Business, 13.07.2020 23:01 makaylahunt

The accounting records of Tuel Electronics show the following data. Beginning inventory 3,880 units at$8
Purchases 8,660 units at$10
Sales 9,310 units at
$13

Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method.(Round answers to 0 decimal places, e. g. 125.)

FIFO

LIFO

Average-cost

Cost of goods sold $Image for The accounting records of Tuel Electronics show the following data. Determine cost of goods sold during the pe $Image for The accounting records of Tuel Electronics show the following data. Determine cost of goods sold during the pe $Image for The accounting records of Tuel Electronics show the following data. Determine cost of goods sold during the pe

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Answer from: AM28

Tuel Electronics

Cost of goods sold:

1. Using FIFO:

Cost of goods sold = $85,340 (3,880 x $8 + 5,430 x $10)

2. Using LIFO:

Cost of goods sold = $91,800 (8,660 x $10 + 650 x $8)

3. Using Average-Cost:

Cost of goods sold = $87,327.80 (9,310 x $9.38)

Explanation:

a) Summary of data:

Beginning inventory 3,880 $8 $31,040

Purchases 8,660 $10 86,600

Available for sale 12,540 $9.38 $117,640

Sales 9,310 $13 $121,030

b) Ending inventory = units available for sale minus units sold

= 12,540 - 9,310 = 3,230

c) FIFO (First In, First Out) inventory method is a method that assumes that goods bought first are the first to be sold in that chronological order. Ending inventory is valued based on the latest purchases, while cost of goods sold is valued on the earlier purchases.

d) LIFO (Last In, First Out) is an inventory method that assumes that goods sold are those that were bought first. Ending inventory is valued based on the earlier purchases while cost of goods sold is valued on the latest purchases.

e) Average-Cost method uses an average cost to value inventory. It is computed by adding up the costs and dividing by the units of goods available for sale. This gives an average unit cost that is used to value the ending inventory and the cost of goods sold.

f) While these methods produce different results, we must bear in mind that they are accounting estimates based on the judgement of the management of the entity.

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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