Question

In: Accounting

February 2:                                 KG       &n

February 2:                                 KG             PRICE PER KG         AMOUNT

Purchase of Pistachios:          2500                 $12                     $30,000

Purchase of Almonds:            4000                 $7                       $28,000
Purchas of Peanuts                 6000                 $5                       $30,000

February 3:                               KG             PRICE PER KG         AMOUNT

Purchase of Pistachios:       1500                  $14                     $21,000

Purchase of Almonds:         2000                   $8                      $16,000
Purchas of Peanuts:            2000                   $6                      $12,000

February 6: Sold to several clients:      

                                                   KG              PRICE PER KG         AMOUNT

Pistachios:                            2000                 $22                       $44,000

Almonds:                              2500                 $13                       $32,500

Peanuts:                               3000                  $9                         $27,000

February 6: Sold to Fruits Lovers Inc:

                                           KG               PRICE PER KG       AMOUNT

Pistachios:                      500                 $22                       $11,000

Almonds:                           1000                  $13                         $13,000

Peanuts:                            1500.                 $10                         $15,000

February 12:                     

                                                KG                   PRICE PER KG         AMOUNT

Purchase of Pistachios:     1500                   $16                         $24,000

Purchase of Almonds:       2000                   $10                         $20,000

February 13: Sale of peanuts to peanuts lovers Inc...:

                                         

                                           KG                    PRICE PER KG             AMOUNT

                                          3500                 $10                               $35,000

February 14:  Purchase of Peanuts

                                     

                                         KG                       PRICE PER KG                  AMOUNT

                                        6000                      $6                                     $36,000

February 19:  Sold to several clients:

                                         KG                         PRICE PER KG                AMOUNT

  PISTACHIOS:               1000                        $23                                  $23,000

  Almonds:                     1500                        $15                                  $22,500

  Peanuts:                      3000                        $11                                  $33,000

February 25: Purchased from various suppliers:

                                          KG                     PRICE PER KG                AMOUNT

Pistachios:                      1000                    $15                                $15,000

Almonds:                        1000                    $11                                $11,000

Peanuts:                         1000                     $6                                  $6,000

Besides these transactions, the company has had the following expenses: Salaries: $3650
Electricity bill: $360
Renting of equipment: $950

Rent of warehouse and office: $1.650 Miscellaneous: $1.250

5: Jim would like to know a forecast of the number of days to sell the inventory based on the results of the month of February. Explain your calculation and the steps followed. (10 points: 5 for calculation and 5 for explanation)

6. Jim expects that the prices of the merchandises will dramatically decrease in the next future as a result of the Covid 19 crisis. Which method of valuation of the inventory would you thus recommend to Jim? Explain your answer. (5 points)

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

February 2:                                 KG       &n
February 2:                                 KG             PRICE PER KG         AMOUNT Purchase of Pistachios:          2500                 $12                     $30,000 Purchase of Almonds:            4000                 $7                       $28,000 Purchas of Peanuts                 6000                 $5                       $30,000 February 3:                               KG             PRICE PER KG         AMOUNT Purchase of Pistachios:       1500                  $14                     $21,000 Purchase of Almonds:         2000                   $8                      $16,000 Purchas of Peanuts:            2000                   $6                      $12,000 February 6: Sold to several clients:                                                          KG              PRICE PER KG         AMOUNT Pistachios:                            2000                 $22                       $44,000 Almonds:                              2500                 $13                       $32,500 Peanuts:                               3000                  $9                         $27,000 February 6: Sold to Fruits Lovers Inc:                                            KG               PRICE PER KG       AMOUNT Pistachios:                      500                 $22                       $11,000 Almonds:                           1000                  $13                         $13,000 Peanuts:                            1500.                 $10                         $15,000 February 12:                                                                      KG                   PRICE PER KG         AMOUNT Purchase of Pistachios:     1500                   $16                         $24,000 Purchase of Almonds:       2000                   $10                         $20,000 February 13: Sale of peanuts to peanuts lovers Inc...:                                                                                      KG                    PRICE PER KG             AMOUNT                                           3500                 $10                               $35,000 February 14:  Purchase of Peanuts...
Merchandise with an invoice price of $3,600 was purchased on February 3, terms 2/15, n/60. The...
Merchandise with an invoice price of $3,600 was purchased on February 3, terms 2/15, n/60. The company uses the gross method to record purchases and a perpetual inventory system. The entry to record a cash payment of this purchase obligation on February 17 is: Debit Accounts Payable $3,528; credit Cash $3,528. Debit Accounts Payable $3,600; credit Cash $3,600. Debit Accounts Payable $3,528; debit Discounts Lost $72; credit Cash $3,600. Debit Accounts Payable $3,600; credit Merchandise Inventory $72; credit Cash $3,528....
An invoice for $2100, dated February 2, has terms 2/15, 1/30, n/90. If a $670 payment...
An invoice for $2100, dated February 2, has terms 2/15, 1/30, n/90. If a $670 payment was made on February 15, what payment on March 1st will settle the account? Calculate your answer in dollars to two decimal places. Do not enter the $ sign
1)A force of 2 N stretches a spring 0.5 meters. The mass of 1 kg is...
1)A force of 2 N stretches a spring 0.5 meters. The mass of 1 kg is attached to the spring and set into motion in a medium that offers a damped force equal 4 times the velocity. If the mass is at stating from 0.5 m above the equilibrium position with a downward initial velocity of sec/2.0m a) Find the equation for the position if the system is exerted by an external force of f(t)=4cos(t) b)Estimate the position of the...
Simplify (5.38E-5 kg)(0.00352 N/kg)2 giving the answer in scientific E-notation with the correct number of significant...
Simplify (5.38E-5 kg)(0.00352 N/kg)2 giving the answer in scientific E-notation with the correct number of significant digits.  
2. A four-wheeled vehicle has a mass of 1500 kg. the tractive resistance is 1100 N....
2. A four-wheeled vehicle has a mass of 1500 kg. the tractive resistance is 1100 N. The engine develops 60 kW at maximum speed of 2500 r/min. The gear ratio is 45:1 and the transmission efficiency is 87.5%. Each wheel has an effective diameter of 800 mm, a mass of 25 kg and a radius of gyration of 325 m The parts rotating engine speed have a mass of 70 kg and a radius of gyration of 100 mm. Determine:...
You push a 2 kg block down a ramp. You apply a force of 9 N...
You push a 2 kg block down a ramp. You apply a force of 9 N that is directed along and down the ramp with a coefficient of kinetic friction of 0.20. The block travels from rest to 4 m/s over a distance of 2 meters. Use g = 10 m/s/s. Report using 3 significant digits. How many Newton's second law equations can you write for this problem? Group of answer choices 4 3 2 1 How many forces are...
A spring-mass system has a spring constant of 3 N/m. A mass of 2 kg is...
A spring-mass system has a spring constant of 3 N/m. A mass of 2 kg is attached to the spring, and the motion takes place in a viscous fluid that offers a resis- tance numerically equal to the magnitude of the instanta- neous velocity. If the system is driven by an external force of (12 cos 3t − 8 sin 3t) N, determine the steady-state response. (a) Find the gain function if the external force is f(t) = cos(ωt). (b)...
2)A 0.520-kg object attached to a spring with a force constant of 8.00 N/m vibrates in...
2)A 0.520-kg object attached to a spring with a force constant of 8.00 N/m vibrates in simple harmonic motion with an amplitude of 10.2 cm. (Assume the position of the object is at the origin at t = 0.) (a) Calculate the maximum value of its speed. Answer must be in cm/s (b) Calculate the maximum value of its acceleration. Answer must be in cm/s2 (c) Calculate the value of its speed when the object is 8.20 cm from the...
Find the smallest n ∈ N such that 2(n + 5)^2 < n^3 and call it...
Find the smallest n ∈ N such that 2(n + 5)^2 < n^3 and call it n^0，Show that 2(n + 5)^2 < n^3 for all n ≥ n^0.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT