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Allisa [31]
3 years ago
12

g Our company purchases $4,000 worth of merchandise inventory on credit with the terms 2/10, n/30. Transportation costs were an

additional $200. Our company returned $300 worth of merchandise. What is the total cost of this merchandise if our company paid the invoice within the discount period
Business
1 answer:
irinina [24]3 years ago
5 0

Answer: $3,826

Explanation:

Discount received on terms 2/10 = (Purchase value  – Cost of merchandise returned) x Discount Rate

= $4,000 - $300 x 2%

= $3,700 x 2%

= $74

 if the company paid the invoice within the discount period, Then the total cost of this merchandise

Total cost of merchandise =  Value of merchandise purchased– Cost of merchandise returned + Transportation Costs - Amount of discount received

= $4,000 - $300 + $200 - $74

= $3,826

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LO 2.1Explain how the income statement of a manufacturing company differs from the income statement of a merchandising company.
marshall27 [118]

Answer:

Revenue: The revenue of Manufacturing company comes from the sale of the products that they manufacture. However the merchandising company purchases goods from manufacturing companies and distribute them to make it easier for the customer to access the product and earn a profit on it which increases the cost of the product to end consumer. The contract between the manufacturing and merchandising company can be an agreement of principal and agent. In this case, the revenue for the merchandising company would be commission earned from manufacturing company. This commission paid to merchandising company will be cost to manufacturing company.

Cost of Sale: Now the raw material costs plus depreciation of production machinery plus direct labour plus variable Overhead cost plus if their is any commission paid for sale of finished goods will be the cost of sale for manufacturing  company. Whereas in the case of Merchandising company, the cost of sale will be only the cost of goods they sold in the year. The depreciation charge will be minor in merchandising company as they don't have any production machineries.

These the are major difference between manufacturing and merchandising company.

Explanation:

7 0
3 years ago
For each of the following, compute the future value (Do not round intermediate calculations and round your final answers to 2 de
snow_lady [41]

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

In the first case,

Future value = $2,050 × (1 + 0.12)^12

                     = $2,050 × 3.895975993

                     = $7,986.75

In the second case,

Future value = $8,352 × (1 + 0.10)^6

                     = $8,352 × 1.771561

                     = $14,796.08

In the third case,

Future value =  $72,355× (1 + 0.11)^13

                     = $72,355 × 3.883280163

                     = $280,974.74

In the fourth case,

Future value = $179,796 × (1 + 0.07)^7

                     = $179,796 × 1.605781476

                     = $288,713.09

4 0
2 years ago
PLEASE I NEED HELP FAST!!
juin [17]
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5 0
2 years ago
Read 2 more answers
Sweet manufacturing is planning to sell 400,000 hammers for $6 per unit. the contribution margin ratio is 20%. if sweet will bre
mestny [16]
At the break-even point, the total sales and the total cost is said to be equal. Therefore, there is no profit or loss. We set up the equation as follows:

Profit/Loss = (Unit Contribution Margin) (Units) - (Fixed Costs) = 0

Unit contribution margin is (0.20)(1.50) = 0.30

Substituting the known values gives;

0 = (0.30)(400,000) - FC

FC = (0.30)(400,000)

FC = $120,000

<span>Therefore, the total fixed costs would </span>$120,000.<span>
</span>
5 0
2 years ago
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $13,600 of unpaid and unrecord
lyudmila [28]

Answer:

Salaries expense A/c Dr $34,000

     To Cash A/c $34,000

(Being the salary is paid for cash is recorded)

Explanation:

The journal entry is shown below:

On January 3

Salaries expense A/c Dr $34,000

     To Cash A/c $34,000

(Being the salary is paid for cash is recorded)

Since salary is paid so we debited the salary expense account and the cash is reduced so cash account should be credited.

The options which are given are not correct. So, ignored it

6 0
3 years ago
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