Kelly’s company currently has 300 pounds of iron in their inventory. Using LIFO, the unit cost of the iron is $5 per pound. What is the LIFO total cost? a.) $60 b.) $600 c.) $3,000 d.) $1,500
Q: Campbell Technologies, Inc. has three divisions. Campbell has a desired rate of return of 13.0…
A: GIVEN DATA Campbell Technologies, Inc. has three divisions. Campbell has a desired rate of return of…
Q: Preparing Common-Size Income Statements by Using BasePeriod Horizontal AnalysisRefer to the…
A: A common size income statement would be one wherein each line item is stated as a % of the revenue…
Q: operating costs. The new machine would cost $350, lue of the old machine on January 1, year 3, is…
A: The income statement is explained as,
Q: Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales…
A: Cost of good available for sale is equal to cost of beginning inventory and total cost of purchases…
Q: itor needs to obtain an understanding of the overall internal control of a company, the auditor…
A: Auditor refers to the individual or an entity whose job is to check and collect all the data and…
Q: Sri owns shares in a Canadian Corporation that paid him $1493 in dividends in 2020. In addition, he…
A: In this question, we will calculate that how much tax does Sri paid.
Q: How do financial markets help businesses? 2.How do financial markets help us (individuals) ?…
A: Financial markets are where financial products are bought and sold by (or through) financial…
Q: The responsible use and protection of the natural environment is known as O a) Environmental Rights…
A: Environmental protection seems to be the activity of people, organizations, and governments…
Q: 2. Sales plan of 2022 on ABC company as follo Month Sales in unit January February 5500 5600 March…
A: Production budget means the quantity to be produce to meet the forecasted sales. Production…
Q: Vanadium Audio Inc. is a small manufacturer of electronic musical instruments. The plant man- ager…
A: Introduction: Supply variances, power and light variations, and indirect factory wages variances are…
Q: Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $7.…
A: This question deals with the calculation of inventory and COGS using LIFO basis. In last in first…
Q: Direction: Use given the ratio compute the Financial Ratio Analysis. The comparative statement of…
A: Financial ratios are the formulas used by the management to make it easy to understand the financial…
Q: Covariance and Correlation The following table shows the expected returns from six different stocks…
A: Expected Return of each stock. Stock A = (Weight1 * Return1) + Weight 2 * Return 2) + ( Weight3 *…
Q: a. On 5/15/2020, purchased 4,000 shares of its own common stock at $20 per share. b. On 7/10/2020,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Which of the following is not a characteristic of a lean accounting system? Multiple Cholce Costs in…
A: lean accounting is the collection of principal and the process that provides the numerical feedback…
Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…
A: Gross profit = Sales - Cost of goods sold
Q: A home theater system is on sale for $777. If the list price is $925, find the percent of markdown.…
A: Markdown means the reduction in the price of the sale value of goods. Formula: Markdown amount =…
Q: Management of Great Springs Bottled Water Company has asked you, the controller, to develop a…
A: In this question, we will make Income statement of Great Springs Bottled Water and find out the…
Q: A large decrease in end of year grain inventory from one year to the next mistakenly left off of the…
A: Effect of decrease in Closing inventory on net income: Both the income statement and the balance…
Q: D&R Corp. has annual revenues of $262,000, an average contribution margin ratio of 33%, and fixed…
A: Operating income is a measure that shows how much of a company's revenue is transformed into…
Q: 1. Which of the following statements is FALSE? A. Cash includes coins, bills and checks. B. Prepaid…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Prior to 23 October 2027, the share capital account of Fallout Ltd had a balance of $50,000. This…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: cutoent at io for yatio All the years?! As Reported Annual Balance Shet Report Date Scale 2019…
A: Formula: Current ratio = Current Assets / Current liabilities.
Q: When does the system pay back for its cost? (Use cost benefit analysis.) Page 6 of 7
A: system cost $ 50,000 Discount Factor 11% Year Operational Cost Annual Benefit…
Q: A company produced 500 units of a product and incurred the following costs. Direct materials,…
A: Contribution margin: The balance when the sales are deducted by the variable costs is known as…
Q: Definition of the following in Accounting 1. Cost of Patent Inclusions 2. Impairment of Trademark…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: There are differences between the IFRS and GAAP (after FASB issued ASU 2017-04 to simplify the…
A: GIVEB There are differences between the IFRS and GAAP (after FASB issued ASU 2017-04 to simplify…
Q: 2. Which of the following statements is FALSE? A. Current liabilities are expected to be settled…
A: Note: As per the Policy, We’ll answer the first question since the first question seems to be…
Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…
A: On establishment of petty cash fund the cash will go to petty cash fund.
Q: The prior period will be affected if during the current year the management of an entity decides to…
A: Current year is the present accounting year. Prior period is the…
Q: a-1. Determine the unadjusted rate of return and (use ave places. (i.e., 0.2345 should be entered as…
A: IRR is a tool that is used to calculate the return over the project cash flow or its investment. If…
Q: What will be the value of the general receivables provision? £ 906 What will be the irrecoverable…
A: Balance at receivable in account at the year end £ 54,500 Special Provision of 9200…
Q: Why officers and employees of the cooperative development Authority are disqualified from being…
A: In this question, we will explain that Why officers and employees of the cooperative development…
Q: TRM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the…
A: Step 1: Calculate ending Inventory at base price: Year Ending Inventory at current price Prince…
Q: *Rooney uses flexible budgets for performance evaluation. Required a. Prepare a responsibility…
A: The responsibility performance report is the budget which shows the comparison between the budgeted…
Q: For the past year, Kayla, Incorporated, has sales of $46,967, interest expense of $4,088, cost of…
A: Operating Cash Flow = Net Income + Non-Cash Expense (Depreciation) As per US GAAP, Interest Paid is…
Q: Pro Forma cash flow statement for a start up company (restaurant) Can you help with a layout of the…
A: Pro Forma Cash Flow Cash Received Cash from Operations Cash Sales xxx Subtotal Cash…
Q: a. Sold merchandise on account, $13,400, with terms 2/10, net 30. The cost of the merdchandise sold…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: AG is preparing the comparative financial statements to be included in the annual report to…
A: The number of weighted shares are calculated using the following formula:- Weighted Number of shares…
Q: Dominador's Pizza Inc. enters into a franchise agreement on December 31, 20x7 giving Doming Corp.…
A: Franchise Accounting In the franchise Accounting the recognition of performance obligation is…
Q: You must evaluate a proposal to buy a new milling machine. The purchase price of the milling…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: hassignment No. 2 Recording Transactions in a Financial Transaction Worksheet Nelson Daganta formed…
A:
Q: Dwight Donovan, the president of Benson Enterprises, is considering two investment opportunities.…
A: Net present value is the excess of the present value of cash inflows over cash outflows.
Q: 4/3 Paid the Gazette $200 to place an employment advertisement for an accounting clerk. how to solve…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: Explain Doctrine Separate Legal Entity
A: Doctrine separate legal entity is a concept related to Company / Corporation. The concept is…
Q: C. Assume that the 52,000 shares of preferred stock are callable for $12 per share at the option of…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: Option 4: A 8-year, $3,750,000 bond; 6.25% stated interest rate, payable quarterly, issued to yield…
A:
Q: No. 6- Jane Lim owns all of the shares of J Ltd., ntrolled private corporation with investments ir…
A: Tax consequences refers to any event which shall engage managing member to occur as the consequence…
Q: Using the following information: a. The bank statement balance is $3,351. b. The cash account…
A: Bank reconciliation is the method of validating all cash account balances in an entity's accounting…
Q: QUESTION 5 A password text box hides text entered by the user. O True O False
A: Password protects the user information as it convert the input into encrypted data which is not…
Kelly’s company currently has 300 pounds of iron in their inventory. Using LIFO, the unit cost of the iron is $5 per pound. What is the LIFO total cost?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A commercial company bought 250 units of a specific material at a price of 50,000 dinars per unit, and the purchase expenses were up to the arrival of the material. The stores of the company were my two: commission banks = 1250000 tax expenses = 1875000, transportation, loading and unloading expenses = 900000 insurance expenses = 600000 Requirement: Calculating the cost of the material purchased?Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the economic order quantity. 2. Compute the ordering, carrying, and total costs for the EOQ. 3. How much money does using the EOQ policy save the company over the policy of purchasing 4,000 plastic housing units per order?Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compute the annual carrying cost. 3. Compute the cost of Ottiss current inventory policy. Is this the minimum cost? Why or why not?
- Annual production of Product X is 400,000 annually. Each unit of Product X requires 2.5 units of material J. Product X is sold for 500 per unit and its total manufacturing cost is 300. Material J is purchased at 60 per unit. Carrying cost per unit of material J is 1 per unit while the ordering cost is 500 per order. How any units of material j shall the company order each time to minimize total relevant cost of inventories? a. 31,623 b. 20,000 c. 30,263 d. 26,336 e. None of theseThis question is based on t he following information: B Hon Company purchases thermostats and use them in heating units it manufactures. Annual requirement for the thermostat is 2,000 units. The cost per thermostat is P 20. The cost of placing a single order is P 50 while the cost of storage is 25% of the average inventory value. The suppler of the thermostat offers a discount of 2% if the company will order in lots of 500 units. 1. How much would be the total costs associated with the inventory if the company adopts the discounted ordering policy? . A. P 40,000 B. P 40,625 C. P 41,000 D. P 42,0002. How much is the net cash flow net of income taxes for the 3rd year?A. 17,268B. 22,000C. 22,994D. 30,618Bill's Furrier marks up mink coats $3,000. This represents a 50% markup on cost. What is the cost of the coats? A. $1,500 B. $6,000 C. $9,000 D. None of these E. $4,500
- Mafraq company produces and sells a tablets for $300 per unit. in 2020, 46.125 tablets were produced and 37.958 were sold. Other information for the year includes: Direct materials 540.00 per unit $ 5.00 per unit $ 7.50 per unit Direct manufacturing labor Variable manufactunng costs Fixed manufacturing costs $6250 per unit Admınistrative expenses, all fixed 53750 per unit -What is the inventoriable cost per unit using variabie costing $45.00 A O 552.50 .B O $65.00.CO S115.00.D O None of the above E Ohelp meWesley Utility Company uses 2,500 units per year which it stores at $0.50 per unit per annum. The cost to place an order is $100. a) Calculate: i. The economic order quantity (EOQ) b) If the company decides to make the items on its own machine with a potential capacity of 5,000 units per year, calculate: i. The economic order quantity (EOQ) ii. The annual ordering cost iii. The annual carrying cost
- A manufacturer of exercise equipment purchases the pulley section of the equipment from a supplier who lists these prices: less than 1,000, $5 each; 1,000 to 3,999, $4.95 each; 4,000 to 5,999, $4.90 each; and 6,000 or more, $4.85 each. Ordering costs are $50, annual carrying costs per unit are 40 percent of purchase cost, and annual usage is 4,900 pulleys. Determine an order quantity that will minimize total cost. What is the Total Cost at the feasible solution. Round your answer to the nearest ten dollars.8.. If the cost to place one order increased by P 10 and the cost to carry one Material A in stock remains the same, the economic order quantity will be 600 units а. b. 447 units с. 425 units d. 500 unitsCrane Company uses 9000 units of Part A in producing its products. A supplier offers to make Part A for $5. CraneCompany has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the relevant cost of buying Part A from the supplier is $72000. $45000. $27000. $0.