Calculate ending inventory and COGS using FIFO and LIFO methods for ABC Inc.

On April 1, 2022 the balance in inventory is 220 units at $50 each

April 5, 2022 purchased 100 units at $60 each

Purchased 50 units at $45 each on April 10, 2022

Sold 300 units at $80 each on April 16, 2022

Sold 20 units at $95 each on April 25, 2022

Purchased 200 units at $40 each on April 30, 2022

Answers

Answer 1

The calculation of the ending inventory and the cost of goods sold using FIFO and LIFO methods for ABC Inc. is as follows:

                                          FIFO          LIFO

Ending inventory          $10,250     $12,800

Cost of goods sold       $17,000     $14,450

How does FIFO differ from LIFO?

FIFO, which means First-in, First-out, computes the cost of goods sold based on the assumption that the physical flow of goods sold depends on the earlier inventory in stock.

FIFO can be applied under both the perpetual and periodic inventory systems, unlike LIFO.

LIFO means Last-in, First-out, and as a cost flow assumption assigns the cost of goods sold based on the latest inventory purchases.

LIFO cannot be used under the perpetual inventory system.

Date        Activities                       Units     Unit Rate      Total Cost

April 1     Beginning inventory       220          $50             $11,000

April 5    Purchases                        100          $60                6,000

April 10   Purchases                         50          $45                2,250

April 16   Sales                              -300          $80

April 25  Sales                                -20          $95

April 30  Purchases                      200          $40                8,000

Total                                              570                             $27,250

Units sold                                      320

Ending inventory                         250

FIFO:

Ending Inventory = $10,250 (200 x $40 + 50 x $45)

Cost of goods sold = $17,000 ($27,250 - $10,250)

LIFO:

Ending Inventory = $12,800 (220 x $50 + 30 x $60)

Cost of goods sold = $14,450 ($27,250 - $12,800)

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Related Questions

Thelma and Patrick went to a cafe
for lunch. One of them is a
vegetarian. Thelma ordered a
turkey sandwich with extra
mustard. Who is the vegetarian?

Answers

Patrick is vegetarian and Thelma is non vegetarian.

What are vegetarian?

The practice of not eating any meat is known as vegetarianism. It might also mean avoiding eating any leftovers from animal slaughter. There are several reasons to embrace a vegetarian diet. Due to their respect for sentient animal life, many people refrain from eating meat.

Main Body:

As Thelma ordered Turkey sandwich with extra mustard and turkey is an animal , which makes her non vegetarian so it is obvious that Patrick is a vegetarian and Thelma is non vegetarian.

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please help me with these it is due tomm.​

Answers

Answer:

1.) 10: 1, 2, 5, 10.

15: 1, 3, 5, 15,

Answer would be 5.

2.) 18: 1, 2, 3, 6, 9, 18

21: 1, 3, 7, 21

Answer would be 3.

3.) 12: 1, 2, 3, 4, 6, 12.

24: 1, 2, 3, 4, 6, 8, 12, 24.

Answer would be 12.

4.) 8: 1, 2, 4, 8.

20: 1, 2, 4, 5, 10, 20.

Answer would be 4.

5.) 14: 1, 2, 7, 14.

28: 1, 2, 4, 7, 14, 28.

Answer would be 14.

Step-by-step explanation:

Using the listing method, you would first list the common factors of each number, to which that number could be multiplied by. Then, you would search for the greatest common factor.

There are 4 green apples and 7 red apples in a basket.
(a) What is the ratio of all apples in the basket to red apples?
0
(b) What is the ratio of green apples to all apples in the basket?
0

Answers

Answer:

1) 7:4

2) 11: 7

Step-by-step explanation:

Evaluate the expression when x =-4

Answers

Answer:

22. 2 (-4) = -8

23. (2(-4) + 11) = (-8 + 11) = 3

24. -3 (5 (-4) = -3 (-20) = 60

Answer:

  22.  8

  23.  3

  24.  -60

Step-by-step explanation:

You want the values of the given absolute value expressions when x = -4.

23. 2|x|

The absolute value function changes the sign to positive, if it isn't already.

  2|-4| = 2(4) = 8

24. |2x +11|

  |2(-4) +11| = |-8 +11| = |3| = 3

25. -3|5x|

  -3|5(-4)| = -3|-20| = -3(20) = -60

Find the equation of the linear function represented by the table below in slope-intercept form. x y 1 2 2 0 3 -2 4 -4

Answers

The equation of the line is will be y = -2x + 4.

What is an equation of the line?

An equation of the line is defined as a linear equation having a degree of one. The equation of the line contains two variables x and y. And the third parameter is the slope of the line which represents the elevation of the line.

The general form of the equation of the line:-

y = mx + c

m = slope

c = y-intercept

Slope = ( y₂ - y₁ ) / ( x₂ - x₁ )

Calculate the slope of the line,

Slope = ( y₂ - y₁ ) / ( x₂ - x₁ )

Slope = ( -2 - 0) / ( 2 - 1) = -2

The y-intercept will be calculated as,

y = mx + c

0 = -2 x 2 + c

c = 4

The equation of the line will be,

y = mx + c

y = -2x + 4

Therefore, the equation of the line will be y = -2x + 4.

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Rewrite −12(4x + 5y) using distribution.

−48x + 60y
−48x + 5y
−48x − 60y
−4x − 17y

Answers

To distribute this, multiply each term in the parentheses by -12

-12(4x) + -12(5y)

-48x - 60y

Hope this helps :)

Comment if you need any more explanation

Answer:

-48x - 60y

Step-by-step explanation:

Distributive Property of multiplication over addition:

[tex]\boxed{a(b + c) = ab + ac}[/tex]

Apply the distributive property to the given expression:

[tex]\begin{aligned}-12(4x + 5y) & = -12 \cdot 4x + (-12) \cdot 5y\\& = -48x +(- 60y)\\&=-48x-60y\end{aligned}[/tex]

Therefore, the given expression rewritten using distribution is:

-48x - 60y

Determine the center and radius of the circle with equation (x+3)² + (y − 2)² = 16​

Answers

Answer: Center: (-3, 2). Radius: 4.

Step-by-step explanation:

The x-coordinate of the center of the circle is given by the constant within the parenthesis with variable x. Whatever number makes the equation x + 3 = 0 is the x-coordinate of the center of the circle, which in this case is -3.

The y-coordinate of the center of the circle is given by the constant within the parenthesis with variable y. Whatever number makes the equation y - 2 = 0 is the y-coordinate of the center of the circle, which in this case is -2.

The radius of the circle is the square root of the constant on the other side of the equation. So, r = [tex]\sqrt{16}[/tex] = 4.

The explanation is from the equation of a circle in a graph:


[tex](x-h)^2 + (y-k)^2 = r^2[/tex]

h and k in this equation stand for the coordinates of the center of the circle, with h being the x-coordinate and k being the y-coordinate. IN your equation, we have:

[tex](x+3)^2 + (y-2)^2 =16[/tex]

Which can also be written as

[tex](x-(-3))^2 + (y-(2))^2=16[/tex]

See the correlation of numbers -3 and 2 with h and k?

Notice also how the equation contains [tex]r^2[/tex], so to find the radius you do [tex]\sqrt{r^2}[/tex].

Alton estimated that 260 people attended the band concert. The actual count for attendance was 200 people. Find the percent of error.

Answers

The percent of error concerning Alton's estimated attendance and actual attendance at the band concert is 30%.

What is the percentage of error?

The percent of error is a measure showing how big an error is between the estimate and actual results.

The smaller the percent of error the closer the estimate is to the actual observations, and vice versa.

Actual Observed Value = 200

Expected Value = 260

Percentage of error = (Expected Value - Observed Value) ÷ Actual Value

= (260 - 200)/200

= 60/200

= 0.3

= 30%

Thus, we can conclude that Alton made a 30% error in his estimate of attendance at the band concert.

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If 7-3(2x-1)=2x+26, then x=

Answers

The value of x in 7-3(2x-1)= 2x+26 is -4

What is linear equation?

Linear equation is is a mathematical statement, which has an equal sign (=) between the algebraic expression. Linear equations are the equations of degree 1. It is the equation for the straight line. The solutions of linear equations will generate values, which when substituted for the unknown values, make the equation true. In the case of one variable, there is only one solution. For example, the equation x + 3= 0 has only one solution as x = -3.

To find x in 7-3(2x-1)= 2x+26 ,we solve the parentheses first which will give

7- 6x+3= 2x+26

collect the like terms

-6x-2x=26-3-7

-8x= 16

divide both side by -8

-8x/-8= 16/-8

therefore x= -2

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Solve the equation n x 5 = 5000 explain you solution

Answers

Answer:

1000

Step-by-step explanation:

n x 5 = 5000

n = 5000/5

n = 1000

The measure of an obtuse angle is A: greater than 0 and less than 90 degrees B: 90 degrees C. greater than 90 and less than 180 degrees

Answers

The measure of an obtuse angle is greater than 90° but less than 180°

What is an obtuse angle?

An obtuse angle is a type of angle that is always larger than 90° but less than 180°. In other words, it lies between 90° and 180°.

An angle is the space between two intersecting lines or surfaces at or close to the point where they meet.

Angles are mostly measured in degrees. But it can also be measured in radian. Examples of obtuse angle are 91°, 100°, 150° e.t.c

Other examples of angles are acute angle, reflex angle , right angle.

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Kevin bought a desk on sale for $280.80. This price was 36% of the original price.
What was the original price?

Answers

The original price of desk bought by kevin is $780.

What is original price?

To calculate the initial worth of a reduced or sale item, you wish to grasp the sale worth and also the discount proportion. The calculations embody an easy formula that divides the sale worth by the results of one minus the discount in proportion form.

Main body:

Let the original price of desk be x.

After sale price of desk - $280.80

According to question, 36% of original price is what kevin bought it for.

So the equation formed is,

⇒36% of x = 280.80

⇒0.36*x = 280.80

⇒x = 280.80/ 0.36

⇒x = $780

Hence the original price of desk is $780.

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Subtract the linear expressions. Show your work.
(4-3x + 9x) - (-11-7x + 9)

Answers

13x + 6

First distribute the negative (-1) outside of the parentheses to each term inside of the parentheses. In each linear expression there are like terms: those with variable x and constants. These can be combined (I.e., added or subtracted from one another).

Here’s a photo of the work used to simplify the expression. I hope it helps:

Identify the solution set 3c-5-c=7+4c

Answers

To solve this, we begin by simplifying:

2c - 5 = 4c + 7

Now to subtract 4c from both sides:

-2c - 5 = 7

Next, we add 5 to both sides:

-2c = 12

Finally, divide both sides by the coefficient:

c = -6

Marco opened a savings account 10years ago. The account earns 5% interest,compounded annually. If the current balance is $400, how much did he deposit initially? Round your answer to the nearest cent.

Answers

Answer:

245.57

Step-by-step explanation:

[tex]P\left(1+0.05)^{10}=400 \\ \\ P=\frac{400}{(1.05)^{10}} \\ \\ P \approx 245.57[/tex]

Write one quadratic equation that forms a graph through the points (−4,2) and (1,2) and has a
minimum value at the vertex.
Explain it in detail please

Answers

Quadratic equation that passes through the points (-4,2) and (1,2) and a form a graph of horizontal line y =2.

Graph is attached.

As given in the question,

Quadratic equation passes through the points (-4,2) and (1,2)

(x₁, y₁) =(-4,2)

(x₂ ,y₂) = (1,2)

(y-y₁)/ (x-x₁) = (y₂ -y₁)/(x₂ -x₁)

⇒(y-2)/(x +4) =(2-2)/)1+4)

⇒ (y-2)/(x+4) =0

⇒y -2 =0

⇒y =2

Quadratic equation formed from the given points (-4,2) and (1,2) is y =2.

which represents the horizontal line and does not have any vertex.

Graph of the quadratic equation y =2 is attached.

Therefore, quadratic equation that passes through the points (-4,2) and (1,2) and a form a graph of horizontal line y =2.

Graph is attached.

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A 150-pound person uses 5.6 calories per minute when walking at a speed of 4 mph. How long must a person walk at:
this speed to use at least 220 calories?
A person must walk for at least
(Round up to the nearest minute.)
minutes in order to use at least 220 calories.

Answers

The person must walk 2.61 miles to use 220 calories with speed of 4mph.

What is speed?

 The pace at which an object's position changes in any direction is known as its speed. The distance traveled relative to the time it took to travel that distance is how fast something is moving. Due to its lack of magnitude and only having a direction, speed is a scalar quantity.

Here, At 4 mph 5.6 calories are used in = 1 minute

So, at 4 mph, 220 calories are used in,

=> 220/5.6

=> 39.28 minutes

Hence, a person must walk for 39.28 minutes to burn 220 calories.

To find the distance a person should walk, when the speed is 4 miles per hour.

In 60 minutes a person is walking = 4 miles

So, in 39.28 minutes a person will walk = 4/60*39.28

= 2.61 miles

Therefore The person must walk 2.61 miles to use atleast 220 calories.

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At one time the thickness of different gauges of stainless
steel were given in fractions of an inch. Today, these
thicknesses are listed as decimal numbers. Convert each of
the following fractional thicknesses to decimal form.

Answers

A fraction can be converted into decimal form by dividing it. The answer to these parts are in main body.

What is a decimal?

When we divide a whole into smaller parts, we get decimals. Then, there are two parts to a decimal number: a whole number part and a fractional part. The whole component of a decimal number has the same decimal place value system as the complete number.

Main Body:

a) 15/32 = 0.4688

b) 13/64 = 0.2031

c) 9/16 = 0.5625

d) 5/8 = 0.625

e) 7/80 = 0.0875

f) 29/1280 = 0.0227

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need help pleaseeeeeeeeee

Answers

The value g(7) of the function g(x) = 7  / 8 x  - 1 / 2 is 45 / 8.

How to solve function?

A function relates each element of a set with exactly one element of another set (possibly the same set).

In a simpler term, a function relates an input to an output.

Therefore, let's find the value of g(7) for the function below:

g(x) = 7  / 8 x  - 1 / 2

Hence,

g(7) = 7 / 8 (7)  - 1 / 2

g(7) = 49 / 8  - 1 / 2

g(7) =  49 - 4 / 8

Therefore,

g(7) = 45 / 8

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Suppose that the number of cars manufactured at an automobile plant varies jointly as the number of workers and the time they work. If 160 workers can produce 32 cars in 2 hours, find the number of workers that can produce 66 cars in 3 hours.

Answers

If 160 workers can produce 32 cars in 2 hours, The number of workers that can produce 66 cars in 3 hours is 220 .

How to find the number of workers?

Using this formula

W = kC/H

160  = k(32 )/2= 17k

k =  160 /16

Hence,

W = (160 /16)C/H

W = (160 /16) (66/3)

W= 220 workers

Therefore we can conclude that 220 workers can produce the cars in 3 hours.

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1/3a^2+a=0

It's rather urgent, please or else I will fail my semester...

Answers

The solution of the equation given as 1/3a² + a=0 is a = 3

How to determine the solution to the equation?

From the question, we have the following equation that can be used in our computation:

1/3a^2+a=0

Rewrite the equation properly

So, we have

1/3a² + a=0

Multiply through the above equation by 3

So, we have the following equation

3 * (1/3a² + a) =0 * 3

Evaluate the products

So, the equation becomes

a² + 3a = 0

Next, we divide through the equation by the variable a

This gives

a + 3 = 0

Subtract 3 from both sides of the equation

i.e. Add -3 to both sides of the equation

a = -3

The above equation cannot be solved further.

So, we leave it like that and stop solving

Hence, the solution to the equation is a = -3


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Write an expression that is equivalent to 3(7+ x).
3(7+ x)= ? + ?x

Answers

Answer:

21 + 3x

Step-by-step explanation:

Its simple really. Just expanding the brackets by bringing the 3 inside the bracket :

3 × 7 = 21

3 × x = 3x

So our answer will 21 + 3x

Hope this helped and have a good day

A tennis ball has a volume of approximately
10.31 in ³
What is the radius of the tennis ball? Use 3.14 to
approximate 7.

Answers

By using the concept of volume of a sphere, the result obtained is

Radius of the tennis ball = 1.35 inch

What is Volume of a sphere?

Volume of the sphere is the total space taken by the sphere.

If r is the radius of the sphere, then the volume of the sphere is given by the formula

V = [tex]\frac{4}{3}\pi r^3[/tex]

Let the radius of the ball be r inch

Volume of the ball = [tex]\frac{4}{3}\pi r^3[/tex]

                               = [tex]\frac{4}{3} \times 3.14 \times r^3[/tex]

By the problem,

[tex]\frac{4}{3} \times 3.14 \times r^3 = 10.31\\r^3 = \frac{10.31 \times 3}{4 \times 3.14}\\r^3 = 2.46\\r = \sqrt[3]{2.46}\\ r = 1.35\ in[/tex]

Radius of the tennis ball = 1.35 inch

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r=6%
t=6years
I=480,00
p=?

Answers

Answer:

I=PRT/100

I100=PRT dbs by Rt

l100/RT = P

48000*100/6*6

P=

Can someone please help me thank you

Answers

Answer:

9. 4/5

10. 3/4

11. 1/4

12. 1/8

13. 1/11

14. 1/9

15. 9/10

16. 1/10

Step-by-step explanation:

ur welcome

-3x + 6 = 4 - 6x

I kept getting 1.5 But it's not correct. ???

Answers

Answer:

-2/3 or -0.6666

Step-by-step explanation:

-3x + 6 = 4 -6x

Let's move the x to one side

-3x +6x=4-6

Combine like terms

3x = -2

Divide both sides by 3

-2/3=x

or -0.666666

Tammy must choose a number between 61 and 107 that is a multiple of 3,9 and 12. Write all the numbers that she could choose

Answers

Answer:

G LCM (least common multiple) of 3, 9, and 12. After doing that, find the number that is between 61 and 107.

Step-by-step explanation:

Least common multiple (lcm) is where g finds out the number that can be divided by all the numbers (3, 9, and 12 in this case) and still come out with a whole number.

1. Draw a picture, write and solve an equation to find Mary's weight, w, when she was 10 years old.​

Answers

The  Weight  of Mary is 80. Students who are having trouble solving a problem can use the "draw a picture" method to create a visual representation of the issue.

"Draw a picture" method ?

Students who are having trouble solving a problem can use the "draw a picture" method to create a visual representation of the issue.

the justifications.

Inquiry 1.

Formula: w = 10 8 pound

Answer: x = 80 lb

Inquiry 2:

Formula: d = 108 lb - 8 pound

d = 72 lb

Explanation:

First of all

When Mary was born, she weighed 8 pounds.

Statement 2: Mary weight 10 times as much when she was 10 years old.

w = 10 8 pounds, or 80 pounds.

Description of the illustration:

She was born weighing 8 pounds, which is represented by each cell. The 10 cells indicate that the number 8 lbs. has been repeated 10 times.

Next, the sum of the multiplication is shortened:

8 + 8 + 8 + 8 + 8 + 8 + 8 + 8 + 8 + 8 = 10 × 8 = 80.

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If 10 ops are equal to 1.63 sals, how many sals are equal to a book that costs
12.25 ops?

Answers

Answer:

if the selling price of the radio is Arya 4321 and loss e79 find the cost price of the radio

Did you use Priya's rate (0.4 cups of oats per cup of water) or Han's rate (2.5 cups of water per cup of oats) to help you answer each of the previous two questions? Why?

Answers

Answer:

Yes

Step-by-step explanation:

It depends on the questions before hand but this seems to answer the previous two questions.

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