On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inventory procedure is used. Cost of goods sold using weighted-average cost is:

Answer:

For the cost of goods sold, the company made around $42,435

Explanation:

Solve cost of goods for Jan. 1st:

2000 units × $8

$16,000

Solve for cost of goods during 2007:

5000 units × $10

$50,000

Use the formula for weighted-average cost:

WAC per unit = cost of goods available for sale / units available for sale

WAC per unit = 16,000 + 50,000 / 2000 + 5000

WAC per unit = 66,000 / 7000

WAC per unit = 9.42857..... I will round to a dollar value

WAC per unit = 9.43

For cost of goods sold:

4,500 × 9.43 (please keep in mind 9.43 is a rounded number)

$42,435

The cost of goods sold using  weighted-average cost under Periodic inventory is $42,429

Before calculating the cost of goods sold, first we have to determine the weighted average cost per unit.

For this following formula should be used:

= (Opening units × cost per unit + purchased units × cost per unit) ÷ (opening units + purchased units)

= (2,000 units × $8 + 5,000 units × $10) ÷ (2,000 units + 5,000 units)

= ($16,000 + $50,000) ÷ (7,000 units)

= $66,000 ÷ 7,000 units

= $9.428

Now the cost of goods sold using  weighted-average cost is

= Number of units sold × average cost per unit

= 4,500 units × $9.428

= $42,429

Hence, we conclude that the cost of goods sold using weighted-average cost under Periodic inventory is $42,429.

Learn more about the cost of goods sold here: brainly.com/question/14292529

A local Chevrolet dealership carries the following types of vehicles:

Inventory Items Quantity Cost per Unit Market (replacement cost) per Unit
Vans 3 $22,000 $20,000
Trucks 6 17,000 16,000
2-door sedans 2 12,000 14,000
4-door sedans 7 16,000 19,000
Sports cars 3 32,000 35,000
SUVs 5 28,000 23,000

Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.

Required:
a. Compute the total cost of the entire inventory.
b. Determine whether each inventory item would be reported at cost or market. Multiply the quantity of each inventory item by the appropriate cost or market amount and place the total in the "Lower-of-Cost-or-Market" column. Then determine the total for that column.
c. Compare your answers in Requirement 1 and Requirement 2 and then record any necessary adjustment to write down inventory from cost to market value.
d. Discuss the financial statement effects of using lower-of-cost-or-market to report inventory.

Analyzing Marketing
Tasks
Which examples best demonstrate likely tasks for Marketing Information Management and Research workers?
Check all that apply.
Josie teaches a customer how to use a company's product.
Morris organizes a company's inventory and makes sure customers receive their orders on time.
o Wally gathers information about a company's competitors.
Shani designs advertisements to promote a company's product.
Jenna writes a survey to learn what customers do and don't like about a company.
Ruben predicts a company's sales trends and creates a presentation for its managers.

Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31. Cash balance per books, 5/31 $4,022 Deposits in transit 248 Notes receivable and interest collected by bank 746 Bank charge for check printing 28 Outstanding checks 1,754 NSF check 164 a.$4,576 b.$994 c.$3,098 d.$2,516

Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations.

a. Michelle moves her food truck between various locations on a daily rotation. Last week, Michelle was stopped for speeding. She paid a fine of $215 for speeding plus $170 for legal advice in connection with the ticket.
b. Michelle paid $865 to reserve a parking place for her food truck for the fall football season outside the local football arena. Michelle also paid $210 for tickets to a game for her children.
c. Michelle provided a candidate with free advertising painted on her truck during the candidate's campaign for city council. Michelle paid $960 to have the ad prepared and an additional $660 to have the ad removed from the truck after the candidate lost the election.

Tulane Tires wrote a contract for a $104,000 sale of tires to the new Garden District Tour Company. Tulane only anticipates a slightly greater than 50 percent chance that Garden will be able to pay the amounts that Tulane is entitled to receive under the contract. Upon delivery of the tires, assuming no payment has yet been made by Garden, how much revenue should Tulane recognize under U.S. IFRS

Robert, a highly experienced software engineer, joins a new company as the manager of a large group of employees. In his first meeting with the employees of the new organization, he explains his expectations on the behavior of employees. He also lets the employees know that noncompliance with his norms will result in withholding the rewards that they receive. Which of the following types of power is Robert using here?

a. reward
b. transformational
c. referent
d. coercive

Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year.

Cash Receipts Cash payments
January $528,000 $473,700
February 405,000 350,700
March 470,000 536,000

According to a credit agreement with its bank, Kayak requires a minimum cash balance of $40,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1.

Required:
Prepare monthly cash budgets for January, February, and March.

how does understanding culture important in business?​

We are evaluating a project that costs $660,000, has a five-year life, and has no salvage value. Assume that depreciation is straight-line to zero over the life of the project. Sales are projected at 69,000 units per year. Price per unit is $58, variable cost per unit is $38, and fixed costs are $660,000 per year. The tax rate is 35 percent, and we require a return of 12 percent on this project. a. Calculate the accounting break-even poin

What does the relationship between the unemployment rate and the natural unemployment rate tell us about cyclical unemployment?
When the unemployment rate is
than the natural unemployment rate, cyclical unemployment is

A. less; positive
B. greater, negative
C. less; negative
D. greater; is increasing

Henry Ford is known for the introduction of the assembly line and the Model T. As his manufacturing effort expanded, however, he also adopted an attitude that came to be known as Fordism. What was one of the central tenets in his system?

Capalbo Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the laborhours for the upcoming year at 52,000 labor-hours. The estimated variable manufacturing overhead was $2.78 per labor-hour and the estimated total fixed manufacturing overhead was $1,192,360. The actual labor-hours for the year turned out to be 52,600 labor-hours. The predetermined overhead rate for the recently completed year was closest to: A. $2.78. B. $25.45. C. $25.71. D. $22.93.

The Production Department planned to work 8,000 labor-hours in March; however, it actually worked 8,400 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 134,730 Indirect labor $ 19,860 Utilities $ 14,570 Supplies $ 4,980 Equipment depreciation $ 54,080 Factory rent $ 8,700 Property taxes $ 2,100 Factory administration $ 26,470 Required: 1. Prepare the Production Department’s planning budget for the month. 2. Prepare the Production Department’s flexible budget for the month. 3. Prepare the Production Department’s flexible budget performance report for March, including both the spending and activity variances.

As long as a firm's net income is positive, then the firm can use the positive net income to pay dividends to its shareholders.
True
False

Dream, Inc., has debt outstanding with a face value of $6 million. The value of the firm if it were entirely financed by equity would be $18.25 million. The company also has 440,000 shares of stock outstanding that sell at a price of $32 per share. The corporate tax rate is 35 percent. What is the decrease in the value of the company due to expected bankruptcy costs? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Parent Co. purchased the entire business of Subsidiary Co. including all its assets and liabilities for $600,000. Below is information related to the two companies: Parent Subsidiary Fair value of assets $1,050,000 $800,000 Fair value of liabilities 575,000 300,000 Reported assets 800,000 650,000 Reported liabilities 500,000 250,000 Net Income for the year 60,000 50,000 How much goodwill did Parent pay for acquiring Subsidiary

A firm will maximize the present value of future profits by maximizing current profits when: the growth rate in profits is constant. the growth rate in profits is larger than the interest rate. Correct! the interest rate is larger than the growth rate in profits and both are constant. the growth rate and interest rate are constant and equal.

Suppose you have to wait in line to purchase a soft drink at a Missouri State - Tulsa football game. The drink costs one dollar. While waiting in line, you hear the crowd roar as someone scores a touchdown. While running back to your seat, you fall and spill your drink on another spectator. What is your opportunity cost for the drink?

A. the cost of the drink plus the lost enjoyment of not seeing Missouri State score another touchdown (it couldn't have been Tulsa)

B. the cost of the drink, the lost enjoyment of not seeing the Missouri State touchdown, your thirst (you didn't get a drink), and the discomfort (to the other spectator) of sitting in the sun with wet, sticky clothing

C. the lost enjoyment of not seeing the Missouri State touchdown, your thirst (you didn't get a drink), and the discomfort (to the other spectator) of sitting in the sun with wet, sticky clothing

D. the lost enjoyment of not seeing the Missouri State touchdown, your thirst (you didn't get a drink), and your discomfort (assuming the other spectator responded by throwing his drink in your lap) of sitting in the sun with wet, sticky clothing

Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 7,500 direct labor-hours will be required in August. The variable overhead rate is $1.50 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $100,410 per month, which includes depreciation of $8,940. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:

Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arrangements at a 6% annual rate. Ace leased a machine it purchased for $790,000 under an arrangement that specified annual payments beginning at the commencement of the lease for five years. The lessee had the option to purchase the machine at the end of the lease term for $200,000 when it was expected to have a residual value of $350,000. (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.) Calculate the amount of the annual lease payments. (Enter amounts as positive values rounded to the nearest whole dollar.)

If the price elasticity of demand for a good is 1.2, then a 3 percent decrease in price results in a

A baseball team plays in a stadium that holds 48000 spectators. With the ticket price at $8 the average attendance has been 20000. When the price dropped to $5, the average attendance rose to 24000. a) Find the demand function p(x), where x is the number of the spectators. (Assume that p(x) is linear.) p(x)= b) How should ticket prices be set to maximize revenue? The revenue is maximized by charging $ per ticket.

Swifty Enterprises reported cost of goods sold for 2020 of $1,453,700 and retained earnings of $5,392,600 at December 31, 2020. Swifty later discovered that its ending inventories at December 31, 2019 and 2020, were overstated by $102,820 and $37,880, respectively. Determine the corrected amounts for 2020 cost of goods sold and December 31, 2020, retained earnings.

According to the theory of liquidity preferences, expanding the money supply will _____ nominal interest rates in the short run, and, according to the Fischer effect, expanding the money supply will _____ nominal interest rates in the long run. Group of answer choices increase; increase; increase; decrease decrease; increase decrease; decrease

8. Zelda owns a 50% general interest in YZ Partnership. At the beginning of the current year, the adjusted basis in her partnership interest was $95,000. In the current year, YZ generated a $110,000 business loss, earned $15,000 dividend and interest income on its investments and recognized a $7,000 capital gain. YZ also made a $5,000 distribution to Zelda. Compute Zelda’s adjusted basis in the partnership at the end of the year.

Revi Corp. provides the following information for the upcoming year: It expects to sell 29,000 pool cues for $13 each. Direct materials costs are $3, direct manufacturing labor is $5, and manufacturing overhead is $0.83 per pool cue. The following inventory levels apply to the upcoming year: Beginning inventory Ending inventory Direct materials 24,000 units 24,000 units Work-in-process inventory 0 units 0 units Finished goods inventory 1,200 units 2,800 units What are the budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively

Acquired $34,500 cash from the issue of common stock. Purchased inventory for $27,600 cash. Sold inventory costing $15,400 for $31,000 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1

Journalize the following transactions in the general journal: Sept. 1 Sold common stock for cash $60,000. 1 Paid rent for the month, $1,500. 3 Borrowed $10,000 from a bank and signed a note payable agreeing to repay the $10,000 in one year plus 10% interest. 3 Purchased $5,500 of cleaning equipment; paid $3,000 down with the remainder due within 30 days. 4 Purchased cleaning supplies for $4,200 cash. 10 Received $3,500 from cash customers. 21 Billed customers for services, $3,800. 23 Paid $2,500 on account to cleaning equipment firm (see Sept. 3 transaction). 28 Collected $2,500 from customers on account. 29 Received electricity bill for the month, $85 and will pay it in October. 30 Paid wages for September, $1,950. 30 Paid service station for gasoline used during September, $275. 30 Paid dividends, $900.

Swifty Company's financial information is presented below. Sales Revenue $ p?Cost of Goods Sold 536000 Sales Returns and Allowances 37000 Gross Profit p?Net Sales 868000 The missing amounts above are: Sales Revenue Gross Profit a. $905000 $332,000 b. $832,000 $332,000 c. $ 905,000 $416,000 d. $832,000 $416,000

What is double-entry accounting?