A company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Date Units unit cost Total

Beginning, 1/1 200 $5.00 $1,000

Purchase, 1/15 100 5.30 530

Purchase, 1/28 100 5.50 550

An end of the month (1/31/2020) inventory showed that 120 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

$656

Explanation:

Beginning inventory = 200 * $5 = $1000

Purchases(1/15) = 100 * $5.30 = $530

Purchases(1/28) = 100 * $5.50 = $550

Total available units = (200 + 100 + 100) = 400

Total units sold = (total available units - ending inventory)

= 400 - 120 = 280 units

Therefore, according to the First-in, First-out inventory method, goods are sold based on how it was purchased, that is cost of goods sold is based on or associated with the cost of the first inventory purchased until the units of the inventory is exhausted. Then we move to the next inventory.

Therefore, units sold is 240

First 200 units sold = $5 per unit =

200 × $5 = $1000

Next 80 units sold = $5.30 per unit =

80 × $5.30 = $424

Therefore, ending inventory :

(100 - 80) × $5.30 = $106

100 × $5.50 = $550

Ending inventory = $(106 + 550) = $656

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    a basketball team comprises of five players as mentioned above. the five players include point guard, shooting guard, small forward, power forward and center (ramen 56). the rules do not limit players to certain locations. however, evolution of basketball from the 1980s made players assume certain locations and roles. the point guard should be the fastest team member, and is responsible for organizing the attacks of the team. he does this by making sure that the right player has the ball at the right time (wissel 87). the shooting guard creates mainly long-range shorts and watches the opponent's last player on the defense. the small forward member of the team is majorly responsible for scoring points through dribble penetration and cuts to the basket. he also rebounds and plays actively. power forward plays invasively having their back to the basket and when on defense he plays under the basket or against the opponent's power forward (ramen 54). the center often uses his size and height to score and safeguard the basket when on defense. however, there is no rule that limits the players to these descriptions.  

              there are four quarters in regular basketball game, and each takes 10 or 12 minutes (ramen 67). in college basketball games, the game uses two-twenty minute halves. extra time should take 5 minutes in all games except in high school, where it takes four minutes. teams need to change sides after the first half of the game. a typical basketball game might take approximately 2 hours excluding the time when the game is inactive. at any given time, the court should have ten players, 5 from both sides. despite substitutions being unrestricted, it can only be performed when the game is stopped (wissel 51). additionally, teams must have a uniform comprising of a jersey and a pair of shorts. for identification purposes, the jersey should have a unique number in the team printed at the front and back. in some instances, the jerseys have the names of players, sponsors and team printed on them.  

              in conclusion, regulation basketball hoop comprises of a rim or basket attached to a backboard. violating the rules of the game results in a change of the shot clock if the committed by the defense or loss of ball possession. basketball teams comprise of five players, which includes the point guard, shooting guard, power forward, small forward and center. a typical basketball game might take approximately 2 hours excluding the time when the game is inactive.