Business, 19.11.2020 02:50 missdaisy789
P6.5B (LO 2, 3) AP Bennett Basketball sells a variety of basketballs and accessories. Information follows
for Bennett Basketball's purchases and sales during February and March for Up-Snap, one of its top
brands of basketballs:
Purchases
Sales
Units Unit Cost Units Unit Price
Feb. 7
18
$32
23
50
$20
26
50
30
Mar. 10
24
19
23
29
23
Bennett uses a perpetual inventory system. On February 1, Bennett had 36 units on hand at a cost of $21
each. All purchases and sales during February and March were on account.
Instructions
a. Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1)
FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places.)
b. Calculate gross profit using (1) FIFO and (2) weighted average.
Answers: 3
Business, 21.06.2019 14:50
Answer the following questions with true or false and provide a brief explanation (2- 3 sentences) a) economies of scale in production give rise to multi-product firms. b) ace hardware corporation is an example of economies of scale in production.
Answers: 3
Business, 22.06.2019 03:30
Joe said “your speech was really great, i loved it.” his criticism lacks which component of effective feedback? a) he did not recognize his ethical obligations b) he did not focus on behavior c) he did not stress the positive d) he did not offer any specifics
Answers: 2
Business, 22.06.2019 14:50
One pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be:
Answers: 2
P6.5B (LO 2, 3) AP Bennett Basketball sells a variety of basketballs and accessories. Information fo...
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