Business, 08.03.2021 20:10, tlgbulldog38
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows:
Purchases
Date of Purchase Units Unit Cost* Total Cost
Jan. 10 6,000 $8 $48,000
Jan. 18 7,000 9 63,000
Totals 13,000 111,000
Includes purchase price and cost of freight.
Sales
Date of Sale Units
Jan. 5 3,000
Jan. 12 1,000
Jan. 20 4,000
Total 8,000
12,000 units were on hand at the end of the month.
Required:
a. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.
b. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives:
1. FIFO, periodic system.
2. LIFO, periodic system.
3. LIFO, perpetual system.
4. Average cost, periodic system.
5. Average cost, perpetual system.
Answers: 1
Business, 22.06.2019 03:30, Emptypockets451
Joe said “your speech was really great, i loved it.” his criticism lacks which component of effective feedback? a) he did not recognize his ethical obligations b) he did not focus on behavior c) he did not stress the positive d) he did not offer any specifics
Answers: 2
Business, 22.06.2019 05:30, erickamurillo9929
The struter partnership has total partners’ equity of $510,000, which is made up of main, capital, $400,000, and frist, capital, $110,000. the partners share net income and loss in a ratio of 80% to main and 20% to frist. on november 1, adison is admitted to the partnership and given a 15% interest in equity and a 15% share in any income and loss. prepare journal entries to record the admission of adison for a 15% interest in the equity and a 15% share in any income and loss under the following independent assumptions. (1) record the admission of adison with an investment of $90,000 for a 15% interest in the equity and a 15% share in any income and loss. (2) record the admission of adison with an investment of $120,000 for a 15% interest in the equity and a 15% share in any income and loss. (3) record the admission of adison with an investment of $80,000 for a 15% interest in the equity and a 15% share in any income and loss.
Answers: 1
Business, 22.06.2019 12:10, gingerham1
Laws corporation is considering the purchase of a machine costing $16,000. estimated cash savings from using the new machine are $4,120 per year. the machine will have no salvage value at the end of its useful life of six years and the required rate of return for laws corporation is 12%. the machine's internal rate of return is closest to (ignore income taxes) (a) 12% (b) 14% (c) 16% (d) 18%
Answers: 1
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7....
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