Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,300 units at $36 May 10 650 units at $38 May 12 910 units May 20 585 units at $40 May 14 780 units May 31 390 units Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Answer:

total cost of goods sold = $78,520

Explanation:

Inventory Purchases Sales

May 1 1,300 units at $36

May 10 650 units at $38

May 12 910 units

Cost of goods sold = (650 x $38) + (260 x $36) = $34,060

May 20 585 units at $40

May 14 780 units

Cost of goods sold = (585 x $40) + (195 x $36) = $30,420

May 31 390 units

Cost of goods sold = 390 x $36 = $14,040

total cost of goods sold = $34,060 + $30,420 + $14,040 = $78,520

Suppose that you are an economic-policy advisor. Environmental groups are pressuring you to implement the highest-possible carbon tax while industry groups are pressuring you to implement no carbon tax at all. Both argue that their position makes more sense economically. In fact, the most efficient tax level is: Group of answer choices a tax equal to the social cost. a tax equal to the external cost. the highest possible tax. no tax at all.

Agriculture allows for a higher carrying capacity (it can produce more and support more people) than other adaptive strategies. This gives rise to higher population density and can allow more easily for an elite supported by the labor of others.
A. True
B. False

Furniture purchased from Kailash for Rs. 6,000.​

Bantam company calculated its net income to be $77,600 based on the unadjusted trial balance. The following adjusting entries were then made for: Salaries and wages owed but not yet paid of $795. Interest earned but not received from investments of $755. Prepaid insurance premiums amounting to $555 have expired. Deferred revenue in the amount of $755 has now been earned. Required: Determine the amount of net income (loss) that will be reported after the adjustments are recorded.

A company has $110,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 4% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $1,000 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:

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Sales revenues, Domestic $620,000
Variable expenses, Domestic $359,700
Traceable fixed expenses, Domestic $ 74,100
Sales revenues, Foreign $478,400
Variable expenses, Foreign $273,000
Traceable fixed expenses, Foreign $ 61,900
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PLEASE HELP ASAP!!!!!

Type the correct answer in the box. Spell all words correctly.

At which stage of advertising is the customer motivated to take action?

The customer is motivated to take action at the
_______ stage of advertising.

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A. True
B. False

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A- Niche cost leader
B- Niche differentiation
C- Broad cost leader
D- Broad differentiation

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Goodwill Patents Assets Total
Historical cost $15,000 $10,000 $35,000 $60,000
Depreciation and 0 3,333 11,667 15,000
amortization
Carrying amount $15,000 $6,667 $23,333 $45,000
12/31
Under IFRS, which of the following adjustments should be recognized in the company's consolidated financial statements?
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b) Decrease goodwill by $15,000
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(ID#32648)
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a) $15,450
b) $106,550
c) $55,400
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The MM theory with taxes implies that firms should issue maximum debt.There is a difference between theory and practice because:

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Direct materials $ 5.80
Direct labor 4.00
Variable manufacturing overhead 2.90
Fixed manufacturing overhead 7.80
Unit product cost $ 20.50
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Per Unit
Direct materials $4.70
Direct labor $9.30
Variable manufacturing overhead $9.80
Supervisor's salary $5.20
Depreciation of special equipment $3.60
Allocated general overhead $8.80
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a) 0
b) 15,000
c) 75,000
d) 90,000

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surplus spending
C. consumer spending
b. deficit spending
d. corporate spending
a.

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B) $112,000
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Problems and Applications Q4 Suppose that the government imposes a tax on heating oil. True or False: The deadweight loss from this tax would likely be larger in the fifth year after it is imposed than in the first year as demand for heating oil becomes more elastic. True False The tax revenue collected from a tax on heating oil is likely to be in the first year after it is imposed than in the fifth year.

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