The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:
| Date | Transaction | Number of Units |
Per Unit | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Apr. 3 | Inventory | 72 | $450 | $32,400 | ||||
| 8 | Purchase | 144 | 540 | 77,760 | ||||
| 11 | Sale | 96 | 1,500 | 144,000 | ||||
| 30 | Sale | 60 | 1,500 | 90,000 | ||||
| May 8 | Purchase | 120 | 600 | 72,000 | ||||
| 10 | Sale | 72 | 1,500 | 108,000 | ||||
| 19 | Sale | 36 | 1,500 | 54,000 | ||||
| 28 | Purchase | 120 | 660 | 79,200 | ||||
| June 5 | Sale | 72 | 1,575 | 113,400 | ||||
| 16 | Sale | 96 | 1,575 | 151,200 | ||||
| 21 | Purchase | 216 | 720 | 155,520 | ||||
| 28 | Sale | 108 | 1,575 | 170,100 | ||||
Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.
| Record sale | |||
| Record cost | |||
3. Determine the gross profit from sales for the period.
4. Determine the ending inventory cost as of June 30.
In: Accounting
1. Assume the company uses the perpetual FIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work.
Stratosphere Communications has the following inventory transactions in its first year.
2. Assume the company uses the periodic LIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work.
Stratosphere Communications has the following inventory transactions in its first year.
3. Assume the company uses the perpetual LIFO cost flow assumption. What is the ending inventory balance and cost of goods sold? You must show your work.
Stratosphere Communications has the following inventory transactions in its first year.
In: Accounting
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,500 $ 75.00 $ 562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
In: Accounting
Two airplanes are flying in the same direction in adjacent parallel corridors. At time t = 0, the first airplane is 10 km ahead of the second one. Suppose the speed of the first plane (km/hr) is normally distributed with mean 530 and standard deviation 8 and the second plane's speed is also normally distributed with mean and standard deviation 510 and 8, respectively. (a)What is the probability that after 2 hr of flying, the second plane has not caught up to the first plane? (b) Determine the probability that the planes are separated by at most 10 km after 2 hr.
In: Statistics and Probability
Two airplanes are flying in the same direction in adjacent parallel corridors. At time t 5 0, the first airplane is 10 km ahead of the second one. Suppose the speed of the first plane (km/hr) is normally distributed with mean 520 and standard deviation 10 and the second plane’s speed is also normally distributed with mean and standard deviation 500 and 10, respectively.
What is the probability that after 2 hr of flying, the second plane has not caught up to the first plane?
Determine the probability that the planes are separated by at most 10 km after 2 hr.
In: Statistics and Probability
For each of the following, indicate whether the idea is most closely associated with the first industrial revolution, the second industrial revolution, neither, or both.
Mechanization
The possibility of traveling from coast to coast in the US in
under a week
Feedback loops
The internet
The flying shuttle
The steam engine
Railroads
Telegraph
A technological (as opposed to political) revolution
1. First Industrial Revolution
2. Second Industrial Revolution
3. Neither
4. Both
In: Economics
Data on Liu Inc. for the most recent year are shown below, along with the Days Inventory Held (DIH) period of the firms against which it benchmarks. The firm's new CFO believes that the company could reduce its inventory enough to reduce its DIH to the benchmarks' average. If this were done, by how much would inventories decline?
| Cost of goods sold = | $85,000 |
| Inventory = | $20,000 |
| DIH = | 85.88 |
| Benchmark DIH = | 38.00 |
In: Finance
The Suez shipping route is one of the most active routes used by commercial ships. Yet, these dangerous waters pose a major threat (of theft and kidnapping) to commercial sailors and the goods they transport. For the purpose of the question, assume that ships have to go through the Suez route and may not avoid it. What should shipping companies do to adapt to this threat? Present at least two things that could be done to reduce the piracy and kidnapping risk?.
In: Economics
Consider the goods and services market in Keynesian Theory. Which of the following shocks will lead to the most flattening of the IS curve. Use the following parameters: [G,T,r,a,b,io,i1]=[100,100,10,100,0.5,10,0.5]
A. An increase in G by 10 units.
B. Increase in Sensitivity of Investment to Change in Interest Rates (i1) from 0.5 to 1
C. A decrease in T by 10 units
D. Decrease in Marginal Propensity to Consume from 0.5 to 0.25
In: Economics
In: Economics