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3 years ago

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:

Business

1 answer:

andrew-mc [135]3 years ago

4 0

Cost of inventory destroyed in fire is $1,140,000

<u>Explanation:</u>

The loss from fire to inventory can be calculated by finding the cost of the inventory on the may 4 , 2021.

Cost of sales = Sales – profit on sales

= 9000000-1800000

=$7200000

The value of inventory on the may 4 = opening inventory on January 1 + purchases + freight in – cost of sales

=1980000+5880000+480000-7200000

=$1,140,000

Cost of sales is referred to the amount that is incurred in producing the goods. Cost of sales is included in the sale price of the product to earn a profit beyond the cost. So sales includes cost and profit which can be used to find the cost of sales.

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Country a has a temperate climate and can grow bananas in the spring. it produces 42,000 pounds of bananas per year per growing

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Country A would have absolute advantage because it produces the most pounds of bananas per year per growing acre.

<h3>What is Absolute advantage?</h3>

This is defined as the ability to produce more than available competitors in the market.

Country A produces more pounds of bananas per year per growing acre which is why it has an absolute advantage over country B.

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2 years ago

Flawless Cosmetic Company manufactures and distributes several different products. The company currently uses a plantwide alloca

IgorC [24]

Answer:

Option (D) is correct.

Explanation:

Total Overhead Cost:

= (Overhead × Number of cases) for all products

= (20 × 350) + (25 × 550) + (17 × 650)

= 31,800

Total Machine Hours:

= Machine hours × Number of cases

= (5 × 350) + (3 × 550) + (4 × 650)

= 6,000

Overhead Rate:

= Total Overhead Cost ÷ Total Machine Hours

= 31,800 ÷ 6,000

= 5.30

Total product cost per case for Product GC:

= Direct Material + Direct Labor + Overhead

= 80 + 30 + (Machine hours × Overhead Rate)

= 80 + 30 + (3 × 5.3)

= 80.00 + 30.00 + 15.90

= $125.90

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3 years ago

An important difference between the gdp deflator and the consumer price index is that

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<span>GDP stands for Gross Domestic Product and it reflects all goods and services produced within the country. CPI stands for Consumer Consumer Price Index and it reflects the prices of a representative basket of goods and services purchased by the consumers.</span>

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3 years ago

A company is using a mobile device deployment model in which employees use their personal devices for work at their own discreti

Elis [28]

Answer:

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3 years ago

JackITs has 5.0 million shares of common stock outstanding, 1.0 million shares of preferred stock outstanding, and 20.00 thousan

Leya [2.2K]

Answer:

80.88; 7.80; 11.32

Explanation:

Common Stock:

Value = Number × Price

= 5,000,000 × $28

= $140,000,000

Preferred Stock:

Value = Number × Price

= 1,000,000 × $13.50

= $13,500,000

Bonds:

Value = Number × Price

= 20,000 × $980

= $19,600,000

Total value = $140,000,000+ $13,500,000 + $19,600,000

= 173,100,000

Weight of common stock = Respective Value ÷ Total Value

= $140,000,000 ÷ 173,100,000

= 80.88

Weight of preferred stock = Respective Value ÷ Total Value

= $13,500,000 ÷ 173,100,000

= 7.80

Weight of Bonds = Respective Value ÷ Total Value

= $19,600,000 ÷ 173,100,000

= 11.32

7 0

3 years ago