Business, 22.04.2020 00:50 Heyitsbrandi

Boxwood Company sells blankets for $39 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 5 $16 10 Sale 4 17 Purchase 9 $17 20 Sale 4 23 Sale 2 30 Purchase 9 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method. a. $173 b. $216 c. $284 d. $366 PreviousNext

Answers: 1

Show answers

Answers

Answer from: mariaceleste110505

the ending inventory value for the month of May using the FIFO inventory cost method c. $284

Explanation:

FIFO Inventory System sell the Older Inventory Acquired First Followed by the Recent Acquired Inventory

May 3

Inventory : 5 unit × $16 = $80

May 10

Inventory : 1 unit × $16 = $16

May 17

Inventory : 1 unit × $16 = $16

9 units × $17= $153

Total =$169

May 20

Inventory : 6 units × $17 =$102

May 23

Inventory : 4 units × $17 =$68

May 30

Inventory : 4 units × $17 =$68

9 units × $24 =$216

Total =$284

Answer from: chevysilverado2377

The ending inventory value for the month of May using the FIFO inventory cost method: c. $284

Explanation:

The FIFO is a method used to account value for inventory. Under the method, the first item of inventory purchased is the first one sold.

1. May 1, No inventory

2. May 03, Purchased 5 units, $16 per unit

Inventory: $16 x 5 = $80

3. May 10, Sale 4 units

Cost of good sold = 4 x $16 = $64

The inventory = $80 - $64 = $16 (1 unit, $16 per unit)

4. May 17, Purchased 9 units, $17 per unit

The inventory: $169

1 units, $16 per unit, total $16

9 units $17 per unit, total $153

5. May 20, Sold 4 units

Cost of goods sold = 1 x $16 + 3 x $17 = $67

The inventory: 6 units $17 per unit, total $102

6. May 23, Sold 2 units

Cost of goods sold = 2 x $17 = $34

The inventory: 4 units $17 per unit, total $68

7. May 30, Purchased 9 units, $24 per unit

Inventory: $284

4 units $17 per unit, total $68

9 units $24 per unit, total $216

Answer from: Quest

no, a company likes to look at potential employees that are professional, well mannered, clean, honest, etc. don't show up looking/acting like a clown. (unless that's your job xd) hope this ! =^-^=

Answer from: Quest

if you do not file your taxes you will not have a job, and you credit rate will go down.

Another question on Business

Business, 22.06.2019 08:00

Shrieves casting company is considering adding a new line to its product mix, and the capital budgeting analysis is being conducted by sidney johnson, a recently graduated mba. the production line would be set up in unused space in the main plant. the machinery’s invoice price would be approximately $200,000, another $10,000 in shipping charges would be required, and it would cost an additional $30,000 to install the equipment. the machinery has an economic life of 4 years, and shrieves has obtained a special tax ruling that places the equipment in the macrs 3-year class. the machinery is expected to have a salvage value of $25,000 after 4 years of use. the new line would generate incremental sales of 1,250 units per year for 4 years at an incremental cost of $100 per unit in the first year, excluding depreciation. each unit can be sold for $200 in the first year. the sales price and cost are both expected to increase by 3% per year due to inflation. further, to handle the new line, the firm’s net working capital would have to increase by an amount equal to 12% of sales revenues. the firm’s tax rate is 40%, and its overall weighted average cost of capital, which is the risk-adjusted cost of capital for an average project (r), is 10%. define “incremental cash flow.” (1) should you subtract interest expense or dividends when calculating project cash flow?

Answers: 1

Answer

Business, 22.06.2019 10:30

Which maxim is being neglected in the following conversation? eli: how did you do at the track meet? caleb: i came in second place! eli: congratulations! what was your time? caleb: six minutes, four seconds. the guy who won only beat me by three seconds. eli: really? katie said the winning time was under 6 minutes. caleb: oh, well, he might have beat me by five seconds. a)maxim of quantity b)maxim of quality c)maxim of relevance d)maxim of manner

Answers: 1

Answer

Business, 22.06.2019 22:40

When immigration adds to the size of the domestic labor pool, which of the following is likely to occur? a. wages decrease. b. productivity increases. c. consumption decreases. d. minimum wage increases.

Answers: 1

Answer

Business, 22.06.2019 23:30

Miller company’s total sales are $171,000. the company’s direct labor cost is $20,520, which represents 30% of its total conversion cost and 40% of its total prime cost. its total selling and administrative expense is $25,650 and its only variable selling and administrative expense is a sales commission of 5% of sales. the company maintains no beginning or ending inventories and its manufacturing overhead costs are entirely fixed costs. required: 1. what is the total manufacturing overhead cost? 2. what is the total direct materials cost? 3. what is the total manufacturing cost? 4. what is the total variable selling and administrative cost? 5. what is the total variable cost? 6. what is the total fixed cost? 7. what is the total contribution margin?

Answers: 3

Answer

You know the right answer?

Boxwood Company sells blankets for $39 each. The following was taken from the inventory records duri...

Questions