per month excise tax is imposed on firms selling office space. d is the demand curve, s1 is the supply curve in the absence of the tax, and s2 represents the supply curve that includes the tax.
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Producers will have larger tax incidence and excise tax fall on above people because the supply of office rental is more inelastic than its demand.
Tax incidence relates to the way the tax burden is divvied up between sellers and buyers. The tax incidence is ascertained by the price supply and demand elasticity. Buyers carry the largest portion of the tax burden when stock is more elastic than demand. When demand is much more elastic than supply, production companies bear the largest portion of the tax burden.
The larger the inelasticity of both demand and supply, the larger the tax income. A tax's incidence, or burden, typically falls on both consumers and producers of the paying tax good. However, if we want to predict which group will bear the majority of the burden, we only need to look at the elasticity of demand and supply.
The complete question is here:
The graph below shows the market for office rental space. A $400 per month excise tax is imposed on firms selling office space. D is the demand curve, S1 is the supply curve in the absence of the tax, and S2 represents the supply curve that includes the tax.
(Picture is given below)
Who has larger tax incidence?
producersConsumersThis excise tax falls on the above people because:
The supply of office rentals is more inelastic than the demand for office rentalsThe demand for office rentals is more inelastic than the supply of office rentalsThe supply of office rentals is more elastic than the demand for office rentalsFor office rentals, both demand and supply are highly price elasticLearn more about tax incidence is here:
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the weighted average cost method uses the weighted average cost to calculate the value of . (check all that apply.) multiple select question. cost of goods sold supplies sales inventory equipment payments to suppliers
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The weighted average cost method uses the weighted average cost to calculate the value of option B: cost of goods sold.
What is the weighted average cost method?The weighted average cost approach, which is frequently employed when inventory items are so similar to one another or blend into one another that it is difficult to assign precise costs to single units, divides the cost of goods available for sale by the number of units available for sale.
Therefore, The weighted average approach is most frequently used when inventory items are so entangled that it is challenging to allocate a specific cost to an individual unit. It is mostly used to assign the average cost of production to a certain product.
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valentina is observing interactions between subordinates and their supervisors in a large corporate office. valentina is using a research strategy called:
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Valentina is using a research strategy called: naturalistic observation.
What you mean by naturalistic observation?
Naturalistic observation is a research method where you record and mention the behaviors of your research subjects in real world settings. You should avoid interfering with or influencing any variables in a naturalistic observation. You can imagine of naturalistic observation as “people watching” with a purpose.
Why is naturalistic observation important?An importance of naturalistic observation is that it permits the investigators to directly observed the subject in a natural setting. The method provides scientists a first-hand look at social behavior and can aid them to notice things that might never have encountered in a lab setting.
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a department store has offered you a credit card that charges interest at 1.75% per month compounded monthly. what is the nominal interest (annual percentage) rate for this credit card? what is the effective annual interest rate?
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Since the store charge interest at 1.75% per month, then the nominal interest rate = 21% and the effective annual interest rate = 23.14%
The annual percentage rate (APR) or nominal interest is equal to monthly interest times 12 months. Hence,
APR = 12 x 1.75% = 21%
The effective annual rate (EAR) is calculated using the formula:
EAR = (1 + r/n)ⁿ - 1
Where:
r = APR or nominal interest rate
n = number of periods.
From the problem, since the interest is compounded monthly, then n = 12.
Hence,
EAR = (1 + 21 / 12)¹² - 1
EAR = (1 + 0.0175)¹² - 1 = 23.14%
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An example of a barrier to entry is (2pts) question 10 - an example of a barrier to entry is select product differentiation. as your answer product differentiation. select high profits. as your answer high profits. select occupational licensing. as your answer occupational licensing. select increasing marginal costs. as your answer increasing marginal costs.
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An example of a barrier to entry is product differentiation.
What is a barrier to entry?
A barrier to entry is a situation or obstacle that can make it difficult for other firms to enter into an industry. Barriers to entry include economies of scale, product differentiation, brand loyalty and patents.
Product differentiation include all the processes used a company to differentiate its product from other products. If customers are already used to a differentiated product, it might be difficult for them to switch to a new product. On the other hand, if all goods are identical, consumers would not care which product they consume.
When customers are extremely loyal to a brand, it would be difficult for a new firm to enter the same industry and earn a high level of profit. This makes brand loyalty a type of barrier to entry.
The barriers to entry in a pure competition is very low. This is because all the goods sold are identical. On the other hand, barriers to entry is high in both the monopoly and oligopoly.
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the components of a typical issues management process include: multiple choice identify issue, take action, scan for new issues. generate options, predict the firm’s profitability, evaluate results. identify issue, analyze issue, allow the government to take action. all of these answers are correct.
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The components of a typical issues management process are include:
Identify issue, take action, scan for new issues.Identify issue, analyze issue, allow the government to take action.Generate options, predict the firm's profitability, evaluate results.So, the correct answer is all of these answer are correct.
Management process can be described as a process of setting goals, planning and controlling the organizing and leading the execution of any type of activity, such as: a process or a project. There are some functions of management process, such as: planning, organizing, coordinating, staffing, directing, reporting and budgeting.
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The decentralized public ledgering system called ________ is used to record and manage transactions in traditional sectors like shipping, real estate, voting, and stock trading.
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The decentralized public ledgering system is called a 'BLOCKCHAIN', which is used to record and manage transactions in traditional sectors like shipping, real estate, voting and stock trading.
Blockchain is basically a digital platform composed of huge number of databases or ledgers, which ensures zero knowledge proof that is one party can ensure correctness of any data without actually revealing any information of the set of data stored. In a decentralized blockchain system, nobody needs to know or rely on any information blindly as each set of information stored in the form of blocks carries with itself its verification proof. Each member present in the network of blockchain has a copy of the exact same data in the form of a distributed ledger. If a ledger of any member is altered or corrupted in any way by someone else, it will be out rightly rejected by majority of members present in that network.
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in what way is the tangible measure of the value of a person to the organization expressed? a. with benefits b. in wages c. with promotions d. with compensation e. in career planning
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Compensation is the tangible measure of the value of a person to the organization expressed.
Option D is correct.
Elaborate:When it comes to attracting and retaining employees, pay is important . Fair and equitable compensation may promotes the eligible candidates to accept your job offers while promoting current employees feel valued and appreciated. Compensation, on the other hand, doesn't always indicates to a salary or hourly rate. It includes all of the expenses related to each employee .
The difference between base pay and compensation is that a complete compensation package frequently contains an employee's base pay as well as a varieties of other monetary and non-monetary benefits. Allowing a competitive pay plan may helps you recruit and retain top talent, motivate present workers to be more productive and successful, increased their job satisfaction, and stay in compliance with federal.
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when studying marketing effectiveness, the three main types of evaluation techniques are message evaluations, online evaluation metrics, and respondent behavior evaluations.
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The three key types of evaluation techniques to determine the effectiveness of digital marketing are message evaluations, online evaluation metrics, and respondent behavior evaluations. Thus, the given statement is true.
Marketing effectiveness is the measure of a wider range of digital marketing objectives to attain a larger return on investment in both the long term and the short term.
The three main digital marketing effectiveness evaluation techniques are briefly described below:
Message evaluations: In this technique messages are examined and optimized so that influencing ads and messages would be developed to attract customers.Online evaluation metrics: this is the technique that evaluates and tracks the digital marketing and advertising campaigns by implicitly measuring the experience of real users.Respondent behavior evaluations: These address the visible customers' actions, such as online store visits, inquiries, and actual purchases. This technique uses a range of measures such as changes in sales, the number of redeemed coupons, and the number of clicks to the website."The complete question is:
when studying marketing effectiveness, the three main types of evaluation techniques are message evaluations, online evaluation metrics, and respondent behavior evaluations. True or False "
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on may 31 of the current year, the assets and liabilities of riser, inc. are as follows: cash $18,300; accounts receivable, $7,150; supplies, $500; equipment, $11,900; accounts payable, $9,150. what is the amount of equity as of may 31 of the current year?
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On May 31 of the current year, the assets and liabilities of the riser, inc. are as follows: cash $18,300; accounts receivable, $7,150; supplies, $500; equipment, $11,900; accounts payable, $9,150. The amount of equity as of May 31 of the current year is $28,700.
Equity is the ownership of assets with potential debts or other responsibilities. For accounting reasons, equity is calculated by deducting liabilities from the value of the assets. Because the value of an investor's investment in a firm is represented by the percentage of its shares, equity is significant.
Any resource that a company or other economic body owns or controls is considered an asset. Anything that has the potential to provide positive economic value qualifies. The ownership value that can be turned into cash is represented by assets.
Assets = Liabilities + Stockholders' Equity
Accounts Payable + Stockholders' Equity = Cash + Accounts Receivable + Supplies + Equipment
$18,300+ $7,150 + $500 +$11,900 = $9,150 + Stockholders' Equity
$37,850 = $9,150 + Stockholders' Equity
Entire assets minus total liabilities equals equity.
Stockholders' Equity =$37,850 - $9,150
Stockholders' Equity = $28,700
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if a firm contracts with iri, a leading test market company, to track sales of a new product made to a panel of consumers and to assess the effectiveness of advertising and other promotion tactics, what type of test market is this
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The type of test market is controlled test market.
The most frequent application of controlled test markets is with new product launches. The research provider provides the advertiser with a panel of retailers for a controlled test market.
Suppliers track the sales of competing products as well as first- and repeat-purchase data from the checkout scanner. The marketer's brand is "pushed" into these stores through distribution. Both advantages and disadvantages apply to this.
Distribution is certain, which is an advantage. The marketer is unable to predict how retailers will respond to the new offering, which is a drawback. Controlled test markets also have the drawback of allowing competitors to view the new product prior to its general release.
Hence the controlled test market is the suitable test market.
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1. when the partnership goes out of business and the normal operations are discontinued, the accounts should be adjusted and closed except the asset accounts. the liability accounts. the owners' equity accounts. all of these choices are correct.
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The accounts should be adjusted and closed are except the asset, contra asset, liability, and owners' equity accounts. So, the answer is all of these choices are correct.
A partnership can be defined as a form of business where two or more people share ownership, as well as the income or losses the business generates and the responsibility for managing the company. Partnership has several characteristic, such as sharing of losses and profits, mutual agency, Lawful business, Unlimited liability, and also Contractual relationship. Partnership also can be defined into 3 main categories, such as general partnership, limited liability partnership, and also limited partnership.
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an auditor of a nonissuer should request that management provide written representations regarding uncorrected misstatements in the financial statements that state
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Whether management believes that the effects of uncorrected misstatements are immaterial, individually and in the aggregate, to the financial statements as a whole.
The framework outlined in ISA 450, which divides misstatements into the following categories, is helpful to examine and apply when reviewing misstatements and when asking management to remedy misstatements.
Misstatements that are factually incorrect are those about which there is no question. An example would be a blatant violation of an IFRS rule, which would result in erroneous financial statements, such as when a required disclosure is not made, such as when EPS for a public business is not disclosed.Judgmental misstatements are discrepancies that result from management's estimations of accounting that the auditor finds unjustified or from the choice or application of accounting policies that the auditor finds incorrect. Of course, there are numerous instances in financial reporting where employing judgment is required, such as when establishing the fair value of non-current assets, the amount of disclosure required in connection to a contingent obligation, or the recoverability of receivables.Projected misstatements, which project the misstatements found in audit samples to the complete populations from which the samples were obtained, are the auditor's best estimate of misstatements in populations.Learn more about Misstatements, here
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offensive strategies group of answer choices are attempts to reduce the risk of being attacked. are used to convince other firms to seek other targets. are direct targeting/attacking of rivals. are examples of basic generic strategies.
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The offensive strategies are direct targeting/attacking of rivals.
A sort of company strategy known as an aggressive competitive strategy entails actively pursuing improvements within the industry. In an effort to stay one step ahead of the competition, businesses that go on the offensive frequently make acquisitions and spend a lot of money on R&D and technology. They will also confront rivals by excluding them from emerging or underserved markets or by competing directly with them. Conversely, defensive competitive strategies are intended to offset aggressive competitive methods. When businesses aggressively seek out other businesses to drive expansion or reduce competition, they are using the most aggressive offensive competitive approach.
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erin moore, vice president of enrollment management at foster university, wants to increase the number of students enrolling in the college of business. in an effort to achieve this, erin and her team (1) increased online advertising on business-related websites, (2) created new advertisements for radio and television, 3) asked current students to talk to their friends and family, and (4) increased the number of visits to local and regional high schools and community colleges. erin and her team’s actions fall within which management function?
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Erin and her team’s actions fall within leading management function. Leaders do the things they do to pursue innovation rather than out of obligation.
Leading entails able to articulate a vision, activating employees, inspiring and motivating people, and doing so through the use of idea, influence, encouragement, and effective communication skills.
To put it simply, leadership entails taking chances and contesting the status quo. Leaders inspire others to accomplish something new and better. Surprisingly, leaders do the things they do to pursue innovation rather than out of obligation. They assess success by examining the team's accomplishments and learning.
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what an insurance company’s primary revenue source? group of answer choices premiums and bond underwriting fees net interest income fees charged on assets under management premiums and investment returns claims on insurance policies
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Premiums and investment returns are the primary revenue source of an insurance company.
The most important metric for determining the return on any investment is return on investment (ROI). It is a ratio that contrasts an investment's gain or loss in relation to its cost. It is helpful in assessing the present or projected return on an investment, whether you are determining whether to start a new project, assessing the success of your stock portfolio, or thinking about a business venture.
ROI and other cash flow metrics, including internal rate of return (IRR) and net present value (NPV), are crucial metrics in business research that are used to assess and rank the attractiveness of a variety of various investment opportunities.The return on investment (ROI) is a ratio, however it is usually stated as a percentage.Learn more about Return on investment (ROI), here
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has credit sales of $342,000 yearly. if dome offers a 2 percent discount for payment in 18 days, what will the average accounts receivable balance be? assume all customers would pay on the last day of the discount period. (use a 360-day year.)
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The average accounts receivable balance be $17,100. assuming all customers would pay on the last day of the discount period. (using a 360-day year).
Credit sales of Dome metals = $342,000 yearly
Dome offers 2% discount for payment in 18 days.
Assuming all customers would pay on the last day of the discount period.
Average receivables balance = Receivables with discount x Average collection period
= (342,000 - 2%) x 18 /360 =$341,999 x 0.05 =$17,099.999
Therefore Average receivables balance = $17,099.999 ≈ $17,100
Average account balance over a certain length of time for the accounts payable account When linking this account to Sales, an average balance must be calculated because the amount presented in the Accounts Receivable account is the final balance on a single day (the balance of which reports the sales for a period of time).The amount of times a firm collects its typical level of accounts receivable is measured by the accounts receivable turnover ratio. It measures how well a business is able to manage its line of credit procedure and collect past-due amounts from customers.Accounts receivable Turnover Ratio: An efficient firm has a higher ratio whereas an inefficient company has a lower ratio.Learn more about Average account, here
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firms that have permits to release waste water into waterways under the clean water act must monitor their own performance and file reports, which are available to the public for inspection.
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Firms that have permits to release waste water into waterways under the clean water act must monitor their own performance and discharge monitoring file reports.
Reports called Discharge Monitoring Reports (DMRs) are necessary for some Water Quality Management (WQM) permits and National Pollutant Discharge Elimination System (NPDES) permits because they include wastewater self-monitoring results. Periodically, these reports are finished and submitted to DEP and other organizations (typically monthly, quarterly, semi-annually or annually). All facilities with NPDES permits that demand sampling and monitoring are required to submit DMRs (typically sewage treatment plants and industrial facilities with a wastewater or storm water discharge monitoring to surface waters). For WQM licenses with effluent land application, DMRs can also be necessary.
The attachment of supplemental reports to DMRs is frequently required for NPDES permits.
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myers corporation has the following data related to direct materials costs for november: actual costs for 5,000 pounds of material, $ 4.50; and standard costs for 4,800 pounds of material at $5.10 per pound. what is the direct materials price variance? group of answer choices $3,000 unfavorable $2,880 unfavorable $3,000 favorable $2,880 favorable
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The direct material price variance is $3,000 favorable. The direct material price variance in variance analysis is the difference between the standard cost and the actual cost for the actual quantity of material purchased.
The difference between the expected and actual cost of purchasing direct materials is defined as direct material price variance (DM Price Variance). It assesses the extent to which the standard price has been over or under applied to various purchase units. It is one of two components of total direct material variance.
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on april 1, dos company sold $12,000 accounts receivable to ps2 finance company to obtain immediate cash. the related allowance for doubtful accounts was $480. the financial agreement specified a price of $10,200 on a with-recourse basis. dos estimated a $240 recourse liability. required prepare the journal entry for dos company to sell the accounts receivable.
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DateAccount Titles DebitCredit2020 April 1Cash $12,000, Allowance for Doubtful Debts $480, Loss on Sale of Receivables (2,200 + 240)= $2,440 Accounts Receivables $12,000,Recourse Liability $240.
A debit card, commonly referred to as a check card or bank card, is a type of payment card that can be used to make transactions in place of cash. The phrase "plastic card" refers to both the previous item and an identity debit card. While they resemble credit cards, the money for the purchase must be in the cardholder's own account with them. The financial agreement specified a price of $10,200
In double-entry bookkeeping, the debit is the side of the entry that shows the amount deducted from an account.
Receivable refers to the fact that the payment has not yet been realized. Accordingly, the business must have given its clients a credit line.
Trade accounts receivables, notes receivable, and other receivables are the three main categories that make up receivables.
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simone takes ownership of the project to which she was assigned. she provides the leadership and vision that will take the product from the idea stage to the final customer. simone is a(n) .
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Simone assumes control of the task she was given to complete. She gives the project the direction and vision needed to see it through to the end user. A product spokesman is Simone.
Any activity that is meticulously planned to accomplish a specific goal, whether it is done alone or in a group, and may include research or design, is referred to as a project. A different perspective sees a project as a series of activities that must be completed in a specific order and under specific financial and other constraints. A project may be a transient (rather than permanent) social structure (work system), staffed perhaps by teams (inside or across organizations), to carry out specific tasks under time limitations. A project could be a component of a larger program management effort or work independently.
Be aware that open-source software "projects" or artists' musical "projects" (for instance) could not have clearly defined team members, exact planning, or time limits.
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descibe and rationalize how a firm's logistics and supply chain strategy will likely evolve as a firm shifts from no international strategy to a global strategy. what are the challenges as the firm evolves through this change?
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When a firm operate in national or local market then it deals with few number of suppliers, retailers.
But when a firm begins to take its business operations into global market and make global strategy in which it offers the same products or services to many market of various countries then the and supply chain strategy will likely rise as now it has to identify the needs and trends of market in each country which can be allowed from local suppliers, and distributors of many countries.
The challenges they face when they evolve are-
The cost and quality of supplies may be delayed production as the quality raw materials at low cost isn't easy.The conflict of interest among supplies and distributors as number of these channels are increasing in the supply chain evolution.The communication and cultural barrier may affect supply chain evolution as the firm deals with people from different culture and background.legal authorities like taxes, duties, tariffs etc affect supply chain when firm operates business in another countries.Learn more about Global strategy:
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a primary feature of property held in joint tenancy is that a) additional owners may be added later. b) the owners may hold unequal shares. c) there is always right of survivorship. d) a maximum of two people can own the real estate.
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Property held in shared tenancy has this as one of its main characteristics. d) The right of survivorship is always present.
Each Tenant shall have an undivided interest in the Estate under the right of survivorship. When a tenant passes away, their interest in the property evaporates, and the remaining tenants' shares rise proportionately to take over ownership of the full estate.Tenancies by the entirety and joint tenancies are the two types of tenancies that have the right of survivorship. The right of survivorship in a joint tenancy may be broken, changing the estate to a tenancy in common, through partition (voluntary or involuntary); a conveyance by one joint tenant; an agreement between joint tenants; the murder of one joint tenant by the other; or the simultaneous deaths of joint tenants.To know more about Survivorship and Tenancy , here
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Chang and chang observe that the competition is increasing the size of its warehouses. They have decided to do the same. They are following _______ strategy.
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Based on the story above, Chang and chang observe that the competition is increasing the size of its warehouses and have decided to do the same, so they adopted follow the leader strategy.
Follow the leader strategy can be defined as a decisions and actions taken by a firm which chooses to follow the market leader as an alternative to challenging it. Follow-the-leader strategies, also known os 'me-too' strategies.
The are three general strategies for market leadership, such as develop the total market demand, protecting market share, and expanding market share.
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if you work part-time when you would like to work full time, or have a full-time job that doesn’t utilize all your skills and talents, then you are counted as: group of answer choices frictionally unemployed underemployed structurally unemployed a discouraged worker
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If you work part-time when you would like to work full time, or have a full-time job that doesn’t utilize all your skills and talents, then you are counted as: B. underemployed.
What is an unemployment rate?Unemployment rate can be defined as a measure or percentage of the total labor force in a country (economy), who are unemployed but are actively seeking to be gainfully employed by the employers of labor.
This ultimately implies that, an unemployment rate can be used to measure the number of unemployed workers with respect to the percentage of the labor force.
The types of unemployment.According to bureau of Labor statistics, unemployment can be divided into various types and these include the following;
Actual unemployment (AU).Cyclical unemployment (CU).Frictional unemployment (FU).Structural unemployment (SU).In this scenario, we can reasonably infer and logically deduce that a person who works work part-time when he or she would like to work full time would be counted as being underemployed.
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Natalia works for a mid-range electronics company. The consumers in the company’s domestic market are sophisticated and demanding and are constantly pressuring the company to innovate with new designs and technology. Which aspect of porter’s diamond does this demonstrate?.
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From the information given, it can be inferred that the aspect of porter’s diamond that this demonstrates is: Power of Customers.
What is Porter's Diamond Model?Porter's Five Factors is a model that identifies and analyzes five competitive forces that define every sector and aid in determining an industry's strengths and weaknesses. Five Forces analysis is widely used to define company strategy by identifying an industry's structure.
Porter's approach may be used in any sector of the economy to better analyze industry competitiveness and increase a company's long-term profitability. Michael E. Porter, a Harvard Business School professor, inspired the Five Forces paradigm.
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Raymond barrows owned a 17-acre parcel of undeveloped land in seaford, delaware. For most of his life, mr. Barrows had been an astute and successful businessman, but by the time he was 85 years old, he had been diagnosed as "very senile and confused 90 percent of the time. " glenn bowen offered to buy the land. Barrows had no idea of its value, so bowen had it appraised by a friend, who said it was worth $50,000. Bowen drew up a contract, which barrows signed. In the contract, barrows agreed to sell the land for $45,000, of which bowen would pay $100 at the time of closing; the remaining $44,900 was due whenever bowen developed the land and sold it. There was no time limit on bowen’s right to develop the land nor any interest due on the second payment. Comment.
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Answer:
Please clarify your question Thanks!
sarah and bill were recently hired at the local manufacturing plant as workers. everyone on the team is responsible for several administrative tasks, including scheduling work assignments for the team. sarah and bill's new team is an example of
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Sarah and bill were recently hired at the local manufacturing plant as workers. everyone on the team is responsible for several administrative tasks, including scheduling work assignments for the team. sarah and bill's new team is an example of a Self-managed team.
As a worker, you have to take reasonable care to guard your personal fitness and safety, in addition to the fitness and safety of different folks who can be stricken by your acts or omissions at paintings. (g) co-operate with the board, officers of the board and every other person carrying out a duty underneath the act or the rules.
The company will pay income to an worker consistent with their employment settlement phrases. An organization is likewise answerable for providing benefits to their workers. these can also include coverage, gratuity and retirement blessings, relying on neighborhood laws or labour union contracts. An employee works for a employer, company or character.
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for the year ended december 31, 2025, davidson mart had sales of and cost of goods sold of . davidson estimates that approximately % of the merchandise sold will be returned. the adjusting journal entry on december 31, 2025, would include a .
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For the year ended December 31, 2025, a credit of $32,000 would be made to Refunds Payable in the adjusting journal entry on December 31, 2025.
When a bank has Refunds Payable, it signifies that the bank has been closed by the regulatory authorities, that a public official has been appointed to take over the bank, or that the bank has stopped or refused to make payments in the regular course of business.
The following Accounts Receivable accounts are impacted when goods purchased on credit are returned:
Accounts Receivable that is either credited to lower the balance owed by the customer or is a receivable from them.
Returns Inventory is Refunds Payable debited to lower the amount of sales, and In order to replenish stock with the returned goods, a second entry must be made to debit the merchandise inventory.
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The complete question is
For the year ended December 31, 2025, Davidson Mart had sales of $700,000 and cost of goods sold of $525,000. Davidson estimates that approximately 3% of the merchandise sold will be returned. The adjusting journal entry on December 31, 2025, would include a
A. debit to Cost of Goods Sold for $15,750
B. credit to Refunds Payable for $21,000
C. debit to Sales Revenue for $5,250
D. credit to Estimated Returns Inventory for $15,750
considering quickbooks online uses the fifo method for tracking inventory, what is the best way to see which line items are affected in the sales transaction?
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Considering QB online uses the FIFIO method for tracking inventory, Run an Inventory Valuation Summary-course is the best way to see or run a profit and loss and select COGS account to see the transaction history.
What is Inventory?
The term "inventory" refers to both the natural resources utilized in manufacture and the finished products that are offered for sale. One of the most important assets that an organization may have is inventory turnover because it is one of the primary ways to generate revenue and, subsequently, earnings for the firm's stockholders. Natural resources, take a job, and completed items are the three categories of inventory. On a company's balance sheet, it is shown as a current asset.
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a company has beginning inventory of 12 units at a cost of $28 each on february 1. on february 3, it purchases 38 units at $30 each. 17 units are sold on february 5. using the fifo periodic inventory method, what is the cost of the 17 units that are sold?
Answers
According to the FIFO periodic inventory method, the cost of the 17 units sold on February 5 is equal to $486.
The FIFO periodic inventory method is the method according to which the first unit of the inventory acquired is sold first. In this problem, the units present on February 1 are sold first, and then the units purchased on February 3 according to the FIFO method.
If 17 units were sold, the according to the FIFO periodic method, 12 units out of these 17 were that which were in the inventory on February 1, and the remaining 5 units were those that were purchased on February 3.
Therefore;
Cost of 17 units sold = (12)(28) + (5)(30)
Cost of 17 units sold = 336 + 150
Cost of 17 units sold = 486
Hence, the cost of the 17 units sold on February 5 is calculated to be $486 by using the Fifo periodic inventory method.
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