This declaration is true.
Relevant data defines world variable facts for the workflow process. Relevant statistics is used to pass information from one endeavor to the subsequent by way of associating it with exercise parameters.
Relevant facts can be accessed thru JavaScript for use in transition conditional logic, script activities, and post-activity scripts.
Why applicable records is important?Good statistics permits groups to establish baselines, benchmarks, and desires to maintain shifting forward. Because statistics permits you to measure, you will be capable to set up baselines, find benchmarks and set overall performance goals. A baseline is what a positive location appears like earlier than a particular answer is implemented.
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https://brainly.com/question/13067651#SPJ4on october 1, black company receives a 10% interest-bearing note from reese company to settle a $15,400 account receivable. the note is due in 6 months. on december 31, black should record interest revenue of
Black should report interest income of $77,000 on December 31 (15,400 x 10 x 6/12).
Is interest income or capital?In other words, interest receivable refers to the anticipated interest income that a business will receive. Interest receivable is typically represented as a current asset in the balance sheet as long as it may be normally assumed to be paid within one year.
What is an illustration of interest income?A bank's interest income would be $50 million if its portfolio of loans totals $1 billion and earns an average interest rate of 5%. On the liabilities side, the bank's interest expenditure would be $24 million if it had $1.2 billion in outstanding customer deposits generating 2% interest.
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Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920
In the journal entry, the accounts payable will be debited, and the cash and discounts will be credited.
The journal entry to record the financial transaction in the books of Lyon Co. for the April 2 purchase, net of the discount and the returned merchandise, is as given below.
17 April Account payable Ac. Dr. 4,000
TO, Discount received 80
TO, Cash 3,920
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#Complete question
Prepare journal entries to record the following transactions for a retail store.
Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920
sunland company has a materials price standard of $2.00 per pound. 6300 pounds of materials were purchased at $2.20 a pound. the actual quantity of materials used was 6300 pounds, although the standard quantity allowed for the output was 6000 pounds. sunland company's materials price variance is
If the standard quantity allowed for the output was 6000 pounds, Sunland company's materials price variance is 920$.
In plain English, what is a variance?The variance is the difference between the numbers in a set of data, to put it simply. Each number's variance is a statistical metric that shows how far off from the mean and from each other number in the set it is.
What is statistics variance?In statistics, variability is measured by variance. It evaluates the mean squared deviation between the data values and the mean. It includes all data points in its calculations by comparing each value to the mean, unlike some other statistical measures of variability.
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Which of the following stages of the five-stage development model for teams is when the team finalizes its work and disbands?
A. adjourning
B. performing
C. forming
D. norming
Option (a), The team adjourns during the adjourning stage of the five-stage development model for teams after completing its task.
What is the final phase of team development?During this final stage of group formation, members begin to make ready to say goodbye. The main goals of the adjourning stage are to close and reach a successful finish. Group members should take some time to reflect on their individual contributions and growth.
Bruce Tuckman coined the term "adjourning" in 1977 to describe the fifth and final stage of group growth, which takes place after a group completes its work before breaking up. It is crucial that team members at this point receive the necessary congratulations and closure for the work they did.
As the meeting comes to an end, the majority of the team's goals have been accomplished. Finalizing unfinished business and documenting work and results are the main priorities. As the workload lowers, specific team members might be moved to other teams, which would cause the team to dissolve.
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The company's adjusted trial balance includes the following accounts balances Cash, $15,000, Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Retained earnings, $63,500, Dividends, $2,000, Sales, $56,000 Sales Returns and Allowances, $3,000 Sales Discounts, $1,500, Depreciation Expense, $25,000 and Salaries Expense, $23,000 All accounts have normal balances Prepare the second closing entry by selecting the account names from the pull down menus and entering dollar amounts in the debit and credit columns.
DEBIT: INCOME SUMMARY $52,500 (depreciation expense $25,000 + Salaries expense $23,000 + sales discounts $1,500 + sales and returns an allowances $3,000 = total income of $52,500) Credit sales discounts $1,500, sales returns and allowances $3,000, depreciation expense $25,000 salaries expense $23,000
First Knowledge Check The following account balances are included in the company's adjusted trial balance: Accounts Payable: $10,000; Equipment: $85,000; Accumulated Depreciation: $25,000; Retained Earnings: $63,500; Dividends: $2,000; Sales: $56,000 Sales Allowances and Returns, $3,000 $1,500 in sales discounts, $25,000 in depreciation costs, and $23,000 in salary costs. All accounts are balanced normally. By choosing the account names from the pull-down options and entering dollar amounts in the debit and credit fields, you may prepare the second closing entry. look at the transaction list Worksheet for journal entries The following account balances are included in the company's adjusted trial balance: $15,000 in cash; $85,000 in equipment; $25,000 in accumulated depreciation; $10,000 in accounts payable; and $63,500 in retained earnings. $2,000 in dividends, $56,000 in sales, and $2,000 in sales returns and allowances Note: List debits first, then credits. Dec. 31 Debit Credit General Journal
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A broker advised his seller-client, who is selling his principal residence, to provide a completed seller disclosure notice as required by the texas property code. he should also advise the seller, that if a buyer does not receive the disclosure prior to signing a sales contract, the
The broker should advise the seller that they must provide a completed Seller Disclosure Notice as required by the Texas Property Code.
The broker should also explain to the seller that they must provide the disclosure notice to potential buyers prior to signing a sales contract. If the buyer does not receive the disclosure, they may have up to three days after signing the sales contract to terminate the contract without any penalty.
The broker should also explain that failure to provide the disclosure notice could result in a lawsuit against the seller. Additionally, the broker should remind the seller to read the disclosure form carefully and answer all questions truthfully.
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Which of the following terms refers to the economic circulation of works of art? Art gallery Auction Patronage Art market CONCEPT
Art market refers to the economic circulation of works of art.Through consumer spending and tourism, the arts and culture can help to boost local economies.
What exactly does "art market" in economic circulation mean?The art market is a venue where buyers and sellers exchange goods, services, and pieces of art. The art market operates under an economic model that takes into account factors other than supply and demand. It is a hybrid form of prediction market where art is bought and sold for prices based not only on a work's perceived cultural value but also on both its past monetary value and its anticipated future value. The market has been described as one where producers don't create products primarily for sales and where customers frequently don't understand the worth of the products they purchase.
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though akbar held discussions with jesuit missionaries, the mughals generally considered europeans to be barbarians and did not import their products.
Although Akbar met with Christian missionaries, the Mughals did not purchase European products because they considered the people from that continent to be barbarians.
What made Akbar so powerful, and why?The Mughal Empire rapidly grew to embrace the whole Indian subcontinent under Akbar, a charismatic general who was successful. However, because the Mughals controlled the military, politics, culture, and economy of the whole subcontinent, his power and influence grew throughout it.Against Akbar, who prevailed?Maharana Pratap, the ruler With the upgraded textbooks, students may now learn. Maharana Pratap soundly beat Akbar, the Mughal emperor, in the Battle of Haldighati in the 16th century.For more information on Akbar kindly visit to
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Managers who consider the impact of their organization on the natural environment are said to be practicing:
A) value-based management.
B) ethics-based management.
C) socially responsible management.
D) green management.
Green management is the practice of taking into account how an organization's actions may affect the environment.
The discussion of corporate sustainability and sustainable development led to the establishment of the academic idea of green human resource management. With his proposition that "if a firm is to take an environmentally-aware approach to its activities, the employees are the key to its success or failure," Wehrmeyer is frequently credited with laying the groundwork for this theory. GHRM is described as "the HRM components of Environmental Management" in one of the most popular definitions. GHRM is defined as "phenomena relevant to understanding linkages between organizational activities that impact the natural environment and the design, evolution, implementation, and effect of HRM systems" in a broader sense. One of GHRM's objectives is to inform staff members about environmental problems throughout the world by starting proposal schemes, educate staff members about greener habits, and motivate staff members to participate in and develop sustainable initiatives.
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Green management is the practice of taking into account how an organization's actions may affect the environment.
The discussion of corporate sustainability and sustainable development led to the establishment of the academic idea of green human resource management. With his proposition that "if a firm is to take an environmentally-aware approach to its activities, the employees are the key to its success or failure," Wherever is frequently credited with laying the groundwork for this theory. GHRM is described as "the HRM components of Environmental Management" in one of the most popular definitions. GHRM is defined as "phenomena relevant to understanding linkages between organizational activities that impact the natural environment and the design, evolution, implementation, and effect of HRM systems" in a broader sense. One of GHRM's objectives is to inform staff members about environmental problems throughout the world by starting proposal schemes, educate staff members about greener habits, and motivate staff members to participate in and develop sustainable initiatives.
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consider the above laffer curve. this curve suggests that as the government raises the tax rate, a point will eventually be reached at which the revenues that are collected will
The concept of Arthur Laffer's tax cuts boosting growth and tax collection was rapidly branded "trickle-down." Both President Herbert Hoover's Great Depression stimulus attempts and President Ronald Reagan's use of income tax cuts were dubbed as "trickle-down."
The Laffer Curve is an economic hypothesis developed by economist Arthur Laffer that proposes that tax rates beyond a particular level lower tax revenue by incentivizing individuals not to work. As a result, it argues that decreasing tax rates encourages individuals to work harder, resulting in higher tax income. The Laffer Curve gained popularity in the 1980s and was a driving factor behind economic policy under the Reagan administration in the United States and Margaret Thatcher's government in the United Kingdom. The principles underpinning the theory have been so embedded in economic discourse that while most people are unfamiliar with the word Laffer Curve, they are familiar with the notion.
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While the manage communications process is underway, effective information distribution often requires the project manager and team to accomplish all of the following activities EXCEPT: (x2)
a. determine any information needs not already uncovered
b. establish an information retrieval and distribution system
c. develop responses to identified risks
d. report project performance to stakeholders
While the manage communications process is underway, effective information distribution often requires the project manager and team to accomplish all of the following activities EXCEPT: c. develop responses to identified risks.
When project managers authorize work they should empower others to the extent possible?When project managers provide the go-ahead for work, they should empower employees as much as feasible while yet exercising appropriate control. The processes of tracking, reviewing, and reporting progress to satisfy the performance targets specified in the project plan are referred to as monitoring and controlling project work.
Planning for quality is more cost-effective than checking the final product, redoing the job, or fixing issues to meet quality standards. The project manager must weigh the price of conformity against the cost of obtaining the desired level of quality.
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the average (arithmetic mean) of the 5 houses on a certain street is $60,000. if the price of the least expensive house is $55,000, which of the following could not be the price of the most expensive house?
A residence cannot cost more than $80,000 in total.
Explain about the average?Average is defined as the sum of all the numbers divided by all the numbers. The arithmetic mean is another name for it. The ratio of a set of numbers' sum to total count is used to define the average, which displays a single value.
Making decisions for both your personal and professional life can benefit from knowing the average of a group of values. You can make decisions about salaries, output, and purchases using the average value, commonly referred to as the mean. Additionally, it can be helpful in routine data-related tasks.
It is often calculated by dividing the total number of numbers in the list by the number of numbers in the list (the arithmetic mean).
5 houses cost an average of $60,000.
5 homes are priced at a total of $60,000*5=$300,000.
The least priced home costs $55,000.
We must reduce the cost of other items in order to determine the maximum price for a property.
The price of the extra three homes is $55,000 x 4 homes costing a total of $55,000 = $220,000.
A house might cost as much as $300,000 - $220,000
= $80,000.
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Which of the following answers lists 2 items owned by a debtor either at the time of or prior to the bankruptcy filing that would most likely be included in the bankruptcy estate?
a. The debtor's home and a vintage Ford car that the debtor gave to his sister 3 weeks prior to the debtor's filing bankruptcy.
b. The debtor's retirement IRA accounts and the debtor's car worth $25,000.
c. Ring worth $100,000 (the amount over $25,000) and life insurance proceeds received by the debtor within 90 days after the debtor filed for bankruptcy.
d. The debtor's cash payment made to a creditor 2 years ago who would have received nothing in the bankruptcy and the debtor's furniture.
Option (a), 3 weeks previous to declaring bankruptcy, the debtor gave his sister the debtor's house and a classic Ford automobile.
What occurs when a debtor files for bankruptcy?When you seek bankruptcy relief, a court discharge will free you from the requirement to repay some debts to your creditors. It's crucial to realize that after receiving a debt discharge, your creditors are not allowed to get in touch with you or attempt to collect the debt in any way.
What are the workings of bankruptcy for both creditors and debtors?Your two main bankruptcy options are Chapter 7 and Chapter 13, if you decide to file. Many of your possessions will be liquidated during a Chapter 7 bankruptcy in order to pay off your creditors. In a Chapter 13 bankruptcy, your assets are still protected, but you must repay your obligations over a predetermined period of time.
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TRUE/FALSE. the basic idea of a natural monopoly is that there is one producer, and new sellers are discouraged from entering the market because the current producer is facing a rise in costs due to natural increases in the prices of inputs. the current producer has a patent on its product. there would be legal barriers against entering the market. they would have significantly higher marginal costs than the existing seller in the market.
The fundamental tenet of a natural monopoly is that there is only one producer and that new sellers are prevented from entering the market because the existing producer is forced to raise prices as a result of naturally rising input prices.
A simple definition of monopoly explainedA monopoly is a situation in which there is only one seller operating in the market. In economics, the monopoly situation is frequently seen as the utter antithesis of ideal competition.
What does monopoly imply for the corporate world?A monopoly develops when one manufacturer or seller controls the market. A monopoly limits the variety of product options available and makes it difficult for competitors to enter the market. Consumer dishonesty may result from monopolies.
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During 2022, Blossom Company sold equipment with a book value of $172800 for proceeds of $208800. The company purchased new equipment for $460800 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2022. The investing section of the statement of cash flows will report
a.net cash outflows of $252000.
b.net cash outflows of $424800.
c.net cash inflows of $208800.
d.net cash inflows of $36000.
The investing section of the statement of cash flows will report a net cash inflow of of $208800. Thus, the correct answer is option C.
What is a statement of cash flows?A cash flow statement, also known as a statement of cash flows in financial accounting, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and divides the analysis into operating, investing, and financing activities.
The investing activities section of the cash flow statement records the activities that include the purchase and sale of long-term assets. The purchase is a cash outflow, whereas the sale is a cash inflow.
In the given case, the sale proceed of equipment is consider in the investing activity i.e. $208800.
Therefore, net cash inflows of $208800 is reported in the investing section of the statement of cash flows.
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On January 1, 2021, Lizzy's Lemonade issues 5%, 20-year bonds with a face amount of $97,000 for $85,789, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be recorded on June 30, 2021, the first interest payment date? (Round your final answer to the nearest whole dollar amount.) Interest expense
Interest expense to be recorded on 30 June, 2021 is $2573.67 for 20-year bonds with a face amount of $97,000 for $85,789, priced to yield 6%.
Give a brief account on interest expense.An entity's cost for borrowing money is regarded as an interest expense. On the income statement, interest expense is listed as a non-operating expense. It represents interest that must be paid on all borrowings, including bonds, loans, convertible debt, and credit lines. It is essentially determined by multiplying the debt's outstanding principal amount by the interest rate. Instead of the amount of interest paid during that time, interest expenditure on the income statement shows interest accrued throughout the period covered by the financial statements. Despite the fact that interest costs are tax deductible for businesses, they may not be in the case of an individual, depending on their jurisdiction and the loan's intended use.
To solve the question :
Interest expense on 30 June, 2021:
= $85,789 × 6% × 6/12
= $2573.67
Hence, interest expense to be recorded on 30 June, 2021 is $2573.67.
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FILL IN THE BLANK Because income is not distributed perfectly equally anywhere in the world, the top quintiles earn a disproportionately _____ share of income and the lower quintiles earn a disproportionately _____ share of income.
Because income is not distributed perfectly equally anywhere in the world, the top quintiles earn a disproportionately high share of income and the lower quintiles earn a disproportionately low share of income.
What three forms of poverty are there?localized poverty
poverty over generations
absolute need.
relative destitution
urban squalor
rural destitution
Which forms of poverty are a gauge of economic disparity?Five indices, including the Gini coefficient and S90/S10, among others, are used to measure income disparity. Poorness rate: The ratio of people (in a certain age group) whose income is below the poverty line, calculated as half the median family income of the entire population, is known as the poverty rate.
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Most communities contain a number of tax-exempt properties. All of the following are typically included in the tax-exempt property classification except
Multiple Choice
single-family homes.
places of worship.
universities.
government-owned properties.
The one not include in tax-exempt property classification is Single-family homes.
What is tax exempt property?Real estate taxes are not required for some kinds of properties. These include government, religious, and nonprofit buildings that meet certain criteria. Exemptions are also possible for senior persons, veterans, and STAR (the School Tax Relief programme) participants.The benefit of a tax exemption is unlimited. They are made by the federal, state, and municipal governments to benefit certain citizens, companies, or other organizations under unique circumstances.The majority of taxpayers are entitled to an exemption on their tax return, which works similarly to a deduction in lowering your tax liability. Governments at the federal and state levels commonly exempt groups from paying any income tax when they provide services to the public, such as charities and religious institutions.
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The SEC has issued independence rules that differ from the AICPA's in all of the following areas except:
A) working paper documentation.
B) provision of other professional services.
C) human resource and compensation-related issues.
D) required communication.
Out of the choices provided above, it can be stated that the SEC has issued independence rules that differ from the AICPA's in all of the following areas except working paper documentation. Therefore, the option A holds true.
The SEC, or the Securities and Exchange Commission, acts as the superior authority to deal with the regulations of securities and stock markets. Its rules are applicable in all the areas aforementioned, except for the case of the documentation of the working papers of a company.
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If a company issues 10,000 shares of $1 par value common stock at a market price of $50 per share, which of the following is the correct balance sheet entry? Select one: O a. Increase cash by $500,000 and increase earned capital by $500,000 O b. Increase revenues by $500,000 O c. Increase common stock and cash by $10,000 O d. Increase cash by $500,000 and increase contributed capital by $500,000
d. Correct balance sheet entry to increase cash by $500,000 and increase contributed capital by $500,000.
This is the correct balance sheet entry because when a company issues 10,000 shares of $1 par value common stock at a market price of $50 per share, the company will receive cash equal to $500,000 (10,000 x $50). This amount should be recorded as an increase in cash on the balance sheet.
The other side of this entry should be an increase in contributed capital, which is the value of the shares issued in the market. In this case, the company has issued 10,000 shares of $1 par value common stock for $50 each, resulting in a contributed capital of $500,000 (10,000 x $50). This should be recorded as an increase in contributed capital on the balance sheet.
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the payoff matrix presents the profits for firms x and y under their two individual pricing strategies. suppose both firms have agreed to maximize their combined profits by colluding on their pricing strategies. use the information in this payoff matrix to answer the two questions. firm x strategy firm y strategy low price high price low price firm x profit
Firm Y ought to pick a dominating approach, while Firm X ought to pick a nondominant one.
A pricing strategy is what, exactly?A company can use a variety of pricing strategies when marketing a good or service. In order to choose the most effective pricing strategy, senior executives must first evaluate the company's price position, pricing segment, pricing capacity, and competition's pricing reaction strategy. Businesses, countries, cultures, and industries all have different pricing policies and procedures. Additionally, they fluctuate over time as markets, sectors, and overall economic conditions evolve.
Pricing guidelines determine how much a company can charge for its goods. Pricing can be chosen to increase revenue from either the overall market or from each product sold separately.
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You are wondering how to explain price elasticity of demand to the management of the Houston Astros baseball team, in user-friendly language. You decide to talk about How demand increases when price is decreased How price decreases when demand is increased How price increases when demand in decreased How demand decreases when price is increased How demand increases when price is decreased and How demand decreases when price is increased are both correct
How demand increases when price is decreased and how price increases when demand in decreased both correct.
What is the connection between supply and demand and price?According to the law of demand, higher prices result in smaller quantities being wanted, whereas lower prices result in bigger quantities being demanded. The link between quantity demanded and price can be summarized using demand curves and schedules. The law of supply and demand combines two fundamental economic concepts to describe how changes in a resource's price affect its supply and demand.
Supply increases as the price rises, but demand drops. When the price drops, however, supply becomes more constrained, and demand increases. Demand for a good or service is inversely related to price, under the rule of demand, provided all other parameters remain constant.
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Carlota and Dave formed an S corporation; Carlota owns 75% of the out-standing shares, and Dave owns the rest. When the entity’s AAA balance is $1,000,000, it distributes an asset to each shareholder; the basis of each asset to the corporation is $152,500. Carlota’s asset is worth $213,500, and Dave’s is worth $183,000.
a. How much gain, if any, does the corporation recognize as a result of the distribution? $______
b. By how much, if any, does the distribution increase Dave’s gross income? $_____
c. By how much, if any, does the distribution increase Carlota’s gross income? $_____
The corporation recognized gain is $26000.Mark recognized is $34600 and basis in land is fair market value is $70,400
How much profit, if any, does the company realize from the distribution?we get here recognized is express as
recognized is = fair market value - tax basis
recognized is =$70400 - $44400
recognized gain is = $26000and
Gain raised his stock's basis from $35,800 to $61,800 (26,000 + 35,800).
so we recognized gain allocated is = $70400 - $61800 = $8600
here mark recognized is = gain allocated + recognized gain
mark recognized is = $8600 + $26000
mark recognized is = $34600
basis in land is fair market value = $70,400
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Let the price elasticity of supply for a good be 2.0, and the absolute value of the price elasticity of demand be -1.5. Which of the following is true in this case?a. Producers carry the majority of the tax burdenb. consumers carry the majority of the tax burdenc. producers and consumers carry an equal amount of the tax burdend. consumers carry the entire tax
Answer:
consumers carry the majority of the tax burden.
Explanation:
You will require $700 in 5 years. If you earn 5% interest on your funds, how much will you need to invest today in order to reach your savings goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value
To reach your savings goal of $700 in five years at a rate of 5%, you will need to put $548.47 into investments today.
Providing the following details:
In five years, you will require $700. Your money earns you 5% interest.
The following formula must be utilized in order to determine the initial investment:
PV = FV/(1+i)n PV is the present value, FV is the future value, n is the number of years, and i is the interest rate. PV = 700/(1.055) PV is $548.47
What is meant by "present value"?
The current value of a future sum of money or stream of cash flows at a certain rate of return is known as present value (PV). A discount rate or the interest rate that could be earned if invested is added to the future value for present value.
How is the present value determined?
Future Value (FV) = Present Value (PV) / (1 + r) n
Rate of Return, or r.
n = Number of Periods.
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Which of the following is not a measure of liquidity? Acid-Test Ratio Current Ratio Gross Profit Ratio Working Capital
Gross Profit Ratio is not a measure of liquidity.
Which three liquidity ratios are there?The current ratio, quick ratio, and cash ratio are the three primary liquidity ratios. Investors and creditors look for companies with liquidity ratios above 1.0 when evaluating a company. A business that has strong liquidity ratios has a higher chance of getting loans.
The acid-test ratio (ATR), usually referred to as the fast ratio, determines how well current assets can cover current obligations to determine a company's liquidity. Only the most liquid current assets that can be converted to cash in 90 days or less are used for calculating the quick ratio.
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given the information below, what is the gross profit? sales revenue $ 300,000 accounts receivable $ 56,000 ending inventory $115,000 cost of goods sold $243,000 sales returns $29,000
Explanation:
student school District hai na ki baat hai na ki baat
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
FIFO (first in, first out) inventory management seeks to value inventory so the business is less likely to lose money when products expire or become obsolete. LIFO (last in, first out) inventory management is better for nonperishable goods and uses current prices to calculate the cost of goods sold.
a) Ending Merchandise Inventory and Cost of Goods Sold under FIFO:
Beginning Inventory, 17 units at $15each $255
Plus Purchases:
June 12 Purchase, 5 units at $19each 95
June 24 Purchase, 11 units at $23each 253
Cost of Goods Available for Sale $603
Less Ending Inventory 138
Cost of Goods Sold $465
b) Ending Merchandise Inventory and Cost of Goods Sold under LIFO:
Beginning Inventory, 17 units at $15each $255
Plus Purchases:
June 12 Purchase, 5 units at $19each 95
June 24 Purchase, 11 units at $23each 253
Cost of Goods Available for Sale $603
Less Ending Inventory 90
Cost of Goods Sold $513
c) Ending Merchandise Inventory and Cost of Goods Sold under Weighted Average:
Beginning Inventory, 17 units at $15each $255
Plus Purchases:
June 12 Purchase, 5 units at $19each 95
June 24 Purchase, 11 units at $23each 253
Cost of Goods Available for Sale $603
Less Ending Inventory 109.62
Cost of Goods Sold $493.38
2. Ending Inventory = 6 units (17 units + 5 - 14 + 11 - 13)
FIFO LIFO Weighted Average
Ending Inventory value = $23 *6 = $138; $15 *6 = $90; $18.27 *6 = $109.62
Weighted Average = Cost of Goods Available for Sale / Quantity Available for Sale = $603/33 = $18.27 per unit
FIFO: First In, First Out: This is a method of costing inventory which assumes that goods remaining in stock are those that were brought in last. This means that goods are sold out according to the time they are bought, with earlier bought goods being sold before later bought goods.
LIFO: Last In, First Out: This costing method assumes that goods that are sold are those that were bought later leaving those bought earlier to remain in stock. The entity using this method exhausts the last quantity bought before selling the earlier quantities.
Weighted Average: This is another technique which weighs the averages of the cost of inventory before determining the value of inventory. The weighted average method divides the cost of the goods available for sale by the number of those units still on the shelf. The result is the weighted average cost per unit, which can be used to assign a cost to both the ending inventory and the cost of goods sold.
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.
Additional Information:
June.1 Beginning merchandise inventory 17 units at $15each
12 Purchase 5 units at $19each
20 Sale 14 units at $37each
24 Purchase 11 units at $23each
29 Sale 13 units at $37each
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the paris paint company is in the process of planning labor force requirements and production levels for the next four quarters. the marketing department has provided production with the following forecasts of demand for paris paint over the next year:Assume that Paris currently has 80,000 gallons of paint in inventory and would like to end the year with an inventory of at least 20,000 gallons a. Determine the minimum constant workforce plan for Paris Paint and the cost of the plan. Assume that stock-outs are not allowed. b. If Paris were able to back-order excess demand at a cost of $2 per gallon per quar ter, determine a minimum constant workforce plan that holds less inventory than the plan you found in part (a), but incurs stock-outs in quarter 2. Determine the cost of the new plan. c. Formulate this as a linear program. Assume that stock-outs are not allowed. d. Solve the linear program. Round the variables and determine the cost of the resulting plan.
Net demand for the 4 quarters: (380 - 80), 630, 220, (160+20), i.e., 300, 630, 220, 180 So, the demand rises from 300 to 630 and then reduces gradually. The production level should be chosen at the midpoint of 300 and 630 so that the ending inventory
the most expensive part of the system life cycle is typically which may account for 80% of its total product life cycle cost.
The most high-priced parts of such software program development consist of the checking out and planning stages, which can take up from a month to countless years. However, the lifecycle hardly ever exceeds a 3-year period.
Which is greater luxurious device improvement or device maintenance?a. When evaluating the costs associated to gadget protection and device development, gadget renovation is the extra pricey option of the two.
Why the gadget renovation segment is regularly the most highly-priced phase?Maintenance is the closing segment that closing longer than any different software life cycle. This make preservation the most expensive or pricey phase in the device development existence cycle in view that it is long and time consuming
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