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nirvana33 [79]
3 years ago
10

Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be

ginning inventory at cost and retail were $60,000 and $120,000, net purchases at cost and retail were $312,000 and $480,000, and sales during the first six months totaled $490,000. The estimated inventory at June 30, 2021, would be:
Business
1 answer:
enyata [817]3 years ago
5 0

Answer: $68,200

Explanation:

Estimated inventory = Difference between Goods available for Sale at Retail Price and Actual Sales made * Cost Retail Ratio

Retail value of Goods Available for Sale

= Retail Price of Beginning Inventory + Retail price of Purchases

= 120,000 + 480,000

= $600,000

Difference between Goods available for Sale at Retail Price and Actual Sales made

= 600,000 - 490,000

= $110,000

Cost to retail price ratio

= (Cost of Beginning Inventory + Cost of Purchases) / (Retail Price of Beginning Inventory + Retail Price of Purchases)

= (60,000 + 312,000) / (120,000 + 480,000)

= 62%

Ending inventory

= 110,000 × 62%

= $68,200

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If the united states government raises the income taxes on the wealthiest americans, while increasing welfare payments to the po
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Efficiency will undoubtedly suffer if the US government increases assistance payments to the poorest Americans while raising income taxes on the wealthiest Americans and an increase in inequality.

<h3>What will happen if the U.S. raises taxes on the wealthiest Americans?</h3>

Every society must choose between equality and productivity. If the US government increases assistance payments to the poorest Americans while raising income taxes on the wealthiest Americans, the outcome will probably be a decline and increased inequality in the United States.

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8 0
1 year ago
A lender estimates that the closing costs on a $293,600 home loan will be $11,010. the actual closing costs were 3.25% of the lo
mestny [16]

The closing cost of the house mortgage is lower than the envisioned by 0.5%.

<h3>What is the closing cost?</h3>

Closing expenses are the prices over and above the property's rate that consumers and dealers generally incur to finish an actual property transaction.

Those expenses may also encompass mortgage origination fees, cut price points, appraisal fees, name searches, name insurance, surveys, taxes, deed recording fees, and credit score file charges.

The lender is required by regulation to expose those expenses in the form of a mortgage estimate within 3 days of a domestic mortgage application.

Gifts of equity (actual property income given to a relative or close pal at a below-marketplace rate) can also incur a few closing cost.

So, from the above announcement, it's clear that alternative D, decreasing by 0.5%, is an appropriate answer.

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4 0
2 years ago
Abner and Bette have been married for 20 years and always file a joint return, but never itemize their deductions. Abner and Bet
user100 [1]

<u>Solution and Explanation:</u>

Abner & Bette Gross Income = $80,000.00  

Less: the Standard deduction (as per Federal tax $12700 for 2017) $ (12,700.00)  

Less: the Personal Exemption($4050*2) $(8,100.00)  

Ans (a) Abner's & Bette taxable income in 2017 $   59,200.00    

<u> The Personal Exemption Amount</u>  

The personal exemption amount for 2017 is $4,050.  

Standard Deduction Amounts  

The 2017 standard deduction amounts will be as follows:  

Single or married filing separately: $6,350  

Married filing jointly: $12,700  

Head of household: $9,350  

5 0
2 years ago
"'Suppose that while in college, you saved money by eating generic fruits and vegetables from the grocery store. Now, suppose th
zysi [14]

Answer:

Normal goods

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.

I increase my demand for organic fruits and vegetables when my income increased. This shows they are normal goods.

Generic fruits and vegetables are inferior goods.

Inferior goods are goods whose demand falls when income rises and increases when income falls.

I hope my answer helps you

8 0
3 years ago
You are evaluating shares in Honeywell International (HON). They currently pay an annual dividend of $4.00 per share this year a
xxTIMURxx [149]

Answer:

$84

Explanation:

Calculation for what is the value of HON shares

Using this formula

Value of HON shares=(Expected dividend next year)/(Discount rate -Growth rate of dividend)

Let plug in the formula

Value of HON shares= 4(1+.05)/(.10-.05)

Value of HON shares= (4.2/ .05)

Value of HON shares= $84

Therefore the Value of HON shares will be $84

7 0
2 years ago
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