At the beginning of June there were 500 Widgets held in the stores. 200 of these...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of June there were 500 Widgets held in the stores. 200 of these Widgets had been purchased for £12.50 each in May and 300 had been purchased for £13 each in April. On 15th June a further 150 Widgets were received into stores at a purchase cost of £13.20 each. The only issue of Widgets in June occurred on the 25th, when 90 units were issued to production. Using the FIFO valuation method, what was the value of the opening inventory of Widgets on 1st July? 15. Given the following cost and activity observations for Leno Enterprises utilities, use the high-low method to calculate Leno's variable utilities cost per machine hour. Cost September £4,100 October £3,700 November December £3,900 £4,500 Machine Hours 22,000 18,000 19,000 28,000 At the beginning of June there were 500 Widgets held in the stores. 200 of these Widgets had been purchased for £12.50 each in May and 300 had been purchased for £13 each in April. On 15th June a further 150 Widgets were received into stores at a purchase cost of £13.20 each. The only issue of Widgets in June occurred on the 25th, when 90 units were issued to production. Using the FIFO valuation method, what was the value of the opening inventory of Widgets on 1st July? 15. Given the following cost and activity observations for Leno Enterprises utilities, use the high-low method to calculate Leno's variable utilities cost per machine hour. Cost September £4,100 October £3,700 November December £3,900 £4,500 Machine Hours 22,000 18,000 19,000 28,000
Expert Answer:
Answer rating: 100% (QA)
1 FIFO Valuation Method Opening Inventory on 15th July To calculate the value of the opening invento... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
What operational changes would you recommend to Wally to improve performance? Wally Meyer deftly balanced his office keys and a large printout of forecasting data as he wheeled his mountain bike...
-
In Deep Water: Boardroom Tussle at Asia Water Technology Case Overview Listed on the Singapore Exchange in March 2005 , Asia Water Technology Ltd (AWT) faced problems such as rapidly deteriorating...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
A beam of light enters the end of an optic fiber as shown in Fig. 23-52. Show that we can guarantee total internal reflection at the side surface of the material (at point a), if the index of...
-
On January 1, 2019, Meredith plc purchased 25% of the ordinary shares of Pirates Company for 200,000. During the year, Pirates earned net income of 80,000 and paid dividends of 20,000. Instructions...
-
Orange, Inc., a calendar year corporation, elects S corporation status for 2022. The company generated a $74,000 NOL in 2021 and another NOL of $43,000 in 2022. Orange recorded no other transactions...
-
Describe how taxes have an impact on financial planning.
-
Implement the following LP problem in a spreadsheet. Use Solver to solve the problem and create a Sensitivity Report. Use this information to answer the following questions: MAX: 4X1 + 2X2 Subject...
-
Smith and T Co. is expected to generate a free cash flow (FCF)of $3,290.00 million this year (FCF? = $3,290.00 million), and theFCF is expected to grow at a rate of 21.40% over the following twoy 2...
-
A long copper cylinder 0.6 m in diameter and initially at a uniform temperature of 38?C is placed in a water bath at 93?C. Assuming that the heat transfer coefficient between the copper and the water...
-
In the given scenario of your assessment document, a variety of distinct purchasing categories are mentioned. Your initial priority will be to source Real Estate and Daily Operational Supplies for...
-
what are key features of public sociology that sets it aside from professional sociological approaches to the understanding of work.
-
Find the minimum and maximum values of z=2x+7y, if possible, for the following set of constraints. x+y6 -x+y2 2x-y8 Select the correct choice below and, if necessary, fill in the answer box to...
-
Briefly explain what is meant by the term public sociology.? Look at the news regarding the economic situation of the country since the pandemic --who has lost and who has gained? What groups and...
-
How do change agents navigate the intricate interplay of cognitive biases, socio-cultural dynamics, and systemic inertia when orchestrating interventions aimed at catalyzing organizational...
-
calculate orbital parameters using Kepler's Third Law (P' 2 = a 3 ). 1) Scientists just discovered a new comet that orbits the Sun once every 540 years. a) What is the semi-major axis of this comet...
-
13. In 2021, Amy has a remaining GST exemption of $10 million. Amy transfers $8 Million into an irrevocable trust that provides income to her wife, Betty for Betty's life. The remainder beneficiary...
-
Use a calculator to evaluate the expression. Round your result to the nearest thousandth. V (32 + #)
-
Joan is a self-employed attorney in New York City. Joan took a trip to San Diego, CA, primarily for business, to consult with a client and take a short vacation. On the trip, Joan incurred the...
-
Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $25,000. On July 31, 2012, Bill sells his stock, with a basis of $40,000, to...
-
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
-
2. Academy Chicago Publishers (Academy) approached the widow of author John Cheever about printing some of his unpublished stories. She signed a contract, which stated: The Author will deliver to the...
-
3. Rebecca, in Honolulu, faxes a job offer to Spike, in Pittsburgh, saying, "We can pay you $55,000 per year, starting June 1." Spike faxes a reply, saying, "Thank you! I accept your generous offer,...
-
5. YOU BE THE JUDGE WRITING PROBLEM John Stevens owned a dilapidated apartment that he rented to James and Cora Chesney for a low rent. Over a four-year period, the Chesneys installed two new...
Study smarter with the SolutionInn App