Prepare the issuer's journal entry for each of the following separate transactions.
A. On March 1, Atlantic Co. issues 45,000 shares of $3 par value common stock for $305,000 cash.
B. On April 1, OP Co. issues no-par value common stock for $75,000 cash.
C. On April 6, MPG issues 2,500 shares of $25 par value common stock for $44,000 of inventory, $160,000 of machinery, and acceptance of a $94,000 note payable.
Answers
Answer:
Double entry is given in the explanation.
Explanation:
Part A. The common stock is always recorded at par which is $3 per share here and the Capital Paid In is the remainder amount which is calculated as under:
Capital Paid In = Cash Received - Common Stock
Here,
Capital Received is $305,000
Capital Stock = 45,000 shares * $3 par value = $135,000
By putting the values, we have:
Capital Paid In = $305,000 - $135,000 = $170,000
Double Entry would be:
Dr Cash $305,000
Cr Common Stock $135,000
Cr Capital Paid In $170,000
Part B. The common stock of the stocks that are issued at no par value is always recorded at money received which means there is no capital paid-in.
Double Entry would be:
Dr Cash $75,000
Cr Common Stock $75,000
Part C. The inventory received is worth $44,000 which would be debited to inventory account. In exchange of inventory $44,000 and machinery worth $160,000 (Machinery will also be debited), 2500 shares having $25 par value (common stock will be credited at par and the excess of par would be capital paid-in) and $94,000 note payables were issued (Note payable would be credited at $94,000).
Double Entry would be:
Dr Inventory $44,000
Dr Machinery $160,000
Cr Note Payable $94,000
Cr Common Stock (2000 * $25) $50,000
Cr Capital Paid In (Balancing Figure) $60,000
Related Questions
For most consumers, term life insurance is considered to be the:
O worst option
O same cost as term
O most expensive
O best value
Answers
For most consumers, the term life insurance is considered to be worst option.
What is a term life insurance?A sort of death benefit that pays the policyholder's heirs over a predetermined length of time is term life insurance, commonly referred to as pure life insurance. The owner of the term life insurance policy has three options after the term has ended: renewing it for a new term, changing it to permanent protection, or letting the policy lapse. The premium for term life insurance is established by the insurance provider based on the value of the policy (the payout amount), as well as your age, gender, and general health. A medical examination could be necessary in several situations. Your driving history, current medications, whether you smoke, your work, your hobbies, and your family history may all be requested by the insurance provider.
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1) Which of the following statements is false? A) The variance increases with the magnitude of the deviations from the mean. B) The variance is the expected square deviation from the mean. C) Two common measures of the risk of a probability distribution are its variance and its standard deviation. D) If the return is risk-free and never deviates from its mean, the variance is one.
Answers
Answer:
D) If the return is risk-free and never deviates from its mean, the variance is one.
Explanation:
In the given case, the following statements are true:
a. In the case when the variance increased so the deviation magnitude from the mean is also increased
2. The variance is the predicted square deviation from the mean
3. And, the two common measures of the risk is the variance and the standard deviation
But when the return is risk less so the variance should be zero not one
Therefore the option d is false
briefly explain how the decision support system resolved the problems experienced by the railways
Answers
The decision support system improved the efficiency of the railroads, paying special attention to the punctuality and speed of transportation on both passenger and commercial routes. The Indian Railways encounter a number of difficulties, including the failure to ensure train punctuality.
Ticketless transit by passengers, damage to or theft of railroad property, and others. The railways suffer a considerable loss in income as a result. By December 2023, 100% electrification of the broad gauge is the goal. In 2020–21, the speed of freight trains doubled to 46 kmph from 23 kmph in previous years. In January 2019, all unmanned level crossings on the broad gauge were removed.
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- Assume the company can experience the following return with the following probability
Scenario probability Expected return
A 0.2 +30%
B 0.3 +15%
C 0.1 -10%
D ? -20%
i- Compute the expected return.
ii- Compute the expected value of $2000 investment over a coming year.
iii- Compute the standard deviation of the percentage return over the coming year iv- If the risk-free return is 7 percent, what is the risk premium for a stock market investment
Answers
i. The expected return is 1.5%.
ii. The expected value of $2,000 is $30 ($2,000 x 1.5%).
iii. The standard deviation of the percentage return = 0.085 (\(\sqrt{0.007175}\)) or 8.5%.
iv. If the risk-free return is 7 percent, the risk premium for a stock market investment is 1.5% (8.5% - 7%).
Data and Calculations:
Scenario Probability Expected Expected Variance Squared
Return Value Variance
A 0.2 +30% 0.06 0.045 0.002025
B 0.3 +15% 0.045 0.03 0.0009
C 0.1 -10% -0.01 -0.005 0.000025
D 0.4 -20% -0.08 -0.065 0.004225
0.015 0.007175
D's probability = 0.4 (1 - (0.2 + 0.3 + 0.1) or 40%
Expected return = (0.2 x 0.3 + 0.3 x 0.15 + 0.1 x -0.10 + 0.4 x -0.20)
= (0.06 + 0.045 - 0.01 - 0.08)
= 0.015
= 1.5%
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During 2019, a company purchased a mine at a cost of $4,324,000. The company spent an additional $760,000 getting the mine ready for its intended use. It is estimated that 460,000 tons of mineral can be removed from the mine and the residual value of the mine will be $760,000. During 2019, 61,000 tons of mineral were removed from the mine and 51,000 tons were sold.
Which of the following statements is incorrect with respect to the accounting for the mine?
a. The book value of the mine on December 31, 2014 was $3,750,600.
b. The inventory of minerals was $94,000 at December 31, 2014.
c. The 2014 cost of goods sold was $479,400.
d. The book value of the mine decreased $573,400 during 2014.
Answers
Answer: d. The book value of the mine decreased $573,400 during 2014.
Explanation:
Book value of the mine is:
= Cost + Amount spent to make mine ready
= 4,324,000 + 760,000
= $5,084,000
The depreciation for this mine will be done based on the amount of minerals removed per year from the estimated total. It will be based on the depreciable value which is the book value net of the residual value.
In year 2014, depreciation is:
= Proportion removed * (Book value - Residual value)
= 61,000 / 460,000 * (5,084,000 - 760,000)
= $573,400
You know these facts about a company’s prior calendar year: Beginning inventory: 100 units at $10 each. Ending inventory: 50 units at $9 each. Inventory purchased for resale during the year: $2,000. What can you calculate using this information?
Answers
The item that can be calculated using this information is cost of goods sold.
What is cost of goods sold?Cost of Goods Sold (COGS) is what measure the direct cost incurred in the production of any goods or services. it is the cost of acquiring or manufacturing the products that a company sells during a period.
Cost of goods sold includes
The expenses of buying and preparing an item for saleIt is used to figure gross profit.It is an expense reported on the income statement and it is also called cost of sales.Hence, the item that can be calculated using this information is cost of goods sold.
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Which of the following is a TRUE statement on service areas?
a. Service areas will be the same for different organizations.
b. Hospitals in rural areas have ill-defined service areas for their particular services.
c. The service areas for public health departments are homogenous within a state, without regard to whether they are metropolitan or rural.
d. Determining the geographic boundaries of the service area may be highly subjective and is usually based on patient histories, the reputation of the organization, and available technology
Answers
The answer is d (determine the geographic boundaries...
The true statement "Determining the geographic boundaries of the service area may be highly subjective and is usually based on patient histories, the reputation of the organization, and available technology". The correct option is D.
Service areas can vary widely between different organizations, making them unique to each entity. Hospitals in rural areas often face challenges in defining their service areas for specific services due to limited resources and access.
Public health departments service areas within a state may not be homogenous as they may differ based on factors such as population distribution and health needs.
Therefore, the correct option is D.
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Bonds that have an option giving the issuer the right to retire them at a stated dollar amount before maturity are known as:A. Callable bonds.B. Serial bonds.C. Convertible bonds.D. Junk bonds.E. Sinking fund bonds.
Answers
Answer:
A. Callable bonds.
Explanation:
The bond that have an option to give the right to the issuer to retired the bond at the stated amount but it should be before the maturity so the same we known as callable bond
Hence, the correct option is A
Therefore all the other options would be incorrect
The same is to be considered and relevant
Answer the following questions on the basis of the monopolist's situation is illustrated in the following graph.
a. At what output rate and price does the monopolist operate?
b. In the equilibrium, approximately what is the firm's total cost and total revenue?
c. What is the firm's economic profit or loss in equilibrium?
Answers
The following answers are based on a monopoly economy.
The output rate and the price at which the monopolist operates based on the graph is 100 quantities at $10.In the market equilibrium, the firm's total cost and total revenues are $750 and $1000 respectively. The firm's economic profit in the equilibrium is $250.What is a monopoly?A monopoly, as defined by Irving Fisher, is a market with "no competition," resulting in a scenario in which a certain individual or organization is the exclusive supplier of a given product.
To arrive at answer a, we need to recall that the equilibrium of a monopolist is when the Marginal Cost equals the Marginal Revenue and the Marginal Cost Curve (MC) cuts the Marginal Revenue Curve (MR ) from below.
At this point, the equilibrium output is 100, and the equilibrium price is $ 10 for every unit of production.
For the answer is b, given that the firm is producing 100 units of goods at an average total cost of $7.5 (derived from the point that aligns with MR = MC), therefore,
Total Cost = Equilibrium Output * ATC (Average Total Cost)
= 7.5 * 100
= $750
To arrive at answer c,
Recall that Economic profit is the difference between the money collected from the sale of a product and the expenses of all inputs utilized, as well as any opportunity costs, is the economic profit or loss.
Hence, Economic Profit = Total Revenue (TR) Less Total Cost (TC)
= $1000 - $ 750
= $250
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A/V professionals work in school libraries.
A.
True
B.
False
Answers
Answer:
Your answer should be (B) If i am remembering right
Explanation:
The art of sales is never more obvious than in a late-night infomercial. Tell about one infomercial that you have seen and what tactics the salesperson used to get the audience to buy their product. See if you can find a link to it online and post the link with your comment as well. Did watching the salesperson make you want to buy? Do you think you would be able to do the same marketing job as the salesperson? Explain the skills that would be needed to be successful in the Sales & Marketing career cluster. NEED ANSWER ASAP
Answers
An infomercial that I have seen and the tactics used is the infomercial use of a father and son. They were dress in native attire and they linked the drink they are advertising to their cultural practice.
Yes, I Did watch the salesperson and it make me want to buy because of the father and son bond shown.
Yes, I do think you would be able to do the same marketing job as the salesperson.
What skills necessary for success in the field of sales and marketing?They are:
A positive attitude is a sign of confidence. Conviction in speech is a sign of resilience. Knowing your customers' needs through active listening.Building relationships and promoting your personalityNote that Speaking and listening skills are necessary for sales reps and agents in order to effectively communicate with customers. Finding the ideal product for the customer and closing the sale depend on understanding their needs.
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Answer:
An infomercial that I have seen and the tactics used is the infomercial use of a father and son. They were dress in native attire and they linked the drink they are advertising to their cultural practice.
Yes, I Did watch the salesperson and it make me want to buy because of the father and son bond shown.
Yes, I do think you would be able to do the same marketing job as the salesperson.
What skills necessary for success in the field of sales and marketing?
They are:
A positive attitude is a sign of confidence.
Conviction in speech is a sign of resilience.
Knowing your customers' needs through active listening.
Building relationships and promoting your personality
Note that Speaking and listening skills are necessary for sales reps and agents in order to effectively communicate with customers. Finding the ideal product for the customer and closing the sale depend on understanding their needs.
Explanation:
Donald Jackson invests $58,800 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Donald withdraws the accumulated amount of money.
Required:
a. Compute the amount Donald would withdraw assuming the investment earns simple interest.
b. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
c. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
Answers
Answer:
a. Compute the amount Donald would withdraw assuming the investment earns simple interest.
future value = $58,800 x [1 + (10% x 10)] = $117,600
b. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
future value = $58,000 x (1 + 10%)¹⁰ = $152,512
c. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
this is identical to (b) = $152,512
the advantage of compound interest is that previously earned interest, will earn interest by itself.
Which of the following statement is TRUE?
(1 Point)
Developmental programs improve conceptual skills of managers for the future job.
Training programs improve conceptual skills of nonmanagers for the future job.
Developmental programs improve technical skills of nonmanagers for the current job.
Training programs improve technical skills of mangers for the current job.
Answers
'Developmental programs improve conceptual skills of managers for the future job' is true. The right answer is a.
The goals and content of training and development are different from one another. While "development" refers to a long-term method through which managerial personnel understand conceptual and theoretical knowledge for broad reasons, "training" is a short-term process through which non-managerial personnel acquire technical knowledge and skills for a specific purpose.
Development covers the process through which managers and executives build capacity for both future managing roles as well as skills and competence for their current ones.
The correct answer is option a.
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You, a Captain, are a section chief in Military Personnel and 2d Lt Smith’s supervisor. Lt Smith is a Force Support Officer. She has been on active duty for a year and in her present job for 10 months. She supervises 21 enlisted personnel who perform a variety of administrative tasks in support of a tactical fighter wing. She majored in business administration in college, served 3 years as an administrative specialist, and was an E-4 before being accepted for OTS. As an enlisted member, she graduated from technical school as an honor graduate and was cited on numerous occasions for outstanding performance. Her supervisors considered her a valuable asset to the unit and an expert in her area of responsibility. She’s very enthusiastic about her work and plans to make the Air Force a career.
Lieutenant Smith took over her job 2 months after the unit had received a rating of “marginal” by the numbered Air Force Inspector General’s evaluation team. At the end of her first week on the job, Lt Smith called her NCOIC and key supervisors together and told them that she wouldn’t tolerate marginal performance, that she had previous experience in this type of work, and would be looking at the quality of their work very closely. Since that time, Lt Smith has attempted to supervise every phase of work in her office and, at times, has involved herself in even the most routine decisions. Lt Smith assigns people to certain jobs within the office, plans the work schedule, leave schedule, and does most of the counseling in the office.
In the last 6 months, Lt Smith has ordered several people to work overtime to complete routine work ahead of schedule. Each time this has happened, the NCOIC has asked the lieutenant for permission to speak to her immediate supervisor. On each occasion, the lieutenant has told the senior master sergeant he must not take these internal problems to you, because she’ll take care of any problems in her section--and the NCOIC should remember who writes his EPR.
Most of the time, when Lt Smith approaches the work or break area where the workers are congregated, she notices all conversation stops and the personnel won’t talk to her unless she addresses them first. After reviewing a report yesterday, Lt Smith became very impatient. She bypassed his NCOIC and took the report directly to the Airman who had typed it. While Lt Smith was berating the Airman about the typing errors, the NCOIC walked into the office and asked the Airman what the problem was. The lieutenant became flustered, told the NCOIC she was tired of doing his job for him, and shoved the report into his hands. Lt Smith then went into her office and slammed the door.
The NCOIC relayed this situation to you and asked for your help. How will you help? BACKGROUND
*ENVIRONMENT: Airforce Base
*PEOPLE INVOLVE: The Captain, Lt Smith, Airman and NCOIC.
PROBLEM DEFINATION
*Lt Smith Unprofessional Behavior
DIAGNOSIS
*Marginal Performance
*Previous Experience
*Enthusiastic With her Job
*Academic Credibility
Answers
The lieutenant Smith has taken leave, and everything is running smoothly. People are, however, more attentive when she is present. Decisions are being delayed, and morale was low. The and other important supervisors are worried which some people may decide to due to her supervision, leave the service style.
Several issues must be addressed as a result of this case study. Lieutenant Smith's micromanagement technique is causing morale issues and may lead to retention issues, which is one of the main concerns. It's also troubling that she's requesting people to work extra hours without proper authorization or regard for the impact on their personal lives.
As her boss, you ought to tackle these concerns with Lt Smith and advise her on proper supervisory techniques. You could advise her to delegate more responsibilities to her NCOIC and other key supervisors, and to concentrate in strategic planning and decision-making instead of micromanaging every detail. We should also emphasise the significance of adhering to proper procedures for authorising overtime and taking into account the impact on personnel.
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Which of the following alternatives to specialization would require continually adding new tasks and challenges as part of the job design?
a. Job enlargement
b. Job specialization
c. Job rotation
d. Horizontal job loading
e. Job enrichment
Answers
(Is the correct answer.)
suppose you transfer $500 from your savings account to your checking account. with this transaction, m1 _____ and m2_____.
Answers
M1 and M2 both decreased and stayed the same.
1. Using credit has not always been a socially accepted practice, but it has become...
O Normal in American culture
A practice used by the wealthy
Less acceptable
Necessary for life in America
Answers
Answer:
Necessary for life in America
Explanation:
Hope it helped brainiest plz
You’ve just read the article about Macy’s and Nordstrom’s. Why do you think companies like Macy's have to move to an Omnichannel strategy for selling their products?
Answers
The companies like Macy have to move to an Omnichannel strategy for selling their products because in Omnichannel strategy, products are sold through several distribution channels.
What is a distribution channels?Distribution channel serves as the means by which companies make their products to be available to final consumer.
This channels encompass retailers as well as wholesaler, and in In omni channel, all the distribution channels are linked to each other.
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If an item is $2.49 for 15 ounces, then it is $ 5.7 /ounce. (Express answer in dollars and cents. Round to the nearest cent.)
Answers
As per the concept of Currency exchange, If the item is 2 dollar 50 cents for 15 ounces, then it is 5 dollar 70 cents per ounces.
Currency exchange:
Currency exchange refers the licensed business that allows customers to exchange one currency for another.
Given,
If an item is $2.49 for 15 ounces, then it is $ 5.7 /ounce.
Now, we have to express the value in dollars and cents.
Basically, we know that,
1 dollar = 100 cents.
But here we have to convert only the decimal value in the price,
So, we have to take the decimal values in it,
Then we get,
.49 and .7.
Now, we have to multiply 100 with this value in order to convert it into cent,
=> .49 x 100 = 49 cents
When we round off it then we get 50 cents.
=> .7 x 100 = 70 cents.
Therefore, it can be expressed as, 2 dollar 50 cents and 5 dollar and 70 cents.
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⦁ Give me an example of how you have demonstrated safe work practices.
Answers
An example of safe work practices is cleaning and maintaining equipment and tools.
Safe work procedures are instructions on how to execute work in a safe manner and are essential for all hazardous jobs performed at your business. They identify dangers and explain what has to be done to remove or reduce risks.
Cleaning and maintaining equipment and tools properly can help to avoid accidents and injuries, as well as costly repairs. One method is to keep a cleaning and maintenance routine. Make a record of all equipment in use, noting important areas that require inspection.
Therefore, maintenance of equipment is how we can demonstrate safe work practices.
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Equipment and tool maintenance and cleaning are two examples of safe work practices.
All hazardous operations carried out at your company must follow safe work procedures, which are guidelines for how to carry out work in a safe manner. They point out risks and describe what has to be done to eliminate or lessen them.
Proper equipment and tool maintenance can reduce the risk of accidents, injuries, and expensive repairs. Maintaining a cleaning and maintenance schedule is one strategy. Make a list of all the equipment that is in use, noting any crucial locations that need inspection.
As a result, maintaining the equipment is how we can show safe working practices.
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differences between home trade and international trade
Answers
Skidmore Music Company had the following transactions in March:
a. Sold instruments to customers for $16, 700, received $10, 700 in cash and the rest on account. The cost of the instruments was $7, 100.
b. Purchased $4, 900 of new instruments inventory; paid $1, 700 in cash and owed the rest on account.
c. Paid $720 in wages for the month.
d. Received $3, 100 from customers as deposits on orders of new instruments to be sold to the customers in April.
e. Received a $280 bill for March utilities that will be paid in April.
Required:
Complete the following statements:
1. Cash basis Income Statement
2. Accrual basis Income Statement
Answers
Answer:
Please sew below
Explanation:
Skidmore Music Company.
1. Cash basis income statement
Sales
$13,800
Less: cost of goods sold
$1,700
Gross income
$12,100
Wages expense
$720
Operating income
$11,380
2. Accrual basis income statement
Sales.
$16,700
Less: cost of goods sold
$4,900
Gross income
$11,800
Wages expense
($720)
Utility expense
($280)
Operating income
$10,800
Classify the following topics as relating to
microeconomics or macroeconomics.
a. a family’s decision about how much income to save
b. the effect of government regulations on auto emissions
c. the impact of higher national saving on economic growth
d. a firm’s decision about how many workers\to hire e. the relationship between the inflation rate
Answers
Classify the following topics as relating to microeconomics or macroeconomics.
Microeconomics:
A family’s decision about how much income to save.A firm’s decision about how many workers\to hire.Macroeconomics:
The effect of government regulations on auto emissions.The impact of higher national saving on economic growth is a topic The relationship between the inflation rate.According to economics, there are two types of economics: macroeconomics and microeconomics.
Macroeconomics is the study of aggregates like unemployment, growth rate, inflation, populace, and GDP. The International Monetary Fund, or IMF, is also interested in macroeconomics.
As a result, the significance of the microeconomics or macroeconomics are the aforementioned.
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Small Business Management (1)
There are at least eight different pricing strategies for established goods and services. Explain The Below FOUR (4) of those strategies and under what conditions a business owner should use them.
1. Odd pricing
2. Price lining
3. Freemium pricing
4. Leader pricing
Answers
The given four pricing strategies are explained below:
1. Odd Pricing
Odd pricing is a method of pricing products when the price is an odd number. Example: Traditionally, certain shoe companies use strange pricing to determine the cost of their shoes and chappals, such as 399.95 $. The decision to set the price at an odd number makes perfect sense. Instead of 400$, 399.95 $ sounds better. It gives the appearance that the price is lower.
2. Price lining
In this instance, the price is set once, and it stays that way for a considerable amount of time.
3. Freemium pricing
Businesses can use freemium pricing as a pricing strategy to provide clients with both free and paid services. The paid alternatives are typically improved, or premium, versions of the service, whereas the free options are only the basic ones.
4. Leader pricing
A technique for pricing things below their profit margin is called leader pricing. Businesses who use this tactic don't earn from the sales of these discounted goods, but it might offer them a lot of advantages. Businesses may attract customers, promote purchases, raise overall sales, and strengthen customer loyalty by providing fantastic discounts to their customers.
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stock price for vinyl record player?
Answers
To give you an idea the stock price, beginner to advanced record player installations can range from $50 to $450, depending on a number of variables.
What is current stock price?It is the latest trading price for a share of stock or any other security. The present price serves as the starting point in an open market. It shows the price that a buyer and seller would be prepared to accept for a later transaction involving that security.The current price is only an indication and not a promise. The future sale price on an exchange is not determined by the present price. The security's price will fluctuate over time as supply and demand factors change.Using the current value accounting method, assets are valued at their replacement cost rather than their initial cost.Cash price is the same as current price because it refers to the most recent quoted price on an exchange.Learn more about current stock price refer to :
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How are society and culture related?
1.While culture, as the collection of beliefs and values of a group of people, strongly affects society, a particular society does not have any kind of impact on its
culture.
2.Both society and culture are important to groups of people, but they are entirely
separate from one another.
3.A society is a group of people who live in the same area and share a culture, and
culture is made up of elements, such as language, that tie the society together.
4.A culture is a group of people who live together, and a society is the values,
beliefs, and behaviors that they all share.
Answers
As both entail a community of people residing in one place, society and culture are intimately intertwined. While culture refers to the ideas, values, and standards that influence a society's behaviour, society is the collective behaviour of a collection of people.
Language, religion, and customs are examples of cultural components that bind a community together and give it a feeling of identity.
A society's values and beliefs shape how its members interact with one another and the outside world, therefore a society's culture also has an impact on it. Although culture and society are two separate yet linked concepts.
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Investors expectations of the federal reserve cutting interest rates in the near future caused _ in demand for bonds in the corporate bond markets because the expected value of fixed interest payments has _.
I have answered the question. Is this correct?
Answers
Investors expectations of the federal reserve cutting interest rates in the near future caused increased in demand for bonds in the corporate bond markets because the expected value of fixed interest payments has decreased
What is Investors expectations about?Investors expectations of the federal reserve cutting interest rates in the near future can have an impact on the demand for bonds in the corporate bond markets.
However, the direction of the change in demand for bonds, and the change in the expected value of fixed interest payments, would depend on the specific details of the situation, such as the current state of the economy and the monetary policy of the Federal Reserve.
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Inspectors are responsible for what:
A. Making rules and regulations
B. Choosing where businesses can operate
c. Enforcing rules and regulations
D. Making employment laws
Answers
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Perpetual Inventory Using LIFO
The following units of a particular item were available for sale during the calendar year:
I understand how to do jan. 1, apr. 19, and part of june 30. but the rest I cant figure out
Answers
LIFO (last-in, first-out) is a cost flow assumption used by firms to value their inventory, in which the last goods placed in inventory are the first items sold. As a result, the oldest acquired or generated inventory remains at the conclusion of the term.
Can LIFO be used on perpetual inventory system?The final expenses available at the moment of sale are the first to be withdrawn from the Inventory account and charged to the Cost of Goods Sold account under everlasting LIFO. We cannot wait till the end of the year to estimate the final cost because this is a perpetual system. (as is done with periodic LIFO).
Based on the given information, the schedule of cost of goods sold under LIFO method can be prepared as follows:
Date Quantity Unit Cost Total Cost Cost of Goods Sold Inventory Balance
Jan. 1 4,000 $40 $160,000 - $160,000
Apr. 19 2,500 $44 $110,000 $100,000 $70,000
June 30 2,500 $44 $110,000 - $180,000
Sept. 2 4,500 $46 $207,000 $187,500 $92,500
Nov. 15 2,000 $46 $92,000 $92,000 $500
To calculate the cost of goods sold and inventory balance, we use the LIFO method, which assumes that the last units purchased are the first to be sold.
On Jan. 1, the company had 4,000 units in inventory at a cost of $40 each, which gives a total inventory value of $160,000.
On Apr. 19, 2,500 units were sold. The most recent purchase was on June 30, when 4,500 units were purchased at a cost of $44 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,500 units x $44 = $110,000. The inventory balance is now 4,000 units (Jan. 1 inventory) - 2,500 units (sold) + 4,500 units (purchased) = 6,000 units at a total cost of $270,000. We assume that the units from the Jan. 1 inventory and the June 30 purchase are still in inventory at this point, but the units from the April 19 sale have been sold.
On June 30, 2,500 units were sold. The most recent purchase was on Nov. 15, when 2,000 units were purchased at a cost of $46 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,500 units x $46 = $115,000. The inventory balance is now 4,000 units (Jan. 1 inventory) + 4,500 units (June 30 purchase) - 2,500 units (sold) - 2,000 units (sold) = 4,000 units at a total cost of $184,000. We assume that the units from the Jan. 1 inventory and the June 30 and Nov. 15 purchases are still in inventory at this point, but the units from the April 19 and Sept. 2 sales have been sold.
On Sept. 2, 5,000 units were sold. The most recent purchase was on Nov. 15, when 2,000 units were purchased at a cost of $46 each. Since the most recent purchase was used up first, we assume that the cost of goods sold is based on these units, resulting in a cost of goods sold of 2,000 units x $46 = $92,000. The remaining 3,000 units sold are assumed to come
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