The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory First purchase Second purchase Third purchase 10 $55 30 60 34 65 18 70 The firm uses the periodic inventory system. During the year, 63 units of the item were sold. The value of ending inventory rounded to nearest dollar using average cost is:

Q: Most people, economists included, consider child labor to be morally unacceptable and would support ...

A: child labour is exploitation of children through form of work that leads to deprivation of children ...

Q: kindly read my question clearly this time and give me the answers for my specific question instead o...

A: JF termed as Journal entries which is basic as well as original book of accounts prepared by the com...

Q: The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal...

A: Working capital is the excess of current assets over current liabilities and the Current ratio is us...

Q: 1. For the Ski department only, prepare a departmental income statement. 2. & 3. For the Ski departm...

A:

Q: 1. Prepare the entries to adjust and close books of AA and BB. 2. Prepare the opening entries in th...

A:

Q: HYPERINFLATIONARY FINANCIAL STATEMENTS Problem 42. Indicate whether the item is a monetary or non-mo...

A: Solution Cash & cash equivalent refers to the line item on the balance sheet that reports the va...

Q: On February 28, 2022, Aris and Yang formed a partnership. The partners agreed to invest equal amount...

A: Partnership- A partnership is a type of business that is formed by the mutual consent of several peo...

Q: Plutus must make an P8,500 quarterly tax payment to the Bureau of Internal Revenue. He decides to bo...

A: Solution Given Amount to be borrowed 8500 Number of days to be borrowed for 90 days ...

Q: On July 1, 2021 ABC issued bonds dated March 1, 2021 and for their principal (maturity value) of 100...

A: Interest Expense=Face Value of Bond×Interest Rate

Q: XYZ Company, a calendar year business, purchased machinery on February 2, 2016. The purchase price o...

A: Lets understand the basis. As per IAS 16 "Property plant and equipment" initially needs to record at...

Q: Account DR CR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp 15...

A: Formula: Net Income = Revenues - Expenses Ending Retained Earnings = Beginning Retained Earnings + N...

Q: Hype Company, a developmental stage enterprise, incurred the following costs during its first year o...

A: Organization cost is the cost incurred to create or start a company. It usually includes legal fees ...

Q: Déjà Vu All Over Again Productions Inc. has the following transactions involving their petty cash fu...

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage, etc....

Q: Haste Company another entity. Number of shares Cost 20,000 40,000 In 2020, the entity received 60,00...

A: Share refers to the smallest unit of total capital of an entity. 

Q: A company has 1,400 units in ending work in process that are 20% complete after transferring out 11,...

A: Inventory- he term inventory refers to the raw resources used in creation as well as the commodities...

Q: On 1 January 20x0, Entity A enters into a forward contract to buy 1,000 of its own ordinary shares o...

A: Number of shares Fair value of forwarding = $18 per share Fair value of forward as on Dec 31, 2020= ...

Q: iLocator=&inprogress=false EPrint Item Marco, Inc. determined the following information concerning i...

A: The basic earnings per share is calculated as net income available to common shareholders divided by...

Q: A company started the month with 8,334 units in work in process inventory. It started 23,144 units a...

A: Inventory is the accounting of commodities, component components, and raw materials used or sold by ...

Q: Adams Corporation is considering four averagerisk projects with the following costs and rates of ret...

A: Here given the details of the calculation of weighted average cost of capital which can determine th...

Q: Patrick Company had the following information in 2021: (Click the icon to view the information.) If ...

A: >Bad Debt Expense is recorded using two methods: #1: Direct write off method: Expense is reco...

Q: 1. The following account balances and other information for Daiso Company pertain te December operat...

A: The ending work in process at year end comprises of the jobs that are not completed during the perio...

Q: Segment B $ 164,000 (128,000) (22,000) $241,000 (81,000) (28,000) $246,000 (95,000) (22,000) Sales C...

A:

Q: What are the challenges do CPA face in terms of their salaries?

A:  CPA ( Certified Public Accountant) and their challenges with regards to salaries differ with organi...

Q: In June 2008, when gasoline prices were at an all-time high (more than $2.95 per gallon), Chrysler M...

A:  In this question,  In the first point, we will find out that indifference point in miles over three...

Q: [The following information applies to the questions displayed below.] The following financial statem...

A: Answer -    Cashflow Statement Using Indirect Method - The indirect method for a cash flow statement...

Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units...

A: FIFO stands for First in First Out. It is a method of inventory valuation in which units bought firs...

Q: Expenses for a Pizza restaurant include raw material for pizza at $4.00 per slice, $122.00 as monthl...

A: Profit refers to the revenue earned by the entity after deducting all the necessary costs. 

Q: In a certain civil case, plaintiff was awarded damages by the court in the sum of P20,000 representi...

A: When cases are settled in a court, either of the parties may be liable to pay the other party damage...

Q: PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a. M...

A: We are supposed to answer only one question, please Co-operate and ask other questions separately  A...

Q: Hours Process Job 301 Job 302 Job 303 Improvement Couro 23 14 d Clancy 2 14 17 14 Cano 13 17 10

A: Job costing seems to be an accounting strategy that allows you to keep control of the costs of diffe...

Q: On April 1, 2020, Biggins Co. received P350,000 cash dividends, one-third of which represents liquid...

A: Regular Dividends are given by the business organizations to their shareholders from the retained ea...

Q: Belle Company reports the following information for the current year. All beginning inventory amount...

A: Net income is the amount earned by an entity after deducting the expenses from the revenues.

Q: Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. ...

A: Net income is a company's accounting profit after subtracting all of its expenses. Deducting sales r...

Q: 5. Calculate (i) BEP, and (ii) Margin of Safety based on the following information: Sales = $100,000...

A: 5) BEP in sales = Fixed cost / Contribution margin ratio Contribution margin ratio = Contribution ma...

Q: The engineering team at Manuel's Manufacturing. Inc., is planning to purchase an enterprise resource...

A: We know the present worth is the difference of present value of cash inflow and present value of cas...

Q: A contingent liability whose payment is generally probable

A: Contingent liability is the liability that may or may not happen in the future based on an event. Th...

Q: A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales Cost...

A: Cash Conversion Cycle - The Cash Conversion cycle is calculated as follows Days Inventory Outstandin...

Q: My Home gagevevVv2 | Online teachin x O ) (29) Tory Lanez Feels (feat x+ w.com/ilrn/takeAssignment/t...

A: The break even sales are the sales where business earns no profit no loss during the period.  

Q: Love Company reported net income of P5,000,000 for the Hannah Company owned 20% of Love Company's pr...

A: calculation of invested income for current year are as follows

Q: Bank A/P - Pesticide Products A/P - Pro Hardware E. Inahaba, Capital E. Inahaba, Drawings Landscapin...

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...

Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...

A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the pu...

Q: On January 1, 2020, Single Company which uses the fair value model, purchases an investment property...

A: The fair value model states that the value of a property is to measured at the conclusion of each re...

Q: Account Debit Credit No. Balances Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expens...

A: Total liabilities indicate the total due to the business entity. It includes current liabilities and...

Q: Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price...

A: Solution of above question are explained below

Q: Use the horizontal model for the declaration of dividends on December 22, 2021. Indicate the financi...

A: The dividend is declared to the shareholders from the retained earnings of the business. The prefere...

Q: Problem 7 Admission by Investment of Assets (Incentive Activity) Partners Pilapil and Pastor sell e...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: What is the carrying amount of the investment in associate at year-end? a. 2,550,000 b. 2,700,000 c....

A: Introduction: The number of shares outstanding refers to the total number of shares owned by all of ...

Q: Company discloses supplemental operating segment information. The following information is available...

A: Solution Total common expense = 1800000 + 1200000+ 600000+400000 . = 4000000. Total sale of the comp...

Q: DIRECTION: Explain the 3 methods of bank reconciliation.

A: A Bank Reconciliation Statement is prepared to reconcile the bank balance stated in the financial st...

Q: At beginning of July 2021. Idah & Faith (IF) Co had 25 microwave ovens in inventory costing of

A:                      FIFO is first in first out method of inventory valuation.  In this method the o...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.