value.
Answers
This entry reflects the issuance of 1,000 shares of common stock with a stated value of $3 per share, with the remaining amount representing the additional value assigned to the shares issued.
To record the issue of 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $27,000, you will need to follow these steps:
1. Determine the journal entry: The journal entry for issuing shares is typically recorded in the stockholders' equity section of the balance sheet. In this case, since the stock has a $3 per share stated value, you will need to record the issuance at the stated value.
2. Calculate the total value: Multiply the number of shares issued (1,000) by the stated value per share ($3) to determine the total value of the shares issued. In this case, it will be $3,000.
3. Record the journal entry: Debit the Promoters' Efforts or Promoters' Equity account for the estimated value of $27,000. Credit the Common Stock account for the total value of the shares issued, which is $3,000. Credit the Additional Paid-in Capital account for the remaining amount, which is $24,000 ($27,000 - $3,000).
The journal entry would be as follows:
Debit Promoters' Efforts (or Promoters' Equity) for $27,000
Credit Common Stock for $3,000
Credit Additional Paid-in Capital for $24,000
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top managers particularly need strong conceptual skills, because changes affecting the organization tend to be more important at their level than at other managerial levels.
Answers
Top managers particularly need strong conceptual skills, because changes affecting the organization tend to be more important at their level than at other managerial levels
The ability to visualize a big-picture strategy and goal and then provide leadership and direction in task execution to accomplish it is referred to as conceptual skills. While conceptual skills benefit supervisors and managers at all levels, they are essential for top managers that provide general direction for a company.
Vision is a shared leadership skill among top executives. Top managers have minds that are constantly focused on the company objective or end goal. This vision serves as the foundation for a company's actions and structure. Top management in a company typically develops a long-term vision and sets the company's course, while supervisors guide their personnel on that course.
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How does Ana spend her time in seedfolks?
Answers
Answer:
B
Explanation:
Got it right on edg 2020