Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1Beginning inventory1500 units @ $4.70Jan 12Purchase1600 units @ $4.50Jan 18Sales1700 units @ $6.20Jan 21Purchase1500 units @ $4.80Jan 25Purchase1300 units @ $4.60Jan 31Sales1650 units @ $6.20Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31?
A. $7500
B. $8005
C. $7725
D. $11,980
Answer: A
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Suppose the banking market in Cedar Rapids consists of banks that have the following shares of the market: 24 percent, 18 percent, 17 percent, 14 percent, 9 percent, 8 percent, 4 percent, 3 percent, 2 percent, 1 percent. Calculate the HHI.
A. 100 B. 576 C. 780 D. 1,560
Jackson has a high need for achievement, as that need is described by acquired needs theory. Which of the following actions by his boss is most likely to motivate Jackson?
a. grant Jackson’s request to work from home when the weather is bad b. give Jackson a significant raise to compensate for an increased cost of living c. allow Jackson to work with a group of co-workers rather than working by himself d. offer to help pay for Jackson’s continuing education to obtain a graduate degree
If fixed costs are $350,000, the unit selling price is $29, and the unit variable costs are $20, what is the break-even sales (units) if the variable costs are decreased by $4?
A) 26,924 units B) 12,069 units C) 21,875 units D) 38,889 units
Ervin Company began the accounting period with $62,500 in accounts receivable. The ending balance in accounts receivable was $23,400. If the credit sales during the period were $156,000, what is the amount of cash received from customers?
A. $195,100 B. $156,000 C. $62,500 D. $241,900