Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 30 units at $114

Mar. 10 Purchase 60 units at $126

Aug. 30 Purchase 10 units at $134

Dec. 12 Purchase 100 units at $138

There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Ending Inventory and Cost of Goods

Sold Inventory Method. Ending Inventory Cost of Goods Sold

First-in, first-out (FIFO) $   $

Last-in, first-out (LIFO). $ $

Weighted average cost   $ $

Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Gwen runs a company that provides corporate health and wellness
programs. One of her sales people signed a contract at the
beginning of the quarter for a very large client. It was a bundle
of services to be provided over the next year. The contract was for
$120,000, with equal payments at the beginning of each month
($10,000 per month). The new client is a very high profile and well
known company, so Gwen is very excited. This is the first bundled
contract that the company has sold and the salesperson felt like it
was a great deal. It starts with an intense bootcamp in the first
month for all employees. That will require a lot of work and Gwen
would normally charge $30,000 for the bootcamp. Each month
throughout the contract they will offer an & intensive
weekend& ; of workouts and diet advice. Gwen normally charges
$5,000 for each of these. They also will provide access to their
online program, which has activity and food logs as well as
preprogrammed exercise suggestions and a weekly inspirational
email. Gwen would normally charge a company of this size $15,000
for one year of access to the website. How much revenue should Gwen
recognize at the end of the first quarter (3 months into the deal)?

QUESTION 1

1. When modeling the economy net taxes is equal to the taxes paid by individuals less transfer payments. Which of the following represent an example(s) of transfer payments.

   		Government purchases
   		Income taxes
   		Property taxes
   		Social Security retirement payment

QUESTION 2

1. When modeling the flow of income and expenditures in an economy the two principal participants are households (consumers) and firms (producers).  The normal flow of resources would be that a firm would produce goods and services and the households would consume that good or service.  Where else can the income of a household flow?

   		Government purchases
   		Savings
   		Net taxes
   		Both Savings and Net Taxes

QUESTION 3

1. In the circular flow, household savings are shown as a flow into which sector of the economy?

   		Factor markets
   		Financial markets
   		Product markets
   		Foreign markets

QUESTION 4

1. In an open economy, if exports exceed imports, which of the following must also be true?

   		There must be a government budget deficit.
   		There must be a financial outflow.
   		There must be a financial inflow.
   		Both a and b, but not c

QUESTION 5

1. In the circular flow of an open economy, if saving is equal to investment and there is a financial inflow, then which of the following must also be true?

   		There must be a government budget deficit.
   		Imports must exceed exports.
   		Total leakages must exceed total injections.
   		Government expenditures must exceed transfer payments.

QUESTION 6

1. The tendency of a given change in exogenous planned expenditure causing a

   		greater change in equilibrium GDP is known as ________.
   		the multiplier effect
   		the Keynes effect
   		the unplanned investment effect
   		the twin deficit effect

QUESTION 7

1. If a certain economy has exports that exceed imports and a government budget surplus, then which of the following must be true?

   		Transfer payments must exceed gross wages.
   		Saving must exceed investment.
   		Investment must exceed saving.
   		There must be negative net inventory change.

QUESTION 8

1. Which of the following relationships is always true in a closed economy?

   		Consumption = investment
   		Investment + Government purchases = Savings + Net taxes
   		Consumption + Savings = Gross domestic Income
   		All of the above

QUESTION 9

1. Which of the following is always equal to gross domestic income in the circular flow of income and expenditure?

   		Gross leakages
   		Net tax revenues plus transfers
   		Net exports
   		Gross domestic product

QUESTION 10

1. What do we call the sum of income received by all households as wages, salaries, interest and other forms of income?

   		Gross household receipts
   		Gross domestic income
   		Household domestic receipts
   		Gross household injections

QUESTION 11

1. ________ is an example of an injection.

   		Exports
   		Imports
   		Saving
   		Net taxes

QUESTION 12

1. Which of the following has the strongest and most direct influence over the level of investment spending?

   		Net exports
   		Consumer confidence
   		The government budget deficit
   		Interest rates

QUESTION 13

1. Which of the following statements properly represents the relationships among the components of GDP?

   Let Q equal quantity of output; C is consumption; I is Investment; G is government spending; EX is Exports and IM is imports.

   		The quantity of output is equal to the sum of consumption, investment, government spending and exports.
   		The quantity of output is equal to the sum of consumption, investment, government spending and the net difference between exports and imports.
   		The quantity of output is equal to the sum of consumption, investment, government spending and imports.
   		The quantity of output is equal to the sum of consumption, investment, government spending and the net sum of exports and imports.

QUESTION 14

1. If consumers' earned income is unchanged, but part of their purchasing power is taken away by a tax increase, we would say there is ________.

   		an increase in disposable income
   		unplanned disposable investment
   		a decrease in disposable income
   		an increase in net leakages

QUESTION 15

1. Which of the following is considered to be an example of an exogenous element of the circular flow? An exogenous element is one that does not directly depend on the economic considerations.

   		Planned investment - planned based on supply and demand of goods and services
   		Government purchases - determined based on political and social considerations as well as other factors
   		Saving - determined based on supply and demand for money
   		Imports - determined based on the supply and demand for goods and services

QUESTION 16

1. The marginal propensity to consume or the percentage someone will spend if their income increases by $1, normally has a value _____.

   		less than one
   		between zero and one
   		equal to one
   		greater than one

QUESTION 17

1. Which of the following economists was known for a "psychological law" relating consumer expenditure to income?

   		Adam Smith
   		John Maynard Keynes
   		John Stuart Mill
   		David Ricardo

QUESTION 18

1. What will happen if firms produce goods that they expect to sell, but fail to sell because consumption is less than expected?

   		Positive unplanned inventory investment
   		Negative planned inventory investment
   		Negative total investment
   		Positive planned non-inventory investment

QUESTION 19

1. A change in which of the following can affect the level of consumption spending?

   		Total household income
   		Consumer wealth, for example, through an increase in the value of homes
   		A change in interest rates that makes consumer borrowing less expensive
   		All of the above

QUESTION 20

1. Suppose that, beginning from a state of equilibrium, there is an exogenous one billion increase in exports. Which of the following would be expected as a result?

   		A decrease in equilibrium GDP
   		No change in equilibrium GDP
   		An increase of less than 1 billion in equilibrium GDP
   		An increase of more than one billion in equilibrium GDP

[The following information applies to the questions displayed below.]

Megamart, a retailer of consumer goods, provides the following information on two of its departments (each considered an investment center).

Assume a target income level of 10% of average invested assets. Compute residual income for each department. Which department generated the most residual income for the company?

1. Compute return on investment for each department. Using return on investment, which department is most efficient at using assets to generate returns for the company?
2. Assume a target income level of 10% of average invested assets. Compute residual income for each department. Which department generated the most residual income for the company?
3. Assume the Electronics department is presented with a new investment opportunity that will yield a 14% return on investment. Should the new investment opportunity be accepted?