Answer:
hope it helps..
Explanation:
For this to happen, use of secondary data must meet some key ethical conditions: Data must be de-identified before release to the researcher. Consent of study subjects can be reasonably presumed. Outcomes of the analysis must not allow re-identifying participants.
A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 20 50 60 5 2021 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 2 karaoke machines and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2020 as the base year.) Which of the following statements is correct
Answer:
1. Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is;
Value of market basket of the good in 2020
= (50 * 2) + (5 * 6)
= $130
Value of market basket of the good in 2021
= (70 * 2) + (6 * 6)
= $176
CPI in 2020
= 130/ 130 * 100
= 100
CPI in 2021
= 176 / 130 * 100
= 135.38
Percentage change
= (135.38 - 100)/100
= 35.38%.
2. Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is ;
Nominal GDP in 2020 = (50 * 20) + (5 * 60) = $1,300
Nominal GDP in 2021 = (70 * 21) + (6 * 80) = $1,950
Real GDP using 2020 prices
Real GDP in 2020 = (50 * 20) + (5 * 60) = $1,300
Real GDP in 2021 = (50 * 21) + (5 * 80) = $1,450
GDP deflator in 2020 = (Nominal GDP in 2020 / Real GDP in 2020) * 100 = (1,300 / 1,300) * 100 = 100
GDP deflator in 2021 = (Nominal GDP in 2021 / Real GDP in 2021) * 100 = (1,950 / 1,450) * 100 = 134.48
Percentage Change = [(134.48 - 100) / 100] * 100
= 34.48%
HELP ME PLSSS SOMEONE HELPP
tom sold 3 cars ( a total value of $112,500) in the month of january. it is paid only by commission for its seller. he receives a commission of 7%. what is tom’s salary for the month of january?
Answer:
$7,875
Explanation:
John sold three cars in January for a total of $112,500. If he is paid on commission only at the rate of 7%, his income in January will be
7 percent of $112,500
=7/100 x $112,500
=0.07 x $112,500
=$7,875
The 16 overhead doors on your loading dock must be replaced now. The deluxe model costs $2,200 each and will last for six years. The standard model costs $1,600 each and will last for four years. The deluxe model is aluminum, so it will have a scrap value of $150 at the end of its life. The standard model is plastic and has no scrap value. The use of the deluxe model on the loading dock will also save your company $1,000 per year in heating costs because of its ability to seal better. If you use an interest rate of 12% and present worth analysis, which door will you recommend
Answer:
You should purchase standard doors because the present value of that purchase is -$25,600, while the NPV of purchasing aluminum doors is -$30,195.56.
Explanation:
we have to compare the present value of both alternatives:
alternative 1: purchase aluminum deluxe doors:
cash flow year 1 = (16 x -$2,200) = -$35,200
cash flow year 1 - 5 = $1,000
cash flow year 6 = $1,000 + (16 x $150) = $3,400
NPV = -$35,200 + $1,000/1.12 + $1,000/1.12² + $1,000/1.12³ + $1,000/1.12⁴ + $1,000/1.12⁵ + $3,400/1.12⁶ = -$35,200 + $892.86 + $797.19 + $711.78 + $635.52 + $497.18 + $1,469.91 = -$30,195.56
alternative 2: purchase standard doors
NPV = 16 x -$1,600 = -$25,600
Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $708,050 $1,155,000 Estimated direct labor hours for year 15,400 Estimated machine hours for year 20,230 Actual factory overhead costs for March $56,680 $100,080 Actual direct labor hours for March 1,390 Actual machine hours for March 1,580 a. Determine the factory overhead rate for Factory 1. $ per machine hour b. Determine the factory overhead rate for Factory 2. $ per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for March. Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of March 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Factory 1 $ Factory 2 $
Answer:
The answer to this question can be defined as follows:
Explanation:
In point a:
[tex]\text{Factory Overhead Rate 1} = \frac{\text{Expected administrative overhead to factory}}{\text{Estimated period time to machine}}[/tex]
[tex]=\frac{12900000}{ 600000 }\\\\ = \$ \ 21.50[/tex]
In point b:
[tex]\text{Factory overtime rate 1} = \frac{\text{overhead costs estimated expense}}{\text{Specific hours of work estimated for the year}}[/tex]
[tex]= \frac{10,200,000 }{250000} \\\\ = \$ \ 40.80[/tex]
In point c:
Daily paper
Number Name of account Debit Credit
1. Working [tex](610000 \times $21.50)[/tex] [tex]\$ \ 13115000[/tex]
Plant Overhead [tex]\$ \ 13115000[/tex]
2. Job under way [tex](245000\times $40.80)[/tex] [tex]\$ \ 9996000[/tex]
Overhead plant [tex]\$ \ 9996000[/tex]
In point d:
[tex]\text{Factory 1} = 12,990,000 - 13,115,000[/tex]
[tex]= 125000 \ Overapplied\ credit[/tex]
[tex]\text{Factory 1} = 10,090,000 - 9,996,000[/tex]
[tex]= $94000 \ Underapplied \ Debit[/tex]
A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 46 percent of capacity; actual usage was 56 percent of capacity. A smoothing constant of .05 is used.
a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) Forecast for September percent of capacity
b. Assuming actual September usage of 64 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.) Forecast for October percent of capacity
Answer:
a. Forecast (t) = ∝Actual (t-1) +b (1 - ∝) * Forecast (t-1)
= 0.05 * 56 +(1 - 0.05) * 46
= 2.8 + 0.95*46
= 2.8 + 43.7
= 46.5
Forecast for September is 46.5%
b. Forecast(t) = ∝Actual (t-1) + (1-∝)*Forecast(t-1)
= 0.05 * 64 + (1-0.05) * 46.5
= 3.2 + (0.95)*46.5
= 3.2 + 44.175
= 47.375
= 47.40
Forecast for October is 47.40%
Please elaborate what will happen to Net Earnings to Sales and Net Earnings to Total Book Assets when you observe these trends. (a) and (b) are separate unrelated circumstances. a) Sales increased by a total of 30% in the prior three years, while Days of Sales in Inventories increased also by 30% in each of these three years. Costs of Goods Sold to Sales remained constant. b) Gross property, plant, and equipment increased by a total of 30% during the prior three years. Operating and administrative expense increased relative to sales by 30% in the prior three years. Sales remained constant. Costs of goods sold to sales remained constant. ANSWER:
Answer:
Impact on Net Earnings to Sales and Net Earnings to Total Book Assets:
a) A company's Net Earnings to Sales and Net Earnings to Total Book Assets will increase from the 30% due to the 30% increase in sales. This is because the Cost of Goods Sold remained constant.
b) Net Earnings to Sales and Net Earnings to Total Book Assets will decrease by 30% as a result of the increase in Property, Plant, and Equipment, because these also increased the operating and administrative expense, even though Sales and Cost of Goods Sold remained constant.
Explanation:
The net earnings to sales express the ratio of the net income to the sales revenue. The net earnings are the result of deducting all costs from sales revenue. The net earnings to total book assets are the same expression as the Return on Assets.
James did not like the fact that he had no input in his productivity goal. Because of this, his was low and he did not take it as seriously as if he had set the same goal himself. Carol always tries extremely hard to reach her performance goal. She takes it personally when she falls short, which rarely happens because she is so dedicated to reaching it. Carol's is high. After organizational and subsidiary goals are set, each manager meets with each subordinate to explain the unit goals to the subordinate. Together the two determine how the subordinate can contribute to the unit's goals most effectively. This is called
Answer:
James did not like the fact that he had no input in his productivity goal. Because of this, his Goal acceptance was low and he did not take it as seriously as if he had set the same goal himself.
Goal acceptance refers to the willingness of an individual to receive or consent internally to a certain goal. It is usually higher when the individual is contributes to the setting of the goal and it is low here as James did not have any input into it.
Carol always tries extremely hard to reach her performance goal. She takes it personally when she falls short, which rarely happens because she is so dedicated to reaching it. Carol's Goal commitment is high.
Goal commitment refers to how much dedication and effort a person puts into meeting an objective. Carol puts a lot of effort into achieving her goals so her Goal commitment is high.
After organizational and subsidiary goals are set, each manager meets with each subordinate to explain the unit goals to the subordinate. Together the two determine how the subordinate can contribute to the unit's goals most effectively. This is called Management by objectives.
Management by Objectives is a type of management that works by making sure that employees understand the goals that management set. It works by management and employees working together to find out how best employees can meet the goals set.
What is considered a liability in finance and why is it being used?
A liability is something a person or company owes, usually a sum of money. ... In the world of accounting, a financial liability is also an obligation but is more defined by previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date
Answer:
A liability is something a person or company owes, usually a sum of money. In the world of accounting, a financial liability is also an obligation but is more defined by previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date.
Explanation:
2) If a country, like the US, can produce all of the goods and services needed by
their citizens, why would they want to specialize in producing only some products
and trade with other countries for other products wanted by their citizens?
Answer:
See below
Explanation:
Specialization means a company or country concentrating on producing few commodities. In practice, a state or company will focus on the products it can produce more efficiently. It means focusing on goods they can manufacture at a lower cost compared to other countries.
The USA can specialize in the goods and services it can produce at a lower cost than other nations. It can then export these products to other countries at competitive prices. For products that are costly to manufacture in the USA, it is prudent to import them from countries that can produce them at lower costs.
Some products manufactured in other countries at a lower cost may be sold in the USA at fair prices than when produced in the USA.
Many companies have a _____ that their employees are responsible for abiding by. code of unethics code of ethics set of rules set of laws
Answer:
Code of Ethics
Explanation:
Answer: B) code of unethics
Explanation:
The following disclosures (excerpted) are from the September 2, 2018, annual report of Costco Wholesale Corporation.
The Company generally recognizes sales, net of returns, at the time the member takes possession of merchandise or receives services. When the Company collects payments from members prior to the transfer of ownership of merchandise or the performance of services, the amounts received are generally recorded as deferred sales, included in other current liabilities in the consolidated balance sheets, until the sale or service is completed. The Company reserves for estimated sales returns based on historical trends in merchandise returns and reduces sales and merchandise costs accordingly. The Company accounts for membership fee revenue, net of refunds, on a deferred basis, ratably over the one-year membership.
The Company’s Executive members qualify for a 2% reward on qualified purchases (up to a maximum reward of approximately $1,000 per year), which can be redeemed only at Costco warehouses. The Company accounts for this reward as a reduction in sales. The sales reduction and corresponding liability (classified as accrued member rewards in the consolidated balance sheets) are computed after giving effect to the estimated impact of non-redemptions, based on historical data. The net reduction in sales was $1,394, $1,281, and $1,172 in 2018, 2017, and 2016, respectively.
Revenue Sept. 2, 2018 Sept. 3, 2017 Aug. 28, 2016
($ millions)
Net Sales $138,434 $126,172 $116,073
Membership fees 3,142 2,853 2,646
Total revenue $141,576 $129,025 $118,719
Current Liabilities ($ millions) Sept. 2, 2018 Sept. 3, 2017
Accounts payable $11,237 $9,608
Accrued salaries and benefits 2,994 2,703
Accrued member rewards 1,057 961
Deferred membership fees 1,624 1,498
Other current liabilities 3,014 2,725
Total current liabilities $19,926 $17,495
Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?
a. Because Costco does not know how many of its members will continue to the end of the year, cash received from members is recorded as a liability and recognized as revenue only at year-end.
b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.
c. The company records revenue when the cash is received.
d. Because Costco has a refund policy, the company records revenue when the cash is received, less an allowance for expected membership terminations.
Answer:
Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?
b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.Explanation:
The first part of the question clearly states that Costco reports membership fees as unearned revenue. As time passes, and the fees are accrued, it recognizes them as earned revenue. Since the membership fees last for a year, Costco recognizes the revenue associated to them evenly throughout the whole year.
Membership fees are not static, as some fees expire, new ones are received. That is why the membership fees account does not vary significantly during the year, but instead it should follow a relatively stable path.
Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $90,000, $60,000, and $30,000 respectively. Determine The transaction price allocated to equipment is The transaction price allocated to installation is The transaction price allocated to training is Express your answer as an integer without $ sign (Round all computations to the nearest dollar. For example, input "100,000" if your answer is $100,000.22).
Answer & Explanation:
If the services were sold separately, their total cost would be;
= 90,000 + 60,000 + 30,000
= $180,000
They were instead bundled together and sold for $144,000
The cost of the individual services will therefore be a proportion of this bundled price based on their proportion were they sold alone.
The transaction price allocated to equipment;
= (90,000/180,000) * 144,000
= $72,000
The transaction price allocated to installation;
= (60,000/180,000) * 144,000
= $48,000
The transaction price allocated to training;
= (30,000/180,000) * 144,000
= $24,000
The environmental protection agency of a county would like to preserve a piece of land as a wilderness area. The current owner has offered to lease the land to the county for 20 years in return for a lump-sum payment of $1.1 million, which would be paid at the beginning of the 20-year period. The agency has estimated that the land would generate $110,000 per year in benefits to hunters, bird watchers, and hikers. Assume that the lease price represents the social opportunity cost of the land and that the appropriate real discount rate is 4 percent.
a. Assuming that the yearly benefits, which are measured in real dollars, accrue at the end of each of the 20 years, calculate the net benefits of leasing the land. Should the environmental protection agency pay for this piece of land?
b. Some analysts in the agency argue that the annual real benefits are likely to grow at a rate of 2 percent per year due to increasing population and county income. Recalculate the net benefits assuming that they are correct. Should the environmental protection agency pay for this piece of land?
Answer:
a. Assuming that the yearly benefits, which are measured in real dollars, accrue at the end of each of the 20 years, calculate the net benefits of leasing the land. Should the environmental protection agency pay for this piece of land?
the net benefits of leasing the land = the present value of the benefits generated
PV = annual benefit x pv annuity factor
annual benefit = $110,000pv annuity factor 20 years, 4% = 13.590PV = $110,000 x 13.59 = $1,494,900
Since the present value of the benefits is higher than the lease price, then this transaction should be carried out.
b. Some analysts in the agency argue that the annual real benefits are likely to grow at a rate of 2 percent per year due to increasing population and county income. Recalculate the net benefits assuming that they are correct. Should the environmental protection agency pay for this piece of land?
this is a growing annuity, therefore we have to use the following formula:
PV = [p / (r - g)] x {1 - [(1 + g)/(1 + r)]ⁿ}
p = $110,000r = 4%g = 2%n = 20PV = [$110,000 / (4% - 2%)] x {1 - [(1 + 2%)/(1 + 4%)]²⁰} = $5,500,000 x 0.321833005 = $1,770,081.53
Since the present value of the net benefits are even higher now, then the environmental agency should definitely pay.
Danielle has to send a message to her manager. It is taking her extra time to draft the message because of the number of edits she has to make. What type of communication is Danielle carrying out?
Answer:
Written communication
Explanation:
Written communication involves writing the message that you want to communicate. A written message can be edited and rectified before sending it to the receiver.
Apeto Company produces premium chocolate candy bars. Conversion costs are added uniformly. For February, EWIP is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the process. The following information is provided for February: Physical flow schedule: Units to account for: Units in BWIP 0 Units started 70,000 Total units to account for 70,000 Units accounted for: Units completed: From BWIP 0 Started and completed 47,000 47,000 Units in EWIP 23,000 Total units accounted for 70,000 Inputs Direct Materials Conversion Costs $38,500 $61,820 Required: 1. Calculate the equivalent units for each input category. Equivalent Units Direct Materials Conversion 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost $ Unit conversion cost $ Total unit cost $ 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $4,700
Answer:
1. Equivalent units
Direct materials = 70,000 units
Conversion Units = 47,000 + 23,000*40% = 47,000 + 9,200 = 56,200 units
2. Unit direct material cost = $38,500 / 70,000 = $0.55
Unit conversion cost = $61,820 / 56,200 = $1.10
Total unit cost = $0.55 + $1.10 = $1.65
3. New unit cost = $1.65 + ($4,700/47,000 units) = $1.65 + $0.1 = $1.75
The CEO would like to see higher sales and a forecasted net income of $1,000,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization increase by 6% and interest expenses will increase by 5%. The tax rate, which is 40%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $1,000,000 in net income? If necessary, round your answer to the nearest dollar at the end of the calculations.
Answer:
The numbers are missing, so I looked for a similar question, but the ones I found had different numbers. I hope it can help you understand how to solve this one:
Hermann Industries is forecasting the following income statement:
sales $8,000,000 operating costs excluding depr & amort. 4,400,000 EBITDA $3,600,000 depreciation & amortization 800,000 EBIT 2,800,000 Interest 600,000 EBT 2,200,000 Taxes (40%) 880,000 Net income 1,320,000The CEO would like to see higher sales and a forecasted net income of 2,500,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 10%. the tax rate, which is 40%, will remain the same. what level of sales would generate 2,500,000 in net income?
We have to first calculate net income before taxes:
net income = net income before taxes x 60%
net income before taxes = $2,500,000 / 0.6 = $4,166,667
now, net income before taxes = EBIT - interests
$4,166,667 = EBIT - ($600,000 x 110%)
EBIT = $4,166,667 + $660,000 = $4,826,667
now it's EBITDA turn:
EBITDA = EBIT + depreciation and amortization
EBITDA = $4,826,667 + ($800,000 x 110%) = $5,706,667
finally:
total sales = EBITDA + operating costs excluding depr & amort., we can replace total sales by X
X = EBITDA + 0.55X
0.45X = $5,706,667
X = $5,706,667 / 0.45 = $12,681,482.22 ≈ $12,681,482
sales level that will result in a $2,500,000 net income = $12,681,482
According to a supply and demand model for apples, if the average household income decreases at the same time 10 apple orchards go out of business, one would expect the equilibrium Group of answer choices price of apples to be indeterminate and the equilibrium quantity of apples in the market to increase. quantity of apples in the market to be indeterminate and the equilibrium price of apples to increase. price of apples to increase and the equilibrium quantity of apples in the market to decrease. quantity of apples in the market to decrease and the equilibrium price of apples to stay the same. quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.
Answer:
quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.
Explanation:
The decrease in income would reduce the demand for apples because there would be less disposable income available to buy apples. The decrease in demand would lead to a fall in price and quantity
If 10 orchards go out of business. The supply of apples would reduce. This would reduce quantity and increase price.
Taking these two occurrence together, equilibrium quantity would fall and there would be an indeterminate change in equilibrium price
Check the attached image for a graph showing these changes
What makes buying a foreclosed property risky?
Answer:
almost everything
Explanation:
Pacific Independent School District issued $100 million of general obligation bonds to finance the construction of new schools. The bonds were issued at a premium of $0.6 million. Prepare the capital projects fund journal entries to record the issue of the bonds and the transfer of the premium to an appropriate fund. Suppose, instead, that the bonds were issued at a discount of $0.6 million but that the project will still cost $100 million. Prepare the appropriate entries. Contrast the entries in this part with those in part 1. Indicate the options available to the school district, and state how they would affect the entries required of the district. Suppose that the government chose to finance the balance of the project with general revenues. Prepare the appropriate capital projects fund entry.
Answer:
1. Dr Cash$100,600,000
Cr Bond proceeds (Face value amount )$100,000,000
Cr Bond proceeds (Bond premium amount )$600,000
Dr Nonreciprocal transfer of bond premium to debt service fund $600,000
Cr Due to debt service fund/Cash $600,000
2a. In a situation where bonds are been issued out at a discount the debt services will have unavailable resources to send to the capital project fund.
2b. Both Bonds premiums as well as discount will tend to be an issue reason been that the uncertainly of the amount of cash that are in excess will have to be disposed off as well as the ways of compensating for cash deficiency
3. Dr Due from the general fund $600,000
Cr Other financing use- nonreciprocal Transfer from the general fund $600,000
Explanation:
1.Preparation of the capital projects fund journal entries
Dr Cash$100,600,000
($100,000,000+$600,000)
Cr Bond proceeds (Face value amount)$100,000,000
Cr Bond proceeds (Bond premium amount)$600,000
(To record issuance of bonds sold at a premium)
Dr Nonreciprocal transfer of bond premium to debt service fund $600,000
Cr Due to debt service fund/Cash $600,000
(To record the premium payable to the debt service fund)
2. Preparation of the Journal entries.
suppose the bonds were issued at a discount of $0.6 million in which the project will still cost $100 million.
Dr Cash $994,000,000
($100,000,000-$600,000)
Cr Other financing sources-bond proceeds(Bond discount)$600,000
Dr Other financing sources-bond proceeds(Face value)$100,000,000
(To record the issue of bonds at a discount)
2a. When Contrasting the Journal entries in this part with those in part 1 this means that in a situation where bonds are been issued out at discount the debt services will have unavailable resources to send to the capital project fund.
2b. The options that are available to the school district and how they would affect the entrees required of the district is that both Bonds premiums as well as discount will tend to be an issue reason been that the uncertainly of the amount of cash that are in excess will have to be disposed off as well as the the ways of compensating for cash deficiency
c. Preparation of the appropriate capital projects fund Jounal entry
Dr Due from the general fund$600,000
Cr Other financing use- nonreciprocal Transfer from the general fund $600,000
The Wall Street Journal reports that the rate on 3-year Treasury securities is 7.20 percent, and the 6-year Treasury rate is 7.45 percent. From discussions with your broker, you have determined that expected inflation premium is 2.70 percent next year, 2.95 percent in Year 2, and 3.15 percent in Year 3 and beyond. Further, you expect that real interest rates will be 3.60 percent annually for the foreseeable future. What is the maturity risk premium on the 6-year Treasury security
Answer:
The maturity risk premium on the six year is 0.45%
Explanation:
For computing the maturity risk premium, we need to use the formula which is shown below:
3-year treasury securities = 3-year inflation period + 3-year real interest rate + maturity risk premium
7.20% = 3.15% + 3.60% + maturity risk premium
7.20% = 6.75% + maturity risk premium
Maturity risk premium = 7.20% - 6.75%
Maturity risk premium = 0.45%
Hence, the maturity risk premium on the six year is 0.45%
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
May 1
11
23
26
29
Totals
Compute gross profit using the FIFO inventory costing method.
Gross profit is $
using the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventorypurchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
May 1
11
23
26
29
Totals
Compute gross profit using the LIFO inventory costing method.
Gross profit is $
using the LIFO inventory costing method.
Answer:
The question is incomplete because the numbers are missing, so I looked for a similar question that can help you understand how this works.
June 1 Beginning inventory 17 units at $15 each June 12 Purchase 5 units at $19 each June 20 Sale 14 units at $37 each = $518June 24 Purchase 11 units at $23 each June 29 Sale 13 units at $37 each = $481Cost of goods sold under FIFO (first in, first out):
June 20 sale = 14 units x $15 = $210
Inventory on hand:
June 1 Beginning inventory 3 units at $15 each June 12 Purchase 5 units at $19 eachJune 29 sale = (3 units x $15) + (5 units x $19) + (5 units x $23) = $255
Inventory on hand:
June 24 Purchase 6 units at $23 eachTotal COGS = $465
Ending inventory = $138
Gross profit = ($518 + $481) - $465 = $534
Cost of goods sold under LIFO (last in, first out):
June 20 sale = (5 units x $19) + (9 units x $15) = $230
Inventory on hand:
June 1 Beginning inventory 8 units at $15 eachJune 29 sale = (11 units x $23) + (2 units x $15) = $283
Inventory on hand:
June 1 Beginning inventory 6 units at $15 eachTotal COGS = $513
Ending inventory = $90
Gross profit = ($518 + $481) - $513 = $486
Who is better Mario or Sonic
Answer:
both but I think that sonics better but for old people they probably like mario
Leo Consulting enters into a contract with Highgate University to restructure Highgate’s processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $25,000 and earn an additional $10,000 if Highgate achieves $100,000 of cost savings. Leo estimates a 50% chance that Highgate will achieve $100,000 of cost savings. Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract?
Answer:
The transaction price would Leo estimated for this contract is $30,000
Explanation:
The computation of the transaction price is shown below:
= (Fixed fee + additional amount) × chance + fixed fee × chance
= $35,000 × 50% + $25,000 × 50%
= $17,500 + $12,500
= $30,000
hence, the transaction price would Leo estimated for this contract is $30,000
We simply applied the above formula so that the correct answer could come
2. The buyer's prepaid expense is the seller's
revenue
Answer:
what do you mean by The buyer's prepaid expense is the seller's
revenue
Explanation:
so Prepaid items are essentially a service to the buyer by the lender. The lender collects funds including, but not limited to, property taxes and hazard insurance premiums which are deposited into an escrow account with the lender.
What is the purpose of Geert Hofstede’s Cultural Dimensions Theory? Review Later To explain why some cultures are not worth time investing into. To assess the net capital expenditure on a particular foreign market and its viability as a long-term market. A model to understand key cultural considerations between different counties, so as to inform global business managers of cultural deviations. A model for predicting financial gain across a globalized market. Two of the answers in this answer set are correct.
Answer:
c. A model to understand key cultural considerations between different countries, so as to inform global business managers of cultural deviations.
d. A model for predicting financial gain across a globalized market.
Explanation:
Culture plays a key role in the advancement of businesses because the local employees have a way of doing things and a system of beliefs that would affect the business in the long-run. So, if businesses want to be successful, managers would have to understand the culture of the people they work with. This prompted the work of Dutch Philosopher Geert Hofstede who classified the cultural orientation of people across six dimensions which include;
Power Distance
Individualism/Collectivism
Masculinity/Femininity
Uncertainty Avoidance
Long-term/Short-term Orientation and
Restraint/Indulgence
The major aim of his work is to provide an understanding of the key cultural considerations between different countries, so as to inform global business managers of cultural deviations. This model would also help managers to predict how successful their business can be given the culture of the area concerned.
Vivian Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory. April May June Required purchases (on account) $ 106,000 $ 126,000 $ 138,000 Vivian Books’s accountant prepared the following schedule of cash payments for inventory purchases. Vivian Books’s suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.
Answer:
A.
April $102,400
May $124,000
June $136,800
B. $13,800
Explanation:
a. Calculation to Complete the schedule of cash payments for inventory purchases
April May June
Payment for current accounts payable
$95,400 $113,400 $124,200
Payment for previous accounts payable
$7,000 $10,600 $12,600
Total Budgeted payments for inventory
$102,400 $124,000 $136,800
Workings:
Payment for current accounts payable
April 95,400
May 126,000*90% =113,400
June 138,000*90=124,200
Payment for previous accounts payable
April 7,000
May 106,000*10%=10,600
June 126,000*10%=12,600
b. Calculation to Determine the amount of accounts payable that the company will report on its pro forma balance sheet
Accounts payable amount=$ 138,000 June purchase amount x 10% to be paid in July
Account payable amount=$13,800
Therefore the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter will be $13,800
A local radio station gives away concert tickets at random times everyday to reward listeners. What schedule of reinforcement are they using?
a. fixed interval
b. variable interval
c. fixed ratio
d. variable ration
Answer:
b. variable interval
Explanation:
Schedules of reinforcement based on lapsed time are known as interval schedules. They are either fixed-interval or variable-interval schedules.
Variable-interval schedules provide reinforcement/reward after random time-interval. The interval of time is irregular but revolves around some average length of time. Reinforcement is therefore dispensed unevenly within a stated period.
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $21,105. Sydney pays $635 cash to Express Shipping for delivery charges on the merchandise.12 Sydney returns $1,500 of the $31,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,005.20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.(Both Sydney and Troy use a perpetual inventory system and the gross method.)1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Answer and Explanation:
The Journal entries are prepared below:-
1. Merchandise inventory Dr, $31,500
To Accounts payable $31,500
(Being purchase of inventory on the account is recorded)
2. Merchandise inventory Dr, $635
To Cash $635
(Being cash paid is recorded)
3. Accounts payable Dr, $1,500
To Merchandise inventory $1,500
(Being return inventory is recorded)
4. Accounts payable Dr, $30,000
To Merchandise inventory $900 ($30,000 × 3%)
To Cash $29,100 ($30,000 × 97%)
(Being cash paid is recorded)
b. 1. Accounts receivable Dr, $31,500
To Sales $31,500
(Being sales is recorded)
2. Cost of goods sold Dr, $21,105
To Merchandise inventory $21,105
(Being cost of goods sold is recorded)
3. Sales return and allowances Dr, $1,500
To Accounts receivable $1,500
(Being returns is recorded)
4. Merchandise inventory Dr, $1,005
To cost of goods sold $1,005
(Being returned goods is recorded)
5. Cash Dr, $29,100
Sales discounts Dr, $900
To Accounts receivable $30,000
(Being cash received is recorded)
If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Multiple Choice Debit Cash and credit Legal Fees Earned. Debit Cash and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Legal Fees Earned. Debit Legal Fees Earned and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Accounts Receivable.
Answer:
The correct option: Debit Unearned Legal Fees and credit Legal Fees Earned
Explanation:
An UNEARNED FEES can be defined as the amount of money a company or an organization receives from their customer in advance for the services the company or the organization has not yet rendered which is why unearned fees is often recorded as a liability in the balance sheet until when the service has been rendered by the company to the customer before it will be reported as asset in the balance sheet while LEGAL FEES EARNED on the other hand is in form of an income statement account that help to show and report the amount of money or revenue amount that was been earned for service rendered to the customer.
fees fees fees fees fees fees
why might someone be a poor fit for a retail position?
A. Because they don’t have any sales experience
B. Because they don’t have strong interpersonal skills
C. Because they can’t grow within their position
D. Because they don’t have a four year degree
Answer:B
Explanation:yeah
Someone who do not have any sales experience might be a poor fit for a retail position. Thus option(a) is correct.
What is retail?Retail businesses sells items or services to customers for their consumption or use.
A retail store is the sale of items or services in small quantities to customers in-store or online. Grocery, clothing and drug stores re examples of retail.
Retailers enable customers to access a wide variety of products and services worldwide. The retail businesses helps support the country's economy and create additional workplaces.
They are for customers convenience and they bring ready to consume products to people and let them get everything they need for their happy living.
`They are the part of a bigger system called a supply chain. It is a crucial part of the supply chain since it links a manufacturer with customer.
The retail industry influences the economic development of a country. Stores sell goods and pay taxes to the country.
Learn more about retail:
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