Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 220 $ 920 5/5 Purchase 320 $ 1,020 8/10 Purchase 420 $ 1,120 10/15 Purchase 260 $ 1,170 During the year, Lauer sold 1,050 laptop computers. What was ending inventory using the FIFO cost flow assumption

Answer:

$198,900

Explanation:

Ending inventory units = Available units for sale - Units sold

Ending inventory units = 220 + 320 + 420 + 260

Ending inventory units = 1,220.

Units sold = 1,050.

Ending inventory units = 1,220 - 1,050

Ending inventory units = 170

As per the FIFO cost flow assumption, sales comprise of units from beginning inventory and earlier purchases. Hence, ending inventory comprises units from latest purchases.

So, ending inventory of 170 units would be valued at the price from 10/15 purchases.

10/15 purchase price per unit = $1,170

Ending inventory value = 170 units x $1,170

Ending inventory value = $198,900

On January 1, 2010, Desert Company purchased a machine for $820,000. At the time, management estimated the useful life to be 20 years with a salvage value of $80,000 and will use straight-line depreciation. On January 1, 2020, the company reviewed the asset for impairment and determined that its future net cash flows totaled $420,000 and its fair value was $360,000. Desert has decided to continue to use the machine. What is the amount of depreciation expense Desert will record for this machine in 2020 after accounting for any potential impairment?

Smith Company makes jars of homemade strawberry jam. Each jar is priced at $6.00 per unit. The costs of the ingredients to make each jar are $2.00. The containing jar itself costs $1.00. The company has monthly expenses of $2,000 for rent and insurance, $300 for heat and electricity, and $5,000 in monthly salary expenses. Last month the company sold 3,000 jars. What is the UNIT VARIABLE COST per jar

Kuzio Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selling price $ 150 100 % Variable expenses 60 40 % Contribution margin $ 90 60 % The company is currently selling 7,000 units per month. Fixed expenses are $214,000 per month. The marketing manager believes that a $7,500 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? rev: 03_09_2018_

The following are the unit costs of making and selling an item at a volume of 30,000 units per month, which represents the company's capacity: Manufacturing: Direct materials $ 5.90 Direct labor 11.90 Variable overhead 1.90 Fixed overhead 3.90 Selling and administrative: Variable 7.90 Fixed 9.90 Assume the company has 300 units left over from last year which have small defects and which will have to be sold at a reduced price as scrap. This would have no effect on the company's other sales. The variable selling and administrative costs would have to be incurred to sell the defective units. The cost that is relevant as a guide for setting a minimum price on these defective units is: (Round your answer to two decimal places.) Multiple Choice $35.60 per unit. $7.90 per unit. $17.80 per unit. $31.50 per unit.

Consider the economies of Sporon and Gribinez, both of which produce agricultural products using only land and labor. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Calculate real GDP per capita for the two economies, and complete the last column of the following two tables.
Sporon
Year Land Population Real GDP Real GDP per Capita
(Acres)
2020 20,000 1,000 $15,000 $
2021 20,000 2,000 $28,000 $
2022 20,000 3,000 $36,000 $
2023 20,000 4,000 $40,000 $
Gribinez
Year Land Population Real GDP Real GDP per Capita
(Acres)
2020 20,000 500 $4,500 $
2021 20,000 1,000 $10,000 $
2022 20,000 1,500 $16,500 $
2023 20,000 2,000 $24,000 $
Rapid population growth tends to threaten economic growth in economies with land-to-labor ratios. Which of the following is a correct description of the effect of population growth on economic growth in Gribinez from 2020 to 2023?
a. *Real GDP per capita rose initially but eventually fell as population continued to expand.
b. *Real GDP per capita rose from 2011 to 2014 as population increased.
c. *Real GDP per capita fell in*Real GDP per capita fell from 2011 to 2014 as population increased.

Suppose that the reserve requirement for checking deposits is 20 percent and that banks do not hold any excess reserves. If the Fed sells $3 million of government bonds, the economy's reservesdecrease by $ million, and the money supply will by $ million. Now suppose the Fed lowers the reserve requirement to 15 percent, but banks choose to hold another 5 percent of deposits as excess reserves. True or False: The money multiplier will remain unchanged. True False True or False: As a result, the overall change in the money supply will remain unchanged. True False

Additionally, as the price level rises, the impact on the domestic interest rate will cause the real value of the dollar torise in foreign exchange markets. The number of domestic products purchased by foreigners (exports) will thereforefall , and the number of foreign products purchased by domestic consumers and firms (imports) willrise . Net exports will thereforefall , causing the quantity of domestic output demanded tofall . This phenomenon is known as theexchange rate effect

Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2021 $ 340 January 1, 2021: Projected benefit obligation 2,450 Accumulated benefit obligation 2,150 Plan assets (fair value) 2,550 Prior service cost—AOCI (2021 amortization, $40) 340 Net gain—AOCI (2021 amortization, $6) 360 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 275 Benefit payments to retirees, December 31, 2021 300 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021.

Pratt is ready to graduate and leave College Park. His future employer (Ferndale Corp.) offers the following four compensation packages from which Pratt may choose. Pratt will start working for Ferndale on January 1, year 1. Benefit Description Option 1 Option 2 Option 3 Option 4 Salary $ 60,000 $ 50,000 $ 45,000 $ 45,000 Health insurance No coverage $ 5,000 $ 5,000 $ 5,000 Restricted stock 0 0 1,000 shares 0 NQO's 0 0 0 100 options Assume that the restricted stock is 1,000 shares that trade at $5 per share on the grant date (January 1, year 1); shares are expected to be worth $10 per share on the vesting date at the end of year 1; and no 83(b) election is made. Assume that the NQOs (100 options) each allows the employee to purchase 10 shares at $5 exercise price. The stock trades at $5 per share on the grant date (January 1, year 1) and is expected to be worth $10 per share on the vesting date at the end of year 1, and the options are exercised and sold at the end of the year. Also assume that Pratt spends on average $3,000 on health-related costs that will be covered by insurance if he had coverage or is an after-tax expense if he isn't covered by insurance (treat this as a cash outflow). Assume that Pratt’s marginal tax rate is 35 percent. (Ignore FICA taxes and time value of money considerations). What is the after-tax value of each compensation package for year 1? If Pratt’s sole consideration is maximizing after-tax value for year 1, which scheme should he select?

Cagney and Lacey enter into a written contract to open "Tried and True," a store specializing in used guns recovered from murder scenes. The written contract is a 2-paragraph handwritten document, and states that each party will receive 50% of any net profits and that each will devote 30 hours a week to the business. Both parties regard the writing as a final expression of their deal. After being in business for a evide while, Cagney sues Lacey for breach because Lacey is only working 20 hours per week during the summer months. Lacy attempts to present on vacation from school. Will Lacey be able to present this evidence at trial?
1. No, under the parole evidence rule that shows just prior to signing the contract, Cagney orally agreed that Lacey could work 20 hours a week when her children were
2. Yes, under the parole evidence rule
3. No, due to unilateral mistake
4. Yes, under the statute of frauds

Look up a field in nutrition and wellness that interests you.

Part A
Choose any two job titles and give a brief description of the job.

Problem 11-5 Next week, Super Discount Airlines has a flight from New York to Los Angeles that will be booked to capacity. The airline knows from past history that an average of 40 customers (with a standard deviation of 26) cancel their reservation or do not show for the flight. Revenue from a ticket on the flight is $140. If the flight is overbooked, the airline has a policy of getting the customer on the next available flight and giving the person a free round-trip ticket on a future flight. The cost of this free round-trip ticket averages $270. Super Discount considers the cost of flying the plane from New York to Los Angeles a sunk cost. By how many seats should Super Discount overbook the flight? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round your answer to the nearest whole number.) Overbooked by passengers

List five developmental issues common to most LDCs.

Jeff is the Chief Financial Officer of a large publicly-traded corporation. He knows that his company will have to restate its earnings downward shortly, because of some accounting errors. He also knows that this will cause the stock price, which is now $20 a share, to decrease sharply. Before the public announcement of the restatement, Jeff sells most of his shares to outside investors, who pay the current $20 market price, unaware of the coming restatement. Jeff may be charged with Group of answer choices Conspiracy to commit securities fraud Embezzlement All of these Obstruction of justice Insider trading

S. S. Sarkar (S.S.S.), a real estate investment company, is considering investing in a shopping center. The sale price is $5,000,000 and S.S.S. expects to have positive after-tax and after-mortgage payment cash flows from rents of $400,000 for the next three years. S.S.S. can obtain a mortgage with a downpayment of $3,000,000. At the end of the third year, S.S.S. anticipates selling the shopping center for a net after-tax gain on sale of $4,500,000. If S.S.S.'s required return is 30%, should S.S.S. go ahead and purchase the shopping center?

Use the following account balances from the adjusted trial balance of Flora Wholesalers:

Account Debit Balance Credit Balance
Cash $4,200
Accounts receivable $300
Accounts payable $1,100
H. Jones, Capital $4,400
H. Jones, Drawing $900
Fees revenue $13,200
Advertising expense $8,100
Travel expense $4,200
Shipping expense $300
Computer software expense $400

Required:
What accounts of Flora Wholesalers will have the same balance at the beginning of next year as it does presently on the adjusted trial balance?

The client Circuit City is considering the introduction of private label brands into their superstores. Private label brands are unbranded products made by an OEM (original equipment manufacturer). Is there any value in this product line? If yes, what are the sources of value of this program? What are the potential downside risks associated with introducing private label products?

Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows:

Junior Pro Striker
Production budget 7,400 units 18,600 units

Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows:

Forming Department Assembly Department
Junior 0.2 hour per unit 0.4 hour per unit
Pro Striker 0.35 hour per unit 0.7 hour per unit

The direct labor rate for each department is as follows:

Forming Department $14 per hour
Assembly Department $12 per hour

Required:
Prepare the direct labor cost budget for July.

The records of Flounder’s Boutique report the following data for the month of April.
Sales revenue $103,300
Purchases (at cost) $52,100
Sales returns 2,200
Purchases (at sales price) 95,200
Markups 9,000
Purchase returns (at cost) 2,200
Markup cancellations 1,600
Purchase returns (at sales price) 3,200
Markdowns 9,500
Beginning inventory (at cost) 29,725
Markdown cancellations 3,100
Beginning inventory (at sales price) 50,100
Freight on purchases 2,600
Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using conventional retail inventory method

Swifty Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per books, 10/31 $12800 Deposits in transit 500 Notes receivable and interest collected by bank 2600 Bank charge for check printing 60 Outstanding checks 6100 NSF check 520 The adjusted cash balance per books on October 31 is

April is studying finance in college. She wants to enter a career that will analyze the risk of for a company. Which career pathway would be best suited for this ?

Brokerage Clerk

Risk Management Specialist

Tax Preparer

Insurance Sales Agent

Help! Which tasks commonly are performed in Management and Entrepreneurship jobs? Check all that apply.

packaging products
managing budgets
predicting future results
tracking inventory
hiring and supervising workers
visiting customers’ homes
setting goals and strategies
help me i am being help hostage to do homework

Tucan Company manufactures a product requiring 0.5 ounces of platinum per unit. The cost of platinum is approximately $300 per ounce; the company maintains an ending platinum inventory equal to 10% of the following month's production usage. The following data were taken from the most recent quarterly production budget:

July August September
Planned production in units 1,000 11,00 980

The cost of platinum to be purchased to support August production is:_______

Both Aaria and Justin work with businesses. Aaria tries to sell them packages that will cover their employees in case of injury or illness. Justin helps the businesses to grow their money and assets. Which statement describes their careers?

Aaria is in Business Financial Management Services and Justin is in Financial and Investment Planning.

Aaria is in Financial and Investment Planning Services and Justin is in Business Financial Management.

Aaria is in Business Financial Management and Justin is in Insurance Services.

Aaria is in Insurance Services and Justin is in Business Financial Management.

what is money placed in a checking account called

Direct Materials Variances The following data relate to the direct materials cost for the production of 20,000 automobile tires: Actual: 80,000 lbs. at $2.65 $212,000 Standard: 86,000 lbs. at $2.50 $215,000 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter favorable variances as negative numbers. Enter unfavorable variances as positive numbers. Price variance $fill in the blank 1 Quantity variance fill in the blank 3 Total direct materials cost variance $fill in the blank 5 b. The direct materials price variance should normally be reported to the . The direct materials quantity variance due to a malfunction of equipment that had not been properly operated should be reported to the . The total materials cost variance should be reported to the .

Match each of the following terms with their definition - Before-tax cost of debt - Cost of preferred stock - Cost of Common Stock - WACC A. The interest rate the firm must pay on new long-term borrowing B. the rate of return on retained earnings, and adjusted for flotation costs C. rate of return investors require based on the preferred stock dividend D. the average cost of raising new financing

Match each transaction with the appropriate journal in which it should be recorded.a. Sales journalb. Purchases journalc. Cash receipts journald. Cash disbursements journale. General journal____ 1. Borrowed $7,000 cash from the local bank.____ 2. A customer returned a $250 item purchased on account.____ 3. Purchased merchandise on account, $2,100.____ 4. Purchased equipment on account for $4,000.____ 5. Paid $15,000 cash in wages to employees.____ 6. Paid a telephone bill for $3,400 cash.____ 7. Purchased $1,150 of office supplies on account.____ 8. Recorded depreciation on office equipment of $2,000.____ 9. Returned defective inventory purchased on account, $2,550.____ 10. Recorded cash sales of $12,700.

A NOW account requires a minimum balance of $750 for interest to be earned at an annual rate of 4 percent. An account holder has maintained an average balance of $500 for the first six months and $1,000 for the remaining six months. The account holder writes an average of 60 checks per month and pays $0.02 per check, although it costs the bank $0.05 to clear a check.

Required:
a. What average return does the account holder earn on the account?
b. What is the average return if the bank lowers the minimum balance to $400?
c. What is the average return if the bank pays interest only on the amount in excess of $400? Assume that the minimum required balance is $400.
d. How much should the bank increase its check fee to the account holder to ensure that the average interest it pays on this account is 5 percent? Assume that the minimum required balance is $750.

A rifle manufacturer like Springfield needs muzzles, trigger mechanism, and wooden gunstocks to produce rifles. Without these items, Springfield cannot produce its rifles. Springfield will reduce its demand for trigger mechanisms and gunstocks if suppliers are unable to sell it the muzzles it needs to make rifles. This is an example of _____ in the business market.