All categories

4 years ago

The records of Lohse Stores included the following data:

Business

1 answer:

Orlov [11]4 years ago

8 0

Answer:

$9,360

Explanation:

Cost Retail Ratio

Inventory, May 1 $10,440 $14,500 .72

Purchases 31,550 42,900

Freight-in 2,000

Purchase discounts (250)

Net markups 3,400

Net markdowns (1,300)

Totals excluding

beginning inventory 33,300 45,000 .74

Goods available $43,740 59,500

Sales (46,500)

Inventory, May 31 $13,000

Estimated inventory,

May 31 ($13,000 × .72) $ 9,360

You might be interested in

Hillsborough Glassware Company issues $1,061,000 of its 11%, 10-year bonds at 96 on February 28, 2017. The bonds pay interest

valkas [14]

Answer:

Bonds Payable $1,061,000

Discount $38,196

Explanation:

The bond is issued on discount when the bond issuance proceeds are less than the face value of the bond. The discount is expensed over the bond period until maturity. It is added to the interest expense value to expense it.

Discount on the bond = Face value - cash proceeds = $1,061,000 (100%- 96%) = $42,440

According to straight line amortization

Discount charged in the period = $42,440 / 10 = $4,244 per year = $2,122 per six months

Unamortized discount = $42,440 - $4,244 = $38,196

Coupon payment of interest = $1,061,000 x 11% = $116,710 per year = $58,355 per six months

Total Interest Expense = $58,355 + $2,122 = $60,477

The Bond will be reported at its face value.

6 0

3 years ago

Economists usually assume that production is subject to increasing opportunity costs because:

victus00 [196]

Answer:C

Explanation:

7 0

3 years ago

im supposed to ask at least 20 people this question . so what is tge highest price that you are willing to pay for a haircut

liraira [26]

40 dollars if a new haircut 10 for a tape up or fix up.

6 0

3 years ago

A fundamental principle set forth in the preamble to the 1994 Marrakesh Agreement is that "substantial reduction of tariffs and

WINSTONCH [101]

Answer:

The correct answer is: a) true

Explanation:

According to the WTO, the 1994 Marrakesh Agreement states that "trade and economic endeavour should be conducted with a view to raising standards of living (...)" and this could be achieved, among other things, by "entering into reciprocal and mutually advantageous arrangements directed to the substantial reduction of tariffs and other barriers to trade (...)"

Source:

World Trade Organization: https://www.wto.org/english/docs_e/legal_e/04-wto_e.htm

5 0

3 years ago

g Duve Corporation has provided the following contribution format income statement. Assume that the following information is wit

drek231 [11]

Answer:

Net operating income= 10,400

Explanation:

Giving the following information:

Sales (2,000 units) $40,000

Variable expenses 24,000

Contribution margin 16,000

Fixed expenses 11,200

Net operating income $4,800

If the selling price increases by $4 per unit and the sales volume decreased by 200 units:

First, we need to determine the unitary selling price and unitary variable cost:

Selling price= 40,000/2,000= $20 + $4= $24

UNitary variable cost= 24,000/2,000= $12

Now, we can calculate the new net operating income:

Sales= 1,800*24= 43,200

Variable cost= 1,800*12= (21,600)

Contribution margin= 21,600

Fixed costs= (11,200)

Net operating income= 10,400

6 0

3 years ago