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inessss [21]
3 years ago
7

A stadium has two sponsorship deals. Deal A has revenue of $100,000 and expenses of $10,000. Deal B has revenue of $50,000 and e

xpenses of $20,000. What is the stadium's average profit as a percentage of revenue on these two deals?
Business
2 answers:
vladimir2022 [97]3 years ago
8 0

Profit can be found by subtracting revenue from expenses.

The profit for Deal A is $100,000 - $10,000 = $90,000

The average profit as a percentage of revenue for the stadium for Deal A is Average profit divided by revenue multiplied by 100. That is 90,000/100,000 x 100 is 90%

The profit for Deal B is $50,000 - $20,000 = $30,000

The average profit as a percentage of revenue for the stadium for Deal B is Average profit divided by revenue multiplied by 100. That is 30,000/50,000 x 100 is 60%

Stolb23 [73]3 years ago
8 0

((100,000 + 50,000) – (10,000 + 20,000)) / (100,000 + 50,000) =  80%

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Answer:

Cost of goods sold on a LIFO basis for December = $409.50

If periodic inventory system is followed then, there is no proper weekly record, proper record is missing and therefore, average method is followed, in that case usage of LIFO or FIFO is not suggested.

Explanation:

As per LIFO method, we have Last In First Out which means the item which is last added in inventory will be sold first.

In the given instance we have things as following:

1 December       opening      15 units         $6.00 per unit           $90.00

7 December      purchased   50 units       $6.60 per unit           $330.00

12 December     Sales           45 units        $6.60 per unit           $297.00

Balance after sales

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5 units @ $6.60 per unit = $33.00

20 December    Purchased  30 units      $7.50 per unit              $225

29 December    Sales          15 units        $7.50 per unit              $112.5

Balance

15 units @ $6.00 per unit = $90.00

5 units @ $6.60 per unit = $33.00

15 units @ $7.50 per unit = $112.50

As stated above, under LIFO we have Last In First Out

Cost of goods sold

12 December     Sales           45 units        $6.60 per unit           $297.00

29 December    Sales           15 units        $7.50 per unit              $112.5

Total cost of goods sold in December = $297 + $112.5 = $409.5

In case periodic inventory system had been used then,

no proper record is maintained, for cost at which the goods are acquired, and therefore average method is followed, since no proper cost record is maintained.

Final Answer

Cost of goods sold on a LIFO basis for December = $409.50

If periodic inventory system is followed then, there is no proper weekly record, proper record is missing and therefore, average method is followed, in that case usage of LIFO or FIFO is not suggested.

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