Grocery stores organize food according to food typeâ€”dairy, frozen, bakery, and so on. this is an example of

average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost a

scoray [572]

Answer:

$70,765

Explanation:

cost retail

beginning inventory $64,500 $123,000 52.44%

net purchases $315,000 $483,000 65.22%

sales during the first six months totaled $493,000.

we must first determine the cost of goods sold:

COGS = [(cost beginning inventory + cost net purchases) / (retail beginning inventory + retail net purchases)] x total sales = [($64,500 + $315,000) / ($123,000 + $483,000)] x $493,000 = ($379,500 / $606,000) x $493,000 = $308,735

ending inventory = cost beginning inventory + cost net purchases - COGS = $64,500 + $315,000 - $308,735 = $70,765

8 0

4 years ago

An increase in the minimum wage will tend to cause which of the following to occur? A. an increase in the size of the surplus o

VMariaS [17]

Answer:

The answer is B.

Explanation:

The law of supply states that the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

Labor is resource in factor market. Factor market is a market where factor of production like capital, labor, land etc are sold and bought.

With an increase in minimum wage, many people will be willing to work. This means there is an increase in supply of labor which will lead to rightward shift in the supply of labor.

5 0

3 years ago

S corporation shareholders are subject to self-employment tax on business income allocations from the S corporation if they are

Mila [183]

Answer:

The statement is false

Explanation:

S corporations are pass through corporations, which means income earned is passed to the owners and they are taxed at individual level.

Shareholders of S corporation earns income in the form of wages and distributions. Wages are charged with payroll taxes. S corporation shareholders are not subject to self-employment taxes which is an advantage for them.

Therefore, the statement is false

3 0

4 years ago

Cost of Goods Sold account is debited and Finished Goods Inventory is credited for A) purchase of goods on account. B) the sale

Firlakuza [10]

Answer:

B) the sale of goods to a customer.

Explanation:

When goods are sold to a customer, the cost of goods sold account is debited by the same value that the finished goods inventory is credited.

For example, suppose a company sells $1,000 worth of goods to a customer, and the sales price is $1,200. The customer pays by cash the full value of the goods. The journal entry would be:

Account Debit Credit

Cash $1,200

Sales Revenue $1,200

Cost of Goods Sold $1,000

Finished Goods Inventory $1,000

7 0

3 years ago

Where can I find a bomber winter jacket In flushing

ollegr [7]

I would try Amazon or Ebay.

Is this a school question?

7 0

3 years ago

Read 2 more answers