Intercontinental Inc., uses a periodic inventory system. At the end of Year 2, the account records provided the following information relating to one of its products. Units Unit Cost Inventory, December 31, Year 1 1,830 $ 6 For Year 2: Purchase, March 21, Year 2 6,200 $ 5 Purchase, August 1, Year 2 4,070 $ 3 Inventory, December 31, Year 2 2,910 What is the amount of ending inventory and cost of goods sold under the LIFO inventory costing method

Answers

Answer 1

Answer:

Intercontinental Inc.

The amount of ending inventory is = $16,380

The cost of goods sold is = $37,810

Explanation:

a) Data and Calculations:

                                                                    Units      Unit Cost    Total Cost

Inventory, December 31, Year 1                  1,830          $ 6         $10,980

For Year 2: Purchase, March 21, Year 2   6,200          $ 5          31,000

Purchase, August 1, Year 2                        4,070          $ 3           12,210

Total cost of inventory                              12,100                        $54,190

Inventory, December 31, Year 2                2,910                          16,380

Cost of units sold                                       9,190                        $37,810

Cost of ending inventory, 2,910

= 1,830 at $6 = $10,980

 1,080 at $5 =     5,400

2,910           =  $16,380

Cost of goods sold = Cost of inventory available minus the cost of ending inventory

= $54,190 - $16,380

= $37,810


Related Questions

Why u think the porcentage of tax filers has most dramatically increased for the 65+ age group?

Answers

Answer:

The more people that retire, the more it increased.

Explanation:

Typically when people retire, they get their taxes filed. The percentage of the 65+ age group who have their taxes filed increases the more people who retire, then typically use tax filers.

Answer: The percentage of tax filers has most dramatically increased for the 65+ age group because

more people in the 65+ community are retiring and so, they are getting their taxes filed.

Good luck!

The rate of unemployment when the economy is not in recession, meaning it is producing full-potential GDP, is called the natural rate of unemployment (u*). If the rate of unemployment is below this, the economy is experiencing BLANK cyclical unemployment.

Fill in the Blank:
Negative or Positive?

Answers

Answer:negative

Explanation:

I just got it right

3. Which website did you use to find the image you used in your career presentation? Complete sentences are not necessary. (2.0 points)

Answers

Answer:

Pexels or  Unsplash

Explanation:

Both of them are free to use and have a lot to offer.

also Shutterstock is a good site if you are looking for premium service.

Who was given the nickname 'Master of Hotel Finance ? Conrad Hilton
Bill Kimpton
Cezar Ritz
JW Marriott Jr.​

Answers

Answer:

JW Marriott JR

am not sure hope this will help

Answer:

Conrad Hilton

Explanation:

The biggest hotel man in the world; NY Times described as "master of hotel finance". He formed the first major chain of American hotels in 1954.

You have received two bids from outside companies to conduct guest satisfaction surveys for you. You want at least 320 responses. Company A charges $3,200 + $6 per respondent. Company B charges $4,000 + $3 per respondent. Which company will cost you less?

a) Company A
b) Company B

Answers

From the two bids received  from outside companies to conduct guest satisfaction surveys, the company that would cost me less will be Company B which charges $4,000 + $3 per respondent.

What is a bid?

A bid is the price offer that a corporation or individual is willing to pay in the context of auctions, stock exchanges, or real estate. Bidding is an individual or business's offer to set a price for a product or service, or a demand that something is done. Bidding is a method of determining the price or worth of something.

Bidding can be done by a person who is influenced by a product or service in a given setting. It is used by numerous economic niches to determine demand and thus the worth of a commodity or property. In today's modern technology environment, the Internet is a preferred platform for giving bidding services.

Therefore, from the bids received it can be concluded that Company B would cost less.

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Is Global Resources Corp. being socially responsible or are its local initiatives just window dressing

Answers

Answer:

Global Resource Corp. is responsible for window dressing.

Explanation:

The window dressing is a strategy that business adopt to deceive its shareholders. The company management is responsible for the window dressing. Usually it is management decision to follow window dressing to make its financial statements look more worthy.

A large training organization is holding a seminar in Las Vegas for four days. To encourage a large turnout, they are offering an early bird special to anyone who registers two months before the deadline date. Those who register a month ahead will also get a discount, and those who register at the last minute will pay full price. This is an example of _____.

inventory management
yield management
just-in-time management
value priced management

Answers

This is an example of value priced management. The appropriate response is option D.

What is value priced management?

value -based pricing refers to a method of determining prices that is largely based on the perceived value of a good or service by the consumer. Value pricing is client-focused, which means that businesses set their prices based on what they feel a product is worth to the consumer.

Value pricing refers to the practice of businesses setting prices based on what consumers think a product is worth. Products that are exceptional and extremely valued are best suited to benefit from the value pricing strategy.

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er taxes, of R227 000 and preference share dividends of R10 000. If the company had a number of ordinary shares outstanding of 76 262, what was its earnings per share (EPS)?

Answers

The company's earnings per share (EPS) was calculated to be R3.03

Earnings per share (EPS) is calculated by dividing the company's net income by its number of outstanding shares. In order to calculate EPS, we must first calculate the company's net income. The net income of the company is given as R227,000 from regular taxes and R10,000 from preference share dividends. Therefore, the company's total net income is R237,000.Next, we must calculate the company's earnings per share (EPS). We are given that the company had a number of ordinary shares outstanding of 76,262. Therefore, the company's EPS is calculated as follows:Earnings per share (EPS) = (Net income - Preferred dividends) / Number of outstanding sharesEarnings per share (EPS) = (R237,000 - R10,000) / 76,262Earnings per share (EPS) = R3.03Therefore, the company's earnings per share (EPS) was R3.03.Summary: Earnings per share (EPS) is calculated by dividing the company's net income by its number of outstanding shares. In this problem, we are given that the company had a net income of R237,000 from regular taxes and preference share dividends, and a number of ordinary shares outstanding of 76,262. Therefore, the company's earnings per share (EPS) was calculated to be R3.03.

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what are some of the main challenges that eThekwini municipality had to deal with regarding the professional development of their employees?

Answers

To take advantage of chances more specifically related to eThekwini's selling features in order to satisfy broader governmental objectives and expectations are some role played by the eThekwini municipality.

What is professional development of their employees?

The process through which employees, with the assistance of their employer, take part in formal education programs or look for learning opportunities to expand their knowledge.

Careers are known as employee development, sometimes known as professional development or staff development.

Thus, To take advantage of chances more specifically related to eThekwini's selling feature.

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Briefly explain how the demand curve for workers is determined.

Answers

Answer:

When the marginal revenue product of labor is graphed, it represents the firm's labor demand curve. The demand curve is downward sloping due to the law of diminishing returns; as more workers are hired, the marginal product of labor begins declining, causing the marginal revenue product of labor to fall as well.

Explanation:

What is an organization that uses resources to produce a product which
then sells called?
household
competition
private property

Answers

Answer:

A business or firm is an organization that uses resources to produce a product which it then sells.

_____ is the character and personality of your organization.
[A] Social media
[B] Culture
[C] Career
[D] Atmosphere

Answers

Answer:

B - Culture

Explanation:

An organization's culture defines the proper way to behave within the organization. This culture consists of shared beliefs and values established by leaders and then communicated and reinforced through various methods, ultimately shaping employee perceptions, behaviors and understanding.

As shown in the graph, the current equilibrium price for a popular street motorcycle is $7,000. An increase in demand causes the price and quantity both to rise so the producers' total revenue per month in dollars jumps from $3.5 million to $6.3 million. Model this change by shifting the demand curve.

To refer to the graphing tutorial for this question type, please click here.

What will happen to the producer surplus?

The producer surplus will
increase from $
2.8
million dollars per month to $
million per month.

Answers

If the market charge is above the equilibrium price, volume furnished is greater than extent demanded, creating a surplus. Market fee will fall. Example: if you are the producer, you have a lot of extra stock that cannot sell.

What is the effect of enlarge in demand on equilibrium rate and quantity?

An enlarge in demand, all different matters unchanged, will reason the equilibrium fee to rise; quantity furnished will increase. A limit in demand will cause the equilibrium price to fall; extent provided will decrease.

The fee point for a product stays stable when it is at market equilibrium, raises when there is a scarcity and decreases when there's a surplus . In other words, if you had a sketch of the grant and demand for a product, the factor where the supply curve intersects with the demand curve is the point of equilibrium.

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The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $62,570 at May 1, 20Y4, the beginning of the year, and the owner withdrew $33,800 during the year.

Accounts payable $18,970
Accounts receivable 101,580
Cash 205,040
Fees earned 712,700
Miscellaneous expense 5,540
Rent expense 92,300
Supplies 8,830
Supplies expense 14,770
Taxes expense 10,000
Utilities expense 55,380
Wages expense 263,700


Required:
Prepare an income statement for the year ended April 30, 20Y5.

Answers

The income statement for the year ended April 30, 20Y5 is $271,010.

Income statement:

Wilderness Travel Service income statement for the year ended April 30, 20Y5

Revenue:

Fees earned $712,700

Expenses:

Miscellaneous expense $5,540

Utilities expense $55,380

Supplies expense $14,770

Rent expense $92,300

Taxes expense $10,000

Wages expense $263,700

Total expenses $441,690

Net income $271,010

($712,700-$441,690)

Inconclusion the income statement for the year ended April 30, 20Y5 is $271,010.

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Explain under which IRENT the Paycheck Protection Program would fall.

Answers

According to how we interpret the official Treasury guidance, rent expenses are any sums paid on a regular basis to use the property for commercial purposes. These costs need to be the result of a contract that was signed prior to February 15, 2020.

Paycheck Protection Program: What is it?

The Small Business Administration, with assistance from the Department of the Treasury, administers the Paycheck Protection Program, which was created by the CARES Act. This program offers small businesses money to cover up to 8 weeks' worth of benefits-covered payroll expenses.

Additionally, money can be used to cover the interest on loans, rent, and utility bills. Millions of Americans working for small businesses are given priority by the Paycheck Protection Program, which has $659 billion in funding authorized for job retention and other expenses.

If they also meet program size requirements, small businesses, eligible nonprofit organizations, veterans organizations, and tribal businesses as defined in the Small Business Act, as well as people who work for themselves or as independent contractors, are eligible.

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Prepare a comparative income statement for any company extracting their P&L statement for the years 2020-21 & 2021-22. Analyse the incline and decline in the different elements in the P&L Statement and provide detailed insights.

Answers

Answer:

this is my own answer

Explanation:

hi

How to Prepare a Comparative Income Statement?

Step 1: Specify absolute figures of items like goods sold, net sales, selling expenses, etc., relating to the accounting period under consideration for analysis.

Step 2: Calculate the absolute change in the items mentioned in the income statement.

The Reverend Petros receives an annual salary of 51,000 as full-time minister this includes 5000 designated as a rental allowance River and Pedro is not exempt from employment tax how much must he include figuring that income for self-employed tax

Answers

If the Reverend Petros receives an annual salary of 51,000 as full-time minister that includes 5000 designated as a rental allowance. The amount that must be include figuring that income for self-employed tax is : $51,000.

What is annual salary?

Annual salary can be defined as the amount a person earn as salary per year.

On the other hand self employed tax can be defined as the tax a  person that is solely working for his/her self  without working for any other person remit to the government.

Therefore the amount that must be include figuring that income for self-employed tax is  the amount of $51,000.

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Which nims is management characteristic
Follows established processes for gathering, analyzing, assessing, sharing, and managing data?

Answers

Answer: Information and Intelligence Management

Explanation:

One of the disadvantages of shopping online is that you must wait ___________.



for credit approval



for delivery



for the store to open



in line

Answers

For delivery is correct

Would it be smart to be a police or should I be something else because this all these riots going on I am really rethinking about being a police!!!!!!

Answers

Answer:

smart to be a police.......

Select the correct answer
Wyatt is a businessman. He often travels to different places for business purposes and spends money on hotel stays and get-togethers with
other businesspeople. He wants to keep track of his spending and not worry about falling short on money during a business trip. What advice
would you offer him to achieve this goal?
A take out a business loan
O carry cash
use a credit card
ask trusted colleagues to carry money
Reset
Next

Answers

Answer:

use a credit card

Explanation:

Wyatt seems to travel very often, thus, it is best for him to carry a credit card in order to track his expenses. He'll be able to track his spending in different ways and he'll be able to receive hotel discounts and airline rewards due to his frequent travels.

Tracking one's credit card spending can be done online, so Wyatt can surely update himself about his spending every day if he wants to. This will give him an idea where most of his hard-earned money is going to without the need to wait for the credit card bill.

Answer:

the answer to this question is Uses a credit

Explanation:

Sylvia Baxter reaches an agreed upon selling

Answers

When Sylvia Baxter reaches an agreed-upon selling price, it means that she and the buyer have negotiated and come to a mutual agreement on the price at which the item or property will be sold, and they have signed a legally binding sales agreement or contract.

Based on the information you provided, Sylvia Baxter has reached an agreed-upon selling price for a particular item or property. This means that she and the buyer have come to a mutual agreement on the price at which the item or property will be sold.
When negotiating a selling price, it's important for both parties to consider several factors, such as the current market value of the item or property, its condition, and any unique features or attributes that may affect its value. Additionally, both parties should be clear about any terms and conditions of the sale, such as the date of transfer of ownership, any repairs or renovations that need to be made before the sale, and any financing or payment arrangements.
Once the selling price has been agreed upon, both parties will typically sign a sales agreement or contract that outlines the terms of the sale. This document serves as a legally binding agreement between the buyer and seller and ensures that both parties are aware of their rights and obligations.
In summary, when Sylvia Baxter reaches an agreed-upon selling price, it means that she and the buyer have negotiated and come to a mutual agreement on the price at which the item or property will be sold, and they have signed a legally binding sales agreement or contract.

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Given the information below, calculate the net cash provided from operating activities for Baskin Peter Pty. Ltd.

Receipts from customers $279,247

Payments for property, plant & equipment $42,310

Interest paid $4,231

Proceeds from issue shares $25,836
Payments to supplier and employees $220,013

Repayment of borrowings $53,331

GST paid $16,924

Payments for motor vehicle $37,985

Interest received $6,770

Select one:

$61,773

$44,849

$55,345

$49,080

Answers

To calculate the net cash provided from operating activities, we need to add up the cash inflows from operating activities and subtract the cash outflows from operating activities.

The cash inflows from operating activities are:

Receipts from customers: $279,247

Interest received: $6,770

Total cash inflows from operating activities: $286,017

The cash outflows from operating activities are:

Payments to suppliers and employees: $220,013

GST paid: $16,924

Total cash outflows from operating activities: $236,937

Therefore, the net cash provided from operating activities is:

Net cash provided from operating activities = Cash inflows from operating activities - Cash outflows from operating activities
Net cash provided from operating activities = $286,017 - $236,937
Net cash provided from operating activities = $49,080

Therefore, the net cash provided from operating activities for Baskin Peter Pty. Ltd. is $49,080.

So the answer is D) $49,080.

Robyn was a lawyer for the Department of State who has been disbarred for ethical lapses including dishonesty and interfering with investigations.
After losing his license to practice law, he was fired from the State Department. What MOST likely must Robyn do now?
A. Appeal his case to the American Bar Association.
B. Find a new career outside the legal profession.
C. Wait a year and reapply for his license.
D. Take his case to an appeals court.

Answers

The most likely thing for Robyn to do is B. Find a new career outside the legal profession.

Why does Robyn need to leave the legal profession ?

Since he has lost his license to practice law, he would not be able to continue working as a lawyer or in any other legal capacity. In addition, his firing from the State Department would likely make it difficult for him to find employment in a related government agency.

Therefore, the most realistic option for Robyn would be to seek employment in a different field or industry. Appealing his case to the American Bar Association or taking his case to an appeals court would likely not be fruitful options, as his disbarment and firing from the State Department suggest that his ethical lapses were significant and serious.

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Which of the following items will you need in order to complete the PROFILE?
O A. Mortgage information
B. Educational records for siblings
C. Test scores
O D. Résumé
SUBMIT

Answers

Answer:

A. Mortgage information

Explanation:

Just took the test A P E X

Résumé is needed in order to complete the profile.

What is resume?

A resume is a document used by job seekers to showcase their education, work experience, skills, and achievements to potential employers.

The purpose of a resume is to provide a summary of the applicant's qualifications and to convince the employer that they are the best candidate for the job.

A good resume should be tailored to the specific job opening, include relevant keywords, and highlight the most important qualifications and achievements.

It is typically one to two pages long and is often submitted with a cover letter as part of a job application.

Examples of resume details include job titles, company names, dates of employment, education history, skills and certifications, awards, and accomplishments.

These details are essential in helping employers assess a candidate's suitability for a job opening and determine if they possess the required qualifications and experience for the position.

A well-crafted resume with relevant details can significantly increase a candidate's chances of getting an interview and landing their desired job.

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What is an attitude where the consumer is physically attached to products or possessions

Answers

Answer: Materialistic values

Explanation:

Materialistic values may stem from early insecurities and are linked to lower life satisfaction, psychologists find. Accruing more wealth may provide only a partial fix.

saving is "simpler" than investing. Explain why someone may
still want to do both.

Answers

Answer:hi

Explanation:hi

W02_06.
is the popular name for a free-market economy in which business people make most of the
decisions about what products to produce, how many workers to hire, and what prices to charge for goods
and services.
Select one:
a. Communism
b. Marginalism
ec. Capitalism
d. Socialism

Answers

Answer:

it is capitalism

Explanation:

This is so becauae , capitalism is a free market economy where the individual business people do most in the economy by deciding what to produce , workers to hire etc than the government

By comparing prices at different stores, consumers will:

Answers

By comparing prices at different stores, consumers will save money and make informed purchasing decisions.

How can comparing prices at different stores benefit consumers?

Comparing prices at different stores allows consumers to make informed purchasing decisions and save money. By taking the time to research and compare prices, consumers can identify the best deals and discounts available for the products they intend to buy.

This practice helps them ensure that they are getting the most value for their money. It can also help consumers uncover any price discrepancies or inflated prices allowing them to avoid overpaying for goods and services.

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Assuming that diminishing marginal utility applies to both goods, if a consumer buys more plastic bins and fewer door hooks, the _____ utility of plastic bins will _____, and the _____ utility of door hooks will_______

a. marginal; fall; marginal; fall
b. marginal; rise; total; rise
c. marginal; fall; marginal; rise
d. total; fall; marginal; rise

Answers

Answer:

C. marginal; fall; marginal; rise

Assuming that diminishing marginal utility applies to both goods, if a consumer buys more plastic bins and fewer door hooks, the MARGINAL utility of plastic bins will FALL (DECREASE), and the MARGINAL utility of door hooks will RISE (INCREASE).

Explanation:

According to the law of diminishing marginal utility, the more goods or services that you acquire from a certain product X, the utility of consuming that extra unit of good X will be smaller every time. I.e. the more you consume of good X, the less utility you will obtain from consuming it. E.g. you might enjoy a slice of pizza, but if you keep eating, the utility of having the fifth slice will be much lower than the utility from consuming the first one.

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