Flounder Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 385 6 2,310 23 Purchases 200 7 1,400 30 Inventory 230 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount

Answer:

Flounder Corp.

                                   Weighted Average      FIFO             LIFO

Ending Inventory              $1,414                   $1,580           $1,280

Cost of goods sold          $2,796                 $2,630          $2,930

Explanation:

a) Data and Calculations:

Date        Explanation      Units     Unit Cost     Total Cost

June 1     Inventory            100          $5               $ 500

June 12   Purchases         385            6                 2,310    

June 23  Purchases        200             7                 1,400

               Total units        685                            $ 4,210

June 30  Inventory          230

June 30  Units Sold        455  (685 - 230)

Weighted Average Cost = Total costs/Total units bought

= $4,210/685 = $6.146

Weighted Average:

Ending Inventory = $1,414 ($6.146 * 230)

Cost of goods sold = $2,796 ($6.146 * 455)

FIFO:

Ending Inventory  = (30 * $6) + (200 * $7) = $1,580

Cost of goods sold = (100 * $5) + (355 * $6) = $2,630

LIFO:

Ending Inventory = (100 * $5) + (130 * $6) = $1,280

Cost of goods sold = (200 * $7) + (255 * $6) = $2,930

The weighted average method is based on an average cost for estimating the cost of ending inventory and cost of goods sold.  The FIFO method assumes that goods bought initially are the first to be sold while the LIFO method assumes that goods bought last are the first to be sold.

A customer, age 25, is looking to invest in securities with the objective of growth to protect against the effect of long term inflation on his portfolio's value. The customer believes that active asset management, along with its higher fees, is not worthwhile. Which recommendation is MOST suitable for this customer

In Jan. 2020 Mary Jones was earning $40,000 in net income and spending $39,000 on a yearly basis. Mary Jones loses her job on April 1, 2020, and regains the same job ---at the same pay ---exactly six months later on October 1, 2020. During the six month layoff period, in the first three months, April, May and June, she earns $600 a week in EXTRA unemployment benefits -- IN ADDITION TO the $347 a week he earns, which is the average UI benefit for the workers in our state. Thus, for these 13 weeks, she earns $947 per week. In the next three months, July, August and September, she earns $347 per week in UI benefits. She and her family cut back on their spending by ten percent during the six months duration of unemployment, but then they go back to spending $39,000 on a yearly basis after he goes back to work. What is her net income level and spending level for 2020

Troglodyte University uses activity-based costing to assign indirect costs to academic departments, using three activities. The activity base, budgeted activity cost, and estimated activity-base usage for each activity are identified as follows: Activity Activity Base Budgeted Activity Cost Activity-Base Usage Facilities Square feet $800,000 80,000 square feet Instruction Number of course sections 1,200,000 600 sections Student services Number of students 290,000 2,500 students The activity-base usage associated with the Archaeology and Geology departments is as follows: Department Facilities Instruction Student Services Archaeology 8,000 square feet 8 sections 150 students Geology 5,200 square feet 15 sections 200 students a. Determine the activity rate for each activity. Activity Activity Rate Facilities $ per sq. ft. Instruction $ per section Student services $ per student b. Determine the total activity cost for the Archaeology Department. Total activity cost $

On April 1, 2021, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. John will make 18 equal monthly payments, beginning October 1, 2021. The annual interest rate implicit in this agreement is 24%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:Calculate the monthly payment necessary for John to pay for his purchases. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)

You are six months from graduating college and begin to think about your future. Knowing that you’ll soon be searching for a job increases your interest in the health of the economy. This is because jobs for students with your major are highly dependent on economic growth. Categorize the following hypothetical headlines as either good news or bad news.

a. Unemployment rate drops to 5.6% from 6.1%, the third straight drop in the last three months.
b. GDP comes in at $17 trillion this quarter, compared to $16.5 trillion last quarter.
c. Prices, as measured by the CPI, increased by 10% last year and it could be even higher this year.
d. GDP drops by 2% in the 3rd quarter, after growing at 5% in the 2nd quarter.

A machine with a cost of $145,000 and accumulated depreciation of $100,000 is sold for $57,500 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:

Average variable cost equals Group of answer choices average total cost minus average fixed cost. total variable cost divided by the change in output. price of the variable input times the quantity of the variable input.

The story of Clarence Saunders is both inspirational and a cautionary tale. What did he do
right and where can businesses learn from his mistakes?

Suppose that every product in a grocery store contains a tiny transmitter, and that sensors on your shopping cart detect your selections in order to suggest additional purchases. When you leave the store, exit scanners total up your purchases and automatically charge them to your credit card. At home, readers track what goes into and out of your pantry, updating your shopping list when stocks run low.

Required:
What questions is LEAST relevant to the ethical evaluation of the technology described above?

Total product begins to fall when Multiple Choice marginal product is maximized. average product is below zero. average product is negative. marginal product is zero.

Your organization is floral supply company with employees in the following jurisdictions Manitoba, Prince Edward Island ,Yukon The organization is planning to implement a company wide policy with respect to vacation leave.............

Kate is the owner of a small boutique business downtown. After looking over her business expenses and profits, she realizes that she needs to make cuts to her fixed expenses. What could she do with her fixed expenses?

Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear in the December 31 balance sheet. a. General Journal Date Description Debit Credit Dec.31 Answer Answer Answer Answer Answer Answer To record allowance for credit losses. b. (Do not use negative signs with your answers) Current Assets: Answer Answer Answer Answer Answer

Which of the following quotes from a new-product adopter would signal the need for a firm to counteract a psychological barrier?

Cadott has the following estimates for the upcoming year:

Activity Cost Pool Activity Rate
Machine-hours $3.60 per machine-hour
Machine setups $260 per setup
Product testing $128 per test

Cost and activity information for two of Cadott’s products is as follows:

P34 W85
Direct materials $38,000 $34,250
Direct labor $23,000 $30,500
Machine-hours 1,560 1,260
Machine setups 31 86
Tests 56 56
Number of units produced during the year 10,000 25,000

Required:
Compute the unit product cost for product W85.

Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise
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If a firm accepts Project X it will not be feasible to also accept Project Z because both projects would require the simultaneous and exclusive use of the same piece of machinery. These projects are considered to be:

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Assume that only one product is being sold in each of the four following case situations. Input all amounts as positive values except for Net operating loss which should be indicated by a minus sign. Omit the "$" sign in your response.


Case Units Sold Sales Variable Expenses Contribution Margin Per Unit Fixed Expenses Net Operating Income Loss
1 15,000 $180,000 $120,000 $4 $50,000 $______
2 4,000 $100,000 $60,000 $10 $32,000 $8,000
3 10,000 $______ $70,000 $13 $_______ $12,000
4 $6,000 $300,000 $210,000 $15 $100,00 $(10,000)

Assume that more than one product is being sold in each of the four following case situations: Input all amounts as positive values except for Net operating loss which should be indicated by a minus sign. Omit the "$" sign in your response.

Case Sales Variable Expenses Average Contribution Margin Ratio Fixed Expenses Net Operating income (Loss)
1 $500,000 $______ 20% $______ $7,000
2 $400,000 $260,000 35% $100,000 $40,000
3 $______ $______ 60% $130,000 $20,000
4 $600,000 $420,000 _______% $______ $(5,000)

Johnson lives near Dollywood, a popular theme park in Tennessee. Johnson decides to begin a new money-making venture selling screen printed t-shirts from a booth just down the road from the theme park, to take advantage of the traffic that flows by on its way to the park. Johnson’s t-shirts, however, will not be Dollywood-themed t-shirts; they will be Johnson’s own creations. Johnson’s daughter Susan helps him in his new venture by manning the booth from time to time, but Johnson has total control over everything about the business—from ordering the t-shirts, paying the bills, pricing the t-shirts, paying the taxes on his sales, and receiving all the profits from the venture. Even though Johnson put no thought into what kind of business venture he was creating when he started his business, Johnson has effectively created a: ________

a. corporation
b. sole proprietorship
c. franchise
d. limited liability company

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Read the descriptions of following activities for developing strategic thinking. Then, write the key activity for developing strategic thinking that its description best represents.

a. Rex is participating in a job rotation program at his new workplace which gives him the chance to get to know as many aspects of the company as possible.
b Tripp sets aside time for work-related reflection each week. He usually spends the time organizing his to-do list for the upcoming week.
c. Paz has been an attorney for ten years and decides she can stop attending annual continuing education seminars now that she knows everything there is to know about her job.
d. Melia often purposefully plays the devil's advocate during work meetings because she thinks it's important to help her team avoid potentially costly decisions.

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all corporate employees use social network analysis, whether it's done formally with the help of technology or informally. as a new employee in a corporate environment, what is the first step you should take to utilize the organizations social network

A company invests $1,000 in a five-year zero-coupon bond and $4,000 in a ten-year zero-coupon bond. What is the duration of the portfolio

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What types of products have an energy-efficiency rating (EER)?

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Required:
a. Determine the recipient and amount of the partner bonus.
b. Provide the journal entry to admit Solano into the partnership.
c. Why would a bonus be paid in this situation?

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A. abiding by the law
B. acting fairly
C. doing ones best
D. treating guests with respect
E. keeping confidence